10 tips for first-time homebuyers

Buying a home for the first time can be exciting. But there are a lot of new processes you’ll experience and people you’ll need to work with, too. Here are 10 of the top first-time homebuyer tips to help guide you through your journey from start to finish.

  1. Identify your needs
  2. Know the true cost of your new home
  3. Build your savings now
  4. Build your credit wisely
  5. Research your mortgage loan options
  6. Know what you qualify for before you begin shopping
  7. You don’t have to do this alone
  8. Make the decision in your own time
  9. You don’t have to pay the seller’s asking price
  10. Prepare for closing

There’s a lot to keep in mind when buying a home, but it’s all worth it in the end. Knowing what the process involves, and how to handle whatever comes up, is a great way to arm yourself for this exciting journey. For more homebuying tips, or to find out whether you qualify for a mortgage, speak to one of our expert home lending advisors. 

Like any big project, a successful homebuying experience is all about getting the details right from start to finish. These tips for first-time home buyers will help you navigate the process, save money and close the deal.

Decide how much home you can afford

Figure out how much you can safely spend on a house before starting to shop. Rocket Mortgage® home affordability calculator can help with setting a price range based on your income, debt, down payment, credit score and where you plan to live.

How do you calculate the home price I can afford?

We use the information you enter and today’s rates to determine the maximum home price you can afford.

Keep in mind that this calculator just provides an estimate. You can see what you’re actually approved for by using Rocket Mortgage® or talking to a Home Loan Expert.

Choose a real estate agent carefully

A good real estate agent will scour the market for homes that meet your needs and guide you through the negotiation and closing process. Get agent referrals from other recent home buyers. Interview at least a few agents, and request references. When speaking with potential agents, ask about their experience helping first-time home buyers in your market and how they plan to help you find a home.