Debunking First-Time Homebuyer Myths: What You Really Need to Know
Featuring Kyle Guldenpfennig & Charlie Chedester | The Lofty Lender Podcast
Buying your first home can be one of the most exciting—and overwhelming—experiences of your life. That’s why on this week’s episode of The Lofty Lender Homebuyer Education Podcast, I sat down with my business partner, Charlie Chedester, to bust some of the most common (and damaging) myths that first-time homebuyers fall for.
Here’s a quick breakdown of what we covered—and why it matters for anyone planning to buy a home in 2025.
Myth #1: “I should go house shopping before talking to a lender.”
Wrong move.
Getting pre-approved is more than just paperwork—it’s your permission slip to shop confidently. Without it, you're risking heartbreak and wasting time. We explain why your pre-approval is your green light, not just for you, but also for your agent to craft a competitive, realistic offer.
💡 Tip: Start with the numbers. We use a custom-built spreadsheet that helps buyers understand their real budget before stepping foot in a home.
Myth #2: “Once I buy the house, it's just like renting—no more costs.”
Not even close.
From broken appliances to surprise maintenance (ask Charlie about his cracked sink!), homeowners need to be prepared for the hidden costs that come after closing. We also touched on how your broader budget—like future car payments or insurance deductibles—plays into your comfort with a mortgage payment.
💡 Tip: Budget for maintenance and keep a financial cushion. Homeownership is about freedom and responsibility.
Myth #3: “I’ll just wait and time the market.”
If only it were that easy.
Trying to buy a house at the exact right moment is like trying to buy stocks at the lowest low. In reality, life events (like a growing family or job changes) matter more than timing. We shared real stories of buyers who waited too long and missed out on great refinance opportunities when rates briefly dropped.
💡 Tip: You “marry the house, date the rate.” Rates change. You can always refinance later—just make sure you're ready to act when the opportunity hits.
Current Market Insights
Right now, inventory is tight, but buyer activity is high—especially here in Iowa. Timing is tricky. Rates are bouncing, and buyers who have their paperwork ready are better positioned to lock in savings when brief windows of opportunity arise. Charlie and I have seen it multiple times this year: hesitation costs people hundreds per month.
Actionable Takeaways
Whether you’re planning to buy next month or next year, here are 3 steps you should take today:
Get Pre-Approved Now: Even if you're not buying for 6–12 months, it helps identify credit issues or budget gaps early.
Use Our Budget Tools: Plug in your numbers and practice living with a house payment now.
Work With a Team: Mortgage lenders, realtors, and insurance agents all need to be aligned. We reach out to your realtor immediately so you’re getting the same message across the board.
Final Thoughts
Buying your first home doesn’t have to be stressful. With the right team and tools, you can avoid the common myths and buy with clarity and confidence. As always, we’re just a phone call or text away if you have questions.
Be sure to follow The Lofty Lender podcast with me, Kyle Guldenpfennig—aka #TallMoneyMan—wherever you download your favorite shows. Whether you're in the market now or just doing your homework, we’re here to help you feel confident, informed, and ready to take that next step.
🎧 Search for The Lofty Lender on Apple Podcasts, Spotify, or anywhere you find great content.
