A nursing supervisor from Buffalo is excited over current reports that mortgage rates are declining. The single mother of twin boys believes she could finally afford a house in a popular neighborhood with well-rated schools.

“School just started here, and my kids entered first grade. They’re doing great. Still, I’m unimpressed with their teachers at the school near our apartment. I want to buy in an area with stronger schools. This could be my chance,” the nurse says.

She has her eye on several three-bedroom properties with wraparound porches in Williamsville, a historic village that’s convenient to her hospital in downtown Buffalo. But as a first-time buyer, she’s less than confident about mortgage finance and looking for guidance. 

Keith Gumbinger, a mortgage analyst with HSH Associates (hsh.com), which tracks lenders across the country, doesn’t know the nurse in this true story. But he advises all buyers needing mortgage approval to meet in person with a local lender before finalizing any deal. 

“You may be highly accomplished in your chosen profession, with degrees galore. But if you’re a first-time buyer, you’re probably a beginner at mortgages. There’s no shame in seeking help,” Gumbinger says.

Buyers have been delighted to see mortgage rates declining lately. But they know this trend could easily reverse itself. This adds to their anxiety.

Given the difficulties facing first-time buyers, Gumbinger says that finding a mortgage lender who offers personalized service can be helpful.

“You’re committing yourself to a huge loan obligation. You can benefit from help researching your options,” Gumbinger says.

Here are a few pointers for buyers: 

-- Initiate your mortgage search early.

Mortgage products are always evolving. Most new home loan designs involve some type of adjustable-rate mortgage.

“It’s conceivable you could benefit from an ARM,” Gumbinger says.

For example, take the case of buyers who expect a brief tenure in the property they’re planning to purchase this fall.

“Maybe you’ve taken a relatively short-term position with a new company -- a job lasting just three to four years. After that, you plan to attend law school in a distant city. In that case, it could make sense to take an ARM that discounts your interest payments at the front end,” Gumbinger says.

Mortgage innovations can vary widely.

“There are many puzzling twists and turns -- especially with adjustable loans. That’s why it’s critical you know what you’re getting into before you commit to any mortgage product, fixed or adjustable,” Gumbinger says.

He says first-time buyers need as much lead time as possible to educate themselves on mortgage basics, to cull through alternative loan options and compare lenders and rates.

--Look for a lender willing to get you started with tutorials.

Gerri Detweiler, a consumer advocate and author of “The Ultimate Credit Handbook,” encourages first-timers to seek out a mortgage lender who will instruct them on the intricacies of home loans.

“A good lender won’t think it unreasonable to spend a couple of hours teaching you the basics and helping you deal with potential flaws on your credit reports,” says Detweiler, who offers free credit pointers on her website: gerridetweiler.com.

Yet how do you find a sympathetic lender willing to usher you through your first attempt at home finance?

Gumbinger says real estate agents are usually a good bet for sound advice on finding a qualified lender. But he says you should look beyond the suggestions of agents.

“For referrals, I recommend you use what I call ‘The Satisfied Customer Index,’ also known as friends and family,” he says.

-- Arrive at the lender’s office fully prepared.

To maximize the use of your time and that of the lender you’ve chosen for your tutorials, there’s no substitute for gathering key documents in advance of your meeting. Ideally, these should include recent pay stubs, your latest W-2, a couple of years’ worth of federal tax returns and various account statements.

“Anything germane to your financial situation can help the lender help you,” according to Gumbinger.

By providing these documents at the start of the process, your lender should be able to quickly calculate your top borrowing limit and assess your eligibility for various lending programs.

-- Look into your credit standing to make sure you get the best possible rate.

Under federal law, you're entitled to free credit reports from each of the three largest credit bureaus: Equifax, Experian and TransUnion. You can easily request these online (annualcreditreport.com). Besides your credit reports, you'll want to pull your credit scores. Most lenders still use variation of FICO scores, pioneered by the Fair Isaac Corp.

In some cases, you'll need to pay a fee to obtain your credit scores. One way to get them is through the Fair Isaac website: (myfico.com). You can also receive credit scores through the three large credit bureaus. FICO scores range from 300 to 850, and the higher the score, the more likely you are to get the best available rate on your mortgage.

