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First Time Home Buyer? Here's a Checklist

If you've never bought a home before, it can be a steep learning curve. But we have pro advice that will let you hit the ground running.

There's nothing like the excitement of receiving the keys to your own home for the first time, but there are plenty of details to cover before now and closing day. This checklist can help you kick-start the process and help you learn what it will take to purchase your first home.

How to Prep for Purchasing a Home

Start Saving ASAP
Buying a home is the biggest purchase most people will make in their lives, so it pays to start saving as soon as possible. Cut down on unnecessary expenses, and look for any opportunities to save extra cash.
Review and Strengthen Your Credit Score
Your credit score plays a key role in securing a mortgage and getting the best possible terms. Review your credit scores from the three major credit bureaus, then look for opportunities to improve your credit score.

Finding the Right Lender and Getting Pre-Approved

Discover Mortgage Options for First Time Buyers
There are a variety of mortgage options to help first-time buyers in addition to conventional mortgages, including FHA loans which allow a low down payment, USDA loans which can help with purchasing properties in rural areas, and VA loans which offer many benefits for military veterans. Research your options to find which type of mortgage best matches your needs.
Compare Lenders and Mortgage Rates
Finding the best mortgage terms often requires shopping around, so it's helpful to compare the costs, rates, and fees that various lenders will offer a first-time buyer.
Get Pre-Approved for a Mortgage and Find Out How Much Home You Can Afford
Once you find the right lender, take the next steps to get pre-approved for a mortgage. Pre-approval is crucial for both showing sellers that you're a serious buyer and discovering exactly how much home you can afford.

Choosing the Right Real Estate Agent and Shopping for a Home

Interview Real Estate Agents to Find the Right Match
The right real estate agent can make your life so much easier during every step of the process, so invest some time in finding an agent who knows how to help first-time buyers. Don't be afraid to interview and compare multiple agents to find the right fit.
Explore Homes That Fit Your Budget
With knowledge of your budget and the help of your agent, it's time to start exploring homes that match your needs. Take advantage of open houses, home visits, and virtual tours to streamline your shopping.
Don't Forget to Shop for the Right Neighborhood
Finding the right neighborhood is a huge factor in choosing a home that you'll love long-term, so research neighborhoods in your target communities to find one that matches your preferences.

Closing the Deal on Your First Home

Lean on Your Agent for Help with Negotiations
It's natural to have some back-and-forth with the seller as you negotiate, and your real estate agent should be a valuable resource throughout the process. Stick to your budget, negotiate in good faith, and rely on the experience of your real estate agent.
Pay Close Attention to the Home Inspection
The home inspection is a critical step near the end of the process. Pay close attention to the inspection in case there are any underlying issues that may make you rethink the purchase or negotiate with the seller for repairs.

With all of the details taken care of, all that's left is to close on your first home. Once all of the documents are signed, you can proudly call yourself a homeowner for the first time!

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First Time Home Buyer? Here's a Checklist

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