Your First-Time Homebuyer’s Checklist

1. Get comfortable with your budget

• Review your income, monthly expenses, savings, and credit reports.
• Decide on a monthly housing payment that leaves room for your everyday life.
• Include property taxes, insurance, utilities, maintenance, and any homeowners association fees.
• Plan for upfront expenses such as your down payment, closing costs, inspections, and moving.
• Leave yourself a cushion for repairs and unexpected expenses after moving in.

The goal is a home you can comfortably own; not simply the largest loan you can qualify for.

Homeownership budgeting guidance

2. Explore financing before you shop

• Speak with lenders about loan options and the documents they need.
• Ask whether you qualify for first-time buyer or down payment assistance programs, including their requirements and repayment terms.
• Gather requested documents, such as income records, bank statements, and identification.
• Discuss preapproval and understand what still needs to happen before final loan approval.
• Compare lenders’ Loan Estimates, including interest rates, monthly payments, fees, and estimated cash needed at closing.

Ask questions whenever a number or term is unclear.

Understanding your Loan Estimate

3. Build your home search

• Talk with Nicole about your budget, preferred communities, and moving timeline.
• Review any buyer representation agreement, including services, fees, and your responsibilities, before signing.
• Separate your must-haves from the features you would simply like to have.
• Consider your daily commute, parking, storage, outdoor space, and internet needs.
• Take notes during showings so you can compare homes beyond their listing photos.
• Verify important details, such as school assignments and available services, for the exact property address.

4. Understand the property and your offer

• Review available property disclosures and ask about anything you don’t understand.
• Discuss the offer price, earnest money deposit, proposed closing date, and what stays with the home.
• Understand your contract’s deadlines and conditions, including inspection, financing, and appraisal provisions.
• Ask when your earnest money could be refundable or at risk under the agreement.
• Get insurance quotes early enough to understand their effect on your budget.

Nicole can help you work through the offer; your contract determines the protections and obligations that apply.

Preparing to make an offer

5. Complete your checks after the offer is accepted

• Schedule an independent home inspection within the agreed timeframe.
• Ask whether additional inspections are appropriate; for example, termite, septic, well, or specialist inspections.
• Review the findings and discuss any repair requests or other next steps before your deadlines.
• Remember that an appraisal estimates value; it does not replace a home inspection.
• Review flood risk and ask an insurance professional about flood coverage. Most homeowners policies do not cover flood damage.
• Do not take out any new loans until after closing. Hold off on financing a car, furniture, or other purchases, and check with your lender before making major financial changes.
• Respond promptly to your lender’s requests.

Inspection guidance · Flood insurance guidance

6. Prepare for closing and moving day

• Review your Closing Disclosure, compare it with your Loan Estimate, and ask about differences.
• Confirm your final cash-to-close amount, payment method, identification requirements, and insurance start date.
• Verify any wiring instructions directly with your closing professional using a trusted phone number.
• Complete a final walkthrough and check agreed repairs, included items, and the home’s condition.
• Confirm when you can take possession and receive the keys before finalizing moving arrangements.
• Arrange utility service and keep copies of your signed closing documents.

Closing checklist and guidance