First time home buyers.

Embarking on the journey to purchase your first home is an exciting milestone, but it can also feel overwhelming. Understanding the process can help ease some of the anxiety and make the experience more enjoyable. Here’s a breakdown of what you can expect as a first-time homebuyer.

The first step is to assess your financial situation. This includes checking your credit score, saving for a down payment, and determining how much house you can afford. Lenders typically look for a credit score of 620 or higher and recommend a down payment of at least 20% to avoid private mortgage insurance (PMI). However, there are programs available for first-time buyers that may allow for lower down payments.

Next, get pre-approved for a mortgage. This involves providing your lender with financial documents such as tax returns, pay stubs, and bank statements. A pre-approval letter not only shows sellers that you’re serious but also gives you a clear idea of your budget.

Once pre-approved, it’s time to start house hunting. Make a list of must-haves and nice-to-haves in a home and begin touring properties. It’s wise to work with a real estate agent who can guide you through this process and provide valuable insights into the market.

When you find the perfect home, you’ll submit an offer. If the seller accepts, you’ll move into the due diligence phase. This includes scheduling inspections to ensure the home is in good condition and appraisals to confirm its value. If any issues arise during inspections, negotiations may be necessary.

Finally, if everything checks out, you’ll proceed to closing. During this meeting, you'll sign all necessary paperwork, pay closing costs, and officially become a homeowner.

The entire process from getting pre-approved to closing on your new home typically takes about 30 to 60 days. While buying your first home can be complex, having a clear understanding of each step can help make it smoother and more rewarding. Happy house hunting!