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Checkpoint 1 — Prepare
1
Review your finances
Income, debts, and current savings
2
Save for down payment
Plus closing costs and emergency fund
3
Check & improve credit score
Aim for 620+ — free at AnnualCreditReport.com
4
Get pre-approved
Contact a lender for mortgage pre-approval
5
Budget for ownership costs
Taxes, insurance, utilities & repairs
Checkpoint 2 — Buy
6
Hire a real estate agent
Your agent guides you through everything
7
House hunt & make an offer
Online + in-person; your agent helps with the offer
8
Inspection & appraisal
Never skip the inspection — it protects you
9
Close on your home 🎉
Lock your loan, sign paperwork, get the keys!
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Checkpoint 1 — Prepare
- Review finances & save for down paymentKnow your income, debts, and current savings
- Check credit report & improve scoreFree at AnnualCreditReport.com — aim for 620+
- Get pre-approved for a mortgageShows sellers you're a serious buyer
- Hire a real estate agentAgent fees are typically paid by the seller
- Budget for ongoing ownership costsTaxes, insurance, utilities & maintenance
Checkpoint 2 — Buy
- House hunt & identify must-havesOnline search + in-person tours
- Make an offer & pay earnest depositTypically 1–3% of the purchase price
- Schedule home inspection & appraisalNever waive the inspection — it protects you
- Lock in loan & review closing disclosureRead every line before you sign
- Sign paperwork & get the keys! 🎉Congratulations — you're a homeowner!
Pro Tip
Don't open new credit cards or make large purchases between pre-approval and closing — it can affect your loan.
Earnest Money
Your deposit (1–3%) shows good faith. Make sure your offer includes contingencies so you can get it back if needed.
Your Finances
Your Goals
Mortgage Calculator
Home price
$250,000
Down payment
5%
Interest rate
7.0%
Loan term
30 years
$1,664
Estimated monthly payment (principal & interest only)
$12,500
Down payment
$7,500
Est. closing costs
—
Debt-to-income
—
Savings remaining
Don't Forget These Costs
Property taxes · Homeowners insurance · HOA fees · Utilities · Maintenance (~1% of home value/year)
Conventional Loan
Private lender, not government-backed — most common type
3–20% down
Credit 620+
No PMI if 20% down
FHA Loan
Government-backed — great for first-timers with lower credit
3.5% down
Credit 580+
Requires MIP
VA Loan
For eligible veterans, active duty & surviving spouses
0% down
No PMI
Competitive rates
USDA Loan
Eligible rural & suburban areas — income limits apply
0% down
Rural areas
Income limits
Questions to Ask Your Lender
- What is your current interest rate & APR?
- What loan programs am I eligible for?
- What are the total closing costs & fees?
- How long will the pre-approval last?
- Will I need PMI? When can it be removed?
Must-Haves vs. Nice-to-Haves
Click any feature to move it between columns. Add your own below.
✅ Must-Haves
⭐ Nice-to-Haves
Property Comparison
1. What excites you most about buying your first home?
2. What worries you most about the process?
3. What features are must-haves vs. nice-to-haves?
4. How do you imagine living in your first home in 5 years?
📊
Market Report
What homes are selling for now
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Search for Homes
Browse available listings
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Mortgage Calculator
Run payment scenarios online
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Glossary
Pre-Approval
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A lender's written commitment to lend you up to a certain amount, based on your income, assets, and credit. Shows sellers you're a serious, qualified buyer.
Earnest Money Deposit
+
A good-faith deposit (1–3%) when submitting an offer. Goes toward closing if the deal closes. May be forfeited if you back out without a contingency.
Closing Costs
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Fees paid at closing, typically 2–5% of the loan. Includes lender fees, title insurance, appraisal, attorney fees, and prepaid items like insurance and taxes.
PMI — Private Mortgage Insurance
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Required when your down payment is less than 20%. Protects the lender if you default. Can be removed once you reach 20% equity.
Appraisal
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An independent estimate of a home's market value. Lenders require it to ensure the home is worth what you're paying. If it comes in low, you may renegotiate the price.
Debt-to-Income Ratio (DTI)
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Your monthly debt payments divided by gross monthly income. Most lenders want DTI below 43%. Lower DTI = better approval odds and rates.
Contingency
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A condition in a purchase contract that must be met for the sale to proceed. Common ones: financing, inspection, and appraisal contingencies.
Escrow
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A neutral third-party account holding funds during a transaction. After closing, your lender may use escrow to pay your property taxes and homeowners insurance.
Ready to take the next step?
Contact Shawn Land for personalized guidance through your home purchase.