First-Time Homebuyer Steps
Updated: October 2026. Rules change; confirm with a licensed lender.
1. Check your credit
Get your reports at AnnualCreditReport.com and fix errors.
2. Set a real budget
Include taxes, insurance, HOA and maintenance, not just the mortgage. Use the calculator.
3. Save for down payment and closing costs
Closing costs are often around 2% to 5% of the price.
4. Get pre-approved
A lender reviews your documents and tells you how much you may borrow.
5. Find an agent and make an offer
A licensed agent helps you search, negotiate and understand contracts.
6. Inspection and appraisal
The inspection checks the home's condition; the appraisal confirms its value supports the loan.
7. Close
You sign, pay closing costs and receive the keys.
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Important: this information is educational, not financial, legal or tax advice. Results are estimates and do not guarantee approval or rates. We are not a lender or mortgage broker. Confirm current rules with a licensed lender.