The First-Time Homebuyer Roadmap

Buying a home is a series of manageable steps. Knowing the order helps you avoid surprises and expensive mistakes.

The Steps

• Set a budget based on a comfortable monthly payment, not the maximum a lender will approve
• Check your credit reports and fix any errors
• Save for a down payment, closing costs and an emergency fund
• Look into down payment assistance and first-time buyer programs
• Compare loan offers from at least three lenders and get pre-approved
• Shop for homes within your budget and make an offer
• Get a home inspection and review every disclosure
• Review your Closing Disclosure carefully, then close

Tip

Compare the Loan Estimates from different lenders side by side. Small differences in rate and fees add up to thousands of dollars over the life of a loan.