With your credit scores in hand, you can readily begin the process of comparison shopping on rates. Gumbinger strongly suggests you extend your rate hunt well beyond the first lender you consulted. And he recommends you include community banks and credit unions in your search.

“It sounds like overkill. But it’s smart to take the time to make enough extra phone calls to collect at least a dozen rate quotes before going forward with a formal mortgage application,” Gumbinger says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A young electrical engineer developed an expertise in artificial intelligence while completing his degree at the University of Florida. With that, he landed a well-paying IT job with a small defense contractor in Orlando.

The 24-year-old engineer intends to propose to his fiancee this fall. The engineer is exploring the Orlando housing market. He’s now focused on a one-level stucco rancher with a large, fenced yard. But he’s wary of committing.

“At $419,000, the house feels reasonably priced. Also, it’s in perfect condition. ... But I have a bunch of student loans. Also, how do I know if my new job will last?” he says.

Eric Tyson, a personal finance advisor and author, doesn’t know the engineer in this true story. But he’s not surprised that the man is equivocating about a home purchase at this point in the housing cycle.

“Even, or maybe especially, in buyer’s markets like Orlando, buyers are nervous that home values could slip more. Maybe they don’t personally recall the housing correction of 2008. But some are still scared it could happen again,” Tyson says.

The engineer says he’s likely to go through with the purchase of the stucco house. Yet before he commits, he’s trying to research the Orlando market and major employment trends there in hopes of gaining reassurance that his housing plan is solid.

“Well-informed buyers have the best chance of doing well on a property purchase and not regretting their choice down the road. They’re also generally the best negotiators,” says Tyson, author of “Let’s Get Real About Money!”

Here are a few pointers for those determined to be well-informed buyers:

-- Factor in your personal economy before deciding how much to spend.

Would buying a well-priced home in a strong neighborhood be a good financial bet for your household if your monthly mortgage payments are more than you can afford? Absolutely not, Tyson says.

Despite still-stringent mortgage standards, it remains possible for many buyers to qualify for a larger mortgage than their finances warrant, thereby placing them at risk of a future default. That’s because your lender knows less about your financial obligations and spending habits than you do.

Before committing to any purchase, even to a small home bought at a bargain price, it’s always wise to review your budget and assess your level of employment security. Is your current job at risk? Do you have easily marketable skills that would allow you to quickly get another job if you had to?

“You probably have lots of job stability if you’re a doctor or nurse. For many in the medical field, a lost job is easily replaceable. But the picture is now very different for people in many other fields, like federal government jobs,” Tyson says.

-- Evaluate neighborhood property values before you bid.

Researching relative property values before you put an offer on a home is critically important in the current market environment, says Tom Early, a real estate broker and past president of the National Association of Exclusive Buyer Agents (naeba.org).

“These days, with tariffs and all, the economy is fairly uncertain at the national level. But what matters more are the trends in the immediate neighborhood where you intend to buy. You want to know what’s sold in the last six months or even more recently,” Early says.

But data on comparable sales won’t give you the whole story. These days, you also need numbers to track the direction of the market. Ask your agent to give you data on the median price of a home sold this past month versus the month prior. Also ask for median price comparisons on an annual and yearly basis. These statistics should give you a good feel for the trend.

Use these data when crafting a bid for a property you like. If selling prices have been weak and inventory is abundant, Early says you can be more aggressive with your opening bid -- offering 10% or more off the market value of the property.

“These days, you might encounter a highly motivated seller whose house has been sitting unsold for a long while,” he says.

-- Don’t rush in a buyer’s market.

During the pandemic, buyers were locked in fierce competition over available homes in desirable neighborhoods. Some properties sold just hours after going on the market, and offers were written hurriedly -- perhaps on the hood of a car. It wasn’t uncommon for sellers to receive multiple bids from buyers offering more than the asking price.

Yes, there are still neighborhoods where buyers must compete. But in an increasing number of areas, buyers are in a stronger position than last year.

