✅ FIRST-TIME HOMEBUYERS' CHECKLIST
In a competitive market where homes can fly off the market in a week or less, it's essential that buyers come to the table prepared. Here's a list of steps every first-time homeowner should consider in their search.
MAKE SURE YOU'RE READY TO MAKE THE MOVE
Do you have a stable job or income?
Do you plan to live in the same location for at least the next 2-5 years?
How soon do you need to move?
Are you prepared to accept the responsibilities of homeownership? Property tax, homeowner insurance, maintenance cost etc
Will anyone else be helping you make the buying process?
CREATE A WISH LIST
Rank what's most important to you:
Location: Suburbs, city or country? Any specific communities?
Size: How many bedrooms/bathrooms? A large yard?
School district and community amenities?
Will anyone else be helping you make the decision?
DETERMINE YOUR FINANCIAL STATUS
Consult with a lender. Request an emerged credit report from all THREE credit bureaus (Equifax, Experian and TransUnion). Correct any credit errors ASAP.
Estimate your Down Payment. A 20% down payment is ideal to avoid paying PMI (Private Mortgage Insurance). If budget is tight, check if you're qualified to a low down payment with Conventional Loan or FHA
Calculate approximately 3-6 months worth of emergency funds for unexpected maintenance
COLLECT YOUR NECESSARY DOCUMENTS FOR FINANCING
Gather Proof of Employment, including pay stubs and tax returns from past TWO years
Print Bank and Investment Account Statements from past 60 days
List your previous addresses of residence if at current address for less than 2 years
These necessary documents are preliminary for conventional loan and may vary from different loan program.
CONSULT WITH LENDER AND CHECK MORTGAGE OPTIONS
Gather quotes, fees and terms from lenders
Obtain a Pre-Qualified Letter from lender
Get pre-approval for a loan to show sellers that you're serious
Refine your price range and start budgeting for monthly payments
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