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First-Time Homebuyer Mortgages

First-Time Homebuyer

Being a first-time home buyer can be an exciting but anxious time. Educating and preparing yourself about buying your first home is the best way to calm those nerves. And to do that, you don’t have to look any further.

We’ve broken down the loan process for first-time homebuyers in order to help you prepare for Life’s Biggest Purchase®.

Step One

The first step toward being a first-time homebuyer is getting your home loan application underway. A great first-time homebuyer tip at this stage is to make sure you have your basic personal and financial information at hand when beginning your home loan application. Your credit score, current employment status, debt and long-term financial goals will all be collected and discussed at this point in the mortgage process.

Step Two

Obtain a pre-approval. Not to be mistaken with a pre-qualification, a home loan pre-approval is a mortgage company’s commitment to issue a home loan for a specific property. This will be based on your employment, credit and debt information. 

Step Three

This stage in the mortgage process will involve various documents, so please make sure you are prepared and as organized as possible coming into this step for the smoothest and quickest experience. While you may provide documents to your home loan expert at the beginning of mortgage processing, you may also be asked for additional information throughout any time during this stage, depending on your home loan type and financial situation.

Step Four

During this mortgage process stage, someone known as an “underwriter” will review your application to make sure that your home and property are in good condition and that you’ll be able to repay your home loan.

Step Five

You, the sellers, your home loan expert and possibly your attorney will decide on a date to close on. At closing, you’ll sign many documents. Once complete, you’ll be handed your keys and will have successfully become a homeowner!

First-Time Homebuyer Tools

If you’re still unsure if you’re ready to buy your first home, we offer useful tools to help you better understand your first mortgage and your payment options.

If you’re confused about the costs associated with purchasing a home, our new pocket guide covers the recent Know Before You Owe regulation (KBYO) – or TRID as it’s known in the industry can help. Skim this short pocket guide and become better acquainted with your rights when understanding costs and fees related to mortgage financing– it’s free.

Also, a great complement to our pocket guide is “Appraisals Explained”. This eBook is a jargon-free guide on how to review your appraisal and understand the process of attaching value to your home.

Try one of our mortgage calculators to see if you should buy a home (versus rent), see how much a monthly mortgage payment would be for you and even how much home you can afford!

Did You Know?

Did you know that one of the most common first-time homebuyer mistakes is not getting a qualified agent to help you buy a home? If you haven’t found an agent to help you during your home buying process, our extensive database of local real estate agents in your area can help.

And while you’re at it, make sure to educate yourself and avoid the rest of the most common home-buying mistakes, so buying your first home can be an easy, smooth and fun process!

Why Trust Guaranteed Rate?

Whether face-to-face, over the phone or online, with more than 195 offices in all 50 states and Washington, D.C., one of our home loan experts will be easily accessible to answer all your first-time home-buying and mortgage questions.

Having helped hundreds of thousands of people with their home purchases, we boast a 95 percent customer satisfaction rating and were named America’s No. 1 mortgage company by Mortgage Executive Magazine.

Ready to start now? By completing the full application process using the Digital Mortgage.

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All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.