Buy a home > I’m a first-time buyer.

Buying your first home is an exhilarating experience. One filled with excitement, anticipation and yes, a bit of anxiety. Reduce your stress-level by educating yourself. Follow our step-by-step guide to the purchase process, or call us now and let us guide you.

Here are some things you should consider when buying a house for the first time:

Do you have any down-payment money?
Typically, you will have to provide a down payment to purchase a home and obtain a mortgage. There are loan programs that allow you to put no money down, but these are only for people with higher credit scores. If your credit is not good, you will have to bring some of your own funds to the equation. Usually, home mortgage lenders require you to provide 10-20% of the purchase price. To determine the exact amount required for your down payment, speak with one of our mortgage specialists.

How long do you plan on living in the home?
How long you plan on staying in your new home is a critical factor in determining the best mortgage for you. If you plan on living in your residence on a short-term basis (5 years or less), certain adjustable rate mortgages (ARMs) and interest-only loans may be the best options for you. These types of mortgage loans might help you qualify for a higher valued home or end up costing you less than a fixed rate mortgage.

How long you plan to stay in a home can be influenced by things such as the arrival of a new child, a change in employment or career, an increase/decrease in income, etc. Some changes can be foreseen and others may not. It is wise to make sure that the home you are considering will satisfy your needs at least for the near future (1-3 years).

Take a look at the ongoing costs of home ownership.
Owning your home carries some expenses that are different than renting. Local taxes, insurance, home owner associations, maintenance and improvement expenses are just some of the costs that you need to plan for, in addition to your monthly mortgage payment. Be certain to calculate them when determining what you can afford. Use our Home affordability calculator.