First-Time Homeowners


Buying your first home is a major decision, that takes a lot of thought; being a homeowner comes with several advantages. A mortgage payment combined with property taxes and insurance is often the same as you are used to paying in rent. One benefit to ownership is that you will be building equity with each payment. Additionally, there are tax savings that will help offset your payments. This is just one advantage of being a home owner.


One of the biggest hurdles in the first-time buyer's purchase is producing cash for the down payment and buyer's closing costs. There are programs and options to help absorb these costs. For example, if you are a veteran, you may be able to obtain 100 percent financing through a VA loan and many lenders offer financing of up to 95 percent. Another option to help defray costs is the possibility of negotiating a contract in which the seller pays your closing costs and adjusts the total price, that you, in essence, finance your closing costs. Just remember, the loan appraisal will still need to support this higher value in order for the loan to close.

A good place to start the process is to visit with a Mortgage loan officer to "pre-qualify" and establish your loan amount. Our preferred vendor can be found under the vendor tab of our page. The benefit of speaking to an agent is that they can help you determine your affordability level, too, if you don't mind sharing your financial information. This loan amount, in addition with your available cash, will determine the price range in which you should begin looking. After this process is started we can begin looking at finding the home of your dreams.

Working With An Agent

Buying a home is a big life decision, and you need the guidance of a reputable, knowledgeable real estate professional who can help navigate the often murky waters. As a first-time buyer, professional real estate assistance can be critical. Having a "buyer's agent" to be your advocate in the transaction helps protect your best interests. In most cases, this agent is compensated out of the seller's commission paid at closing, so you will not pay extra to be represented by a great agent.

A great agent can help you evaluate best options available to you, including purchasing a single family home, condominium, or townhouse, and what the various types of ownership mean to you. Is a new home a better fit, or should you consider an existing home? These are questions that an agent will help guide you through. Questions around making an offer, and how does the price compare to similar homes on the market are things that we will discuss to make sure your best interests are considered. No matter what comes up we can handle it as a team.

Once you have settled on an area and seen several available homes, the next step is to make an offer on a home. If you and the seller, with the negotiating help of your agent, come to terms and you execute a sales contract, you will then finalize your mortgage. The mortgage company will require a home inspection and a title search. These steps finalize the mortgage and the process of becoming a home owner is complete.