“In a buyer’s market like we have now in parts of Florida, you can afford to slow down, pick your house cautiously and minimize the risk of overpaying. You can take your time without fear of losing out,” Tyson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A retired social worker in her early 70s owns a stately English Tudor in the Chicago suburb of Winnetka, near the North Shore of Lake Michigan. The property has been the woman’s crown jewel for more than 30 years and the mortgage was paid off two decades ago. Still, she is determined to sell.

“I never married, and I have no children. So my plan is to move to the same retirement community where my sister lives in Iowa. Regrettably I can’t seem to get it together to make my sale happen,” the woman says.

What’s holding her back? She’s accumulated a vast array of possessions, ranging from antique heirlooms to a huge stock of disposable items that include mountains of paper products. And her dressers are crammed with excess clothing.

“I’m a bargain shopper and a one-click happy Amazon shopper,” she says.

Every day in America, around 11,000 residents turn 65. The overwhelming majority of seniors ardently aspire to remain at home and age in place. But there are others, like the social worker, who wish to reinvent themselves in another locale. That typically involves cashing out of a property in which their wealth is tied up.

Some potential sellers are apprehensive about whether market conditions could worsen after what housing analyst Keith Gumbinger calls “a soggy summer” for home sales. That’s why they’re anxious to move forward quickly with presale improvements, says Gumbinger, a vice president at HSH Associates, which tracks mortgage markets across the country.

“Existing home prices may be poised to have somewhat larger and more widespread seasonal price declines this year,” he says.

One of the biggest barriers to a successful housing sale often involves the clearing of excess clutter, says Vicki Norris, author of “Reclaim Your Life ... and Get Organized for Good.”

Norris, who was a real estate agent before starting her own organizing firm, says the ease of buying online has exacerbated the problem, particularly for retirement-age people.

Ownership of too many belongings isn’t only an emotional burden; it’s also a problem for those who need to make their place appealing to buyers to achieve a successful sale, says Dorcas Helfant, a real estate broker and co-owner of several Coldwell Banker realty offices.

“Nowadays, buyers want to start fresh in a house that’s free and clear. They can’t picture themselves living in a place jammed with other people’s stuff,” says Helfant, a past president of the National Association of Realtors.

Before embarking on the huge task of getting their property ready for market, she urges sellers to create a timeline and a checklist.

“There’s a lot of emotional turmoil with any move. But you’ll be much better off if you take a strategic, step-by-step approach rather than a disorganized one,” Helfant says.

Here are a few pointers for sellers:

-- Outfit yourself with the right gear for the work.

Norris says an efficient decluttering and packing program shouldn’t require a lot of expensive equipment.

“Never buy a bunch of those big plastic bins unless you’re absolutely sure you’ll really use them in your new place,” she says.

In most cases, cardboard boxes should suffice for your move. Ideally, these should be boxes of uniform size, like the bankers boxes sold at office supply stores, that will stack neatly.

After prepacking the items you’re determined to take to your next property, place these in your garage or a guest bedroom not currently in use. If possible, Norris urges you to avoid renting a paid storage unit, which can gradually become very expensive.

-- Take a room-by-room approach.

Norris says it’s unnerving to approach a decluttering project in an unfocused way, working on several fronts simultaneously. Instead, she advises you to tackle just one room at a time, beginning in the areas of the house that will receive the most scrutiny from prospective buyers. These include your entryway, living room, dining room, family room and kitchen.

“Going from room to room without a disciplined approach can make you feel frantic and will accomplish little,” she says.

-- Allocate extra time to clear through your kitchen.

As real estate agents observe, most home shoppers won’t routinely look inside a chest of drawers and examine your clothes. But many will open kitchen cabinets and are very critical of countertop clutter.

“Give the kitchen top priority. Remove all that surface clutter from your countertops. No one wants to see that toaster or blender on your counter space,” Norris says.

You won’t want to remove basic kitchen items -- plates, pots, pans and utensils -- until right before you move. But much earlier, you can pack away seasonal and special-use items such as turkey pans.

-- Recognize that purging can prove liberating once it’s done.

Few enjoy the arduous chore of sifting through years’ worth of accumulations. This project can be especially unpleasant if you must move against your will for whatever reason.

But Norris says many who complete the process discover, much to their surprise, that they feel happier when they’re less encumbered with excess belongings.

“It’s an unexpected chance to lighten up and start over,” she says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)