First-Time Home Buyer

Navigate the full home buying journey — from financial readiness through closing day — with every key step, cost, and decision point mapped out.

32 action items~30 min to complete5 sections

0/27
completed

✅ Assess Your Readiness 💰 Build Your True Budget 🏦 Prepare for the Mortgage 🔍 Search and Offer 🔑 Due Diligence & Closing

Overall progress0 of 27 items

✅

Assess Your Readiness

0/6 completed

Confirm your credit score is 620+ (ideally 740+)Key

Verify at least 2 years of stable employment history

Calculate your debt-to-income (DTI) ratioKey

Confirm you have at least 3–20% of purchase price saved for down payment

Verify you have 2–5% of purchase price in additional closing cost savingsWatch out

Ensure you have 3–6 months emergency fund remaining after down paymentWatch out

🏠

$420K

Median U.S. home price (2024) — up from $170K in 2010

Approximate 30-year mortgage rate range in 2024 — double the 2021 low

💰

Build Your True Budget

0/5 completed

Calculate the full monthly housing cost — not just mortgage principal and interestKey

Keep total housing cost under 28% of gross monthly income

Research property tax rates in target neighborhoods

Budget for immediate post-purchase expensesWatch out

Model 3+ years of ownership costs before comparing to renting

🏦

Prepare for the Mortgage

0/6 completed

Pull and review all three credit reports for errors before applying

Gather all required documentsAction

Get pre-approved — not just pre-qualified — from at least 2–3 lendersKey

Compare loan types: conventional, FHA, VA, USDA

Compare APR — not just interest rate — across lendersKey

Understand points: when paying upfront lowers long-term cost

🔍

Search and Offer

0/4 completed

Research neighborhood price trends, school ratings, and commute times

Identify your must-haves vs. nice-to-haves before touring homes

Tour 10+ homes before making an offer if the market allows

Include inspection contingency in your offer unless market conditions require otherwiseWatch out

🔑

Due Diligence & Closing

0/6 completed

Hire a licensed home inspector — attend the inspection in personAction

Review inspection report and negotiate repairs or price credits

Confirm appraisal value meets or exceeds purchase priceKey

Review Closing Disclosure 3 days before closingWatch out

Do a final walkthrough within 24 hours of closing

Bring certified funds or wire for closing costs — no personal checksAction