- Buying your first home is an exciting milestone, but the mortgage process can feel overwhelming. This checklist is designed to guide you step-by-step so you know exactly what to expect and how to prepare.
- Check Your Credit Score
Your credit score plays a major role in your mortgage approval and interest rate. - Review your credit report
- Identify and fix any errors
- Aim for the highest score possible before applying
- Determine Your Budget
Understanding what you can afford helps you shop with confidence. - Review your income and expenses
- Estimate monthly mortgage payments
- Consider taxes, insurance, and maintenance
- Save for a Down Payment
Down payment requirements vary depending on the loan program. - FHA loans: as low as 3.5%
- Conventional loans: as low as 3%
- Higher down payments may reduce monthly costs
- Gather Required Documents
Lenders will need documentation to verify your financial profile. - Pay stubs
- W-2s or tax returns
- Bank statements
- Identification
- Get Prequalified
Prequalification gives you a clearer picture of what you can afford. - Quick and simple process
- Helps guide your home search
- Strengthens your offer when buying
- Explore Loan Options
Different loan programs fit different situations. - FHA loans
- Conventional loans
- VA loans (if eligible)
- Investment property options
- Work With a Real Estate Agent
A knowledgeable agent can help you find the right home and navigate the process. - Understand local market conditions
- Negotiate offers
- Coordinate closing
- Budget for Closing Costs
In addition to your down payment, you’ll need to plan for closing costs. - Typically 2%–5% of the purchase price
- Includes lender fees, title fees, and taxes
- Lock in Your Rate
Once under contract, you may have the option to lock your interest rate. - Protects against market changes
- Provides payment certainty
- Final Review and Closing
The final step is closing on your home. - Review all documents carefully
- Confirm loan terms
- Sign paperwork and receive your keys
- Take the Next Step
Ready to begin your homebuying journey? - Start with a quick prequalification to understand your options and move forward with confidence.