The First Time Homebuyers Guide

Thinking about buying your first home? Let us show you what to expect!

The Home Buying Process

We know the homebuying process can be a challenge, especially if you are purchasing your first home. We hope that we can help guide you through some of the steps associated with the homebuying process. If you have any questions or need more assistance, remember we have agents standing by to help!


Securing Financing

When Should I Start? Before You Begin Searching.

The first step in buying a home is to obtain loan pre-approval. This provides you with the information you need to determine how much home you can afford and what type of monthly payment you are comfortable with.

Three elements are crucial to the purchase of a home: the down payment, closing costs, and qualifying for a mortgage. Here's a quick rundown of what you need to know.

Down Payment

Conventional lenders typically require a 5%-20% down payment, although you may be able to find loans with no down payments. With down payments less than 20%, you will likely have to pay private mortgage insurance, which guarantees the lender will be repaid in case of default.

Closing Costs

No matter what home you buy, there will be closing costs. These can include discount points, title insurance, escrow fees, attorney fees, a termite report, recording fees, appraisal fees, document preparation fees, notary fees, and loan underwriting fees. Usually, these are due in cash, but sometimes they can be rolled into the mortgage.

Loan Qualification

Primarily, your income plus the interest rate secured, determines the size of the mortgage for which you qualify. The higher the interest rate, the higher the monthly payment. The higher the monthly payment, the more income you need to qualify for the mortgage.



Upon acceptance of your offer, you will arrange for an inspection of the property. This needs to be completed during the option period so that if something is discovered during the inspection (that you cannot live with and the seller is not willing to fix), you may cancel the contract and only forfeit your Option Fee.

After the Inspection, you'll complete an amendment to the contract.

Prepare Amendment

The amendment will include any items that were discovered during the inspection that you would like the seller to repair for you. We will negotiate on your behalf with the seller for the repairs you want completed or monies in lieu of repairs. Once an agreement on repairs to be completed has been reached, you will forfeit your right to the Option.

Obtain Homeowner’s Insurance

In order to close on your new home, you need to arrange for Homeowner’s Hazard Insurance. You will need to notify your lender of the insurance company you choose, a contact name, and a phone number.

Closing Disclosure

3 days prior to closing the lender will complete the closing disclosure settlement statement. This is the document that tells us how much money you will need to bring to closing. We will call you with this amount and to tell you the location of the closing. You will then wire the funds to the title company in the correct amount.


Day of Closing

You will receive keys to your new home from the seller when the loan funds. Most sellers may require that funding go through before you may take possession. Funding usually happens by the end of the business day.

Call 877-284-2489 if you want more info on buying a home and would like to speak to one of our real estate agents.