Understand the main costs and steps involved in buying your first home, from reviewing financing options to preparing for closing.
Plan for upfront costs
Your upfront costs may include a down payment, closing costs, and prepaid taxes and insurance. Requirements vary by loan program and eligibility. A lender can explain the funds needed and any assistance available.
Review your credit and loan options
A lender considers your credit history, income, debts, and available funds when reviewing your application. Discuss your circumstances with a lender to understand potential options and next steps.
Consider the full cost of ownership
Compare the purchase price, upfront costs, and monthly expenses. Include principal and interest, taxes, insurance, applicable fees, and an allowance for maintenance.
Review included features and warranty coverage
Check the included-features list for your specific home. Review the warranty documents for coverage, exclusions, and maintenance responsibilities.
The process, start to finish
Discuss financing with a lender, tour homes that fit your budget, sign the purchase agreement and pay the earnest money, complete the loan process while the home is finished, then walk through, close, and get your keys. Your Home Advisor can explain each step.
