Saving is essential to pay for required homebuying costs. In addition to a down payment, there are closing costs, other fees, and unexpected expenses to keep in mind. Prepare for upfront and ongoing costs. It’s important to be aware of the costs associated with buying — and owning — a home. From your down payment and mortgage loan closing costs to homeowners’ insurance and ongoing maintenance, don’t let these expenses catch you off guard. Understand your DTI. Lenders consider your debt-to-income (DTI) ratio when determining what mortgage loans are available to you. If the amount you owe in debt is high compared to your overall income, you may not qualify for the most preferable loan terms.