A Guide for
First-Time Homebuyers
Buying your first home is a big step. For most people, it will be the largest financial transaction they’ll ever make. There’s a lot to do, so we’ve simplified the process:
1. Consider your budget.
How much can you afford to spend? Home buying is much more than just a monthly mortgage payment and you’ll want to consider all the costs (including property taxes, homeowners insurance, mortgage insurance, and HOA fees) and the other monthly expenses you’ll incur, like utilities and maintenance expenses. Once you have all of the information, you can crunch the numbers and determine what you’re comfortable affording. Use one of our calculators to understand all your costs.
2. Find the right lender.
Shop around for a local lender who has the experience and loan programs you need to take this big step with confidence. The mortgage consultants at Red Oak Mortgage are trained to guide first-time homebuyers through the process and are standing by to assist.
3. Get pre-qualified.
You should get pre-qualified to shop with confidence. This step also shows real estate professionals you’re serious about buying and can strengthen your negotiating power. Check out our Resources section for more details on pre-qualification.
4. Know what you want in a house.
Single-family home or condo? How many bedrooms do you need? Are there certain towns you want to avoid? How much privacy do you want? How important is proximity to work or nearby amenities? Consider all the factors that are important to your home search.
5. Select a real estate agent.
The right agent is your partner in finding the right home and negotiating a good price for it. Find a suitable match by tapping into recommendations from your neighbors, friends, family, and co-workers. Red Oak Mortgage also works with great real estate agents all over the state and would be happy to make some introductions.
6. Shop.
Once you’ve evaluated your budget, picked a lender, gotten pre-qualified, decided what you want in a home, and picked a real estate agent, it’s time to go shopping! Your real estate agent will help you tour homes in your desired areas and narrow it down to the perfect house.
7. Make an offer.
When you find the home that’s right for you, your real estate agent will work to find recent comparable home sales to determine what you should offer. Once you agree on a price, Red Oak Mortgage will step in to put our first-time home buyer expertise to work for you. For more information, check out Purchase Guide!