Congratulations, buying your first home is an exciting time. Prepare yourself for the Loan Process and your First Mortgage!

1. What every First Time Home Buyer
needs to know about a New Home Loan

2. I need help with my first mortgage!

3. Buying your first home is an
exciting time. Complete this
checklist to ensure it’s a great
experience.
• Clean Up Your Credit
• Qualify
• Budget
• Research: Lenders
• Realtor / Agent
• Find Your New Home
• Accomplish Your Goals

4. Clean Up Your Credit
Pay your bills on time, pay off small debts. Avoid
new credit or major changes during loan
process.
See article for more credit advice.

5. PITI: Understanding the
Cost of Home Ownership
The total of your housing payment, taxes and insurance
should be under 28% of your income.
Your total debt level not to exceed 36% of income.
See article for more PITI advice.

6. Qualify: How Much CAN
You Spend?
Prepare documents: assets, income, expenses
Apply: pre-approval letter
See article for more down payment advice.

7. Budget: How Much Do
You WANT To Spend?
Have a spending plan.
Pay into your savings first, spend less.
See article for more budgeting advice.

8. The Right Lender is as
Important as the Right House
Loan term and rates (fixed / adjusted)
Property appraisal
Origination charge (good faith estimate)

9. The Right Realtor can be
Vital for First Time Mortgages
Match your dream to your budget: knowledge of the market
Make an offer: negotiate costs and contracts
Closing: final walk-through, insurance, documents, payment

10. Visualize It: Finding Your
New Home
Prioritize: must haves, bonus, deal breakers
size, bathrooms, backyard, kitchen, pool
Location: neighborhood, schools, highway,
public transportation, parks, shopping
See article for more advice on living the dream.

11. Accomplish Your Goals
Principal (auto payments): just one extra payment per year
makes a big difference
Emergency fund (insurance deductible): plan for maintenance
See article for more pay off advice.