First-time homebuyer guide
Use this practical overview to understand the money decisions before you start making offers.
A lender may approve a payment that feels tighter than you want. Begin with your income, recurring debts, savings goals, and the monthly amount that still leaves room for the rest of your life.
Try the affordability calculator →Your mortgage payment is more than principal and interest. Property taxes, homeowners insurance, HOA dues, and private mortgage insurance can all affect the total each month.
Estimate a mortgage payment →Your down payment is only one part of your upfront costs. Closing costs, lender fees, prepaid taxes and insurance, and escrow deposits can make the cash needed different from the down payment alone.
Estimate your cash to close →Set a comfortable monthly payment and upfront savings target.
Review your credit reports and avoid taking on new debt before applying.
Compare Loan Estimates from more than one lender before choosing.
Keep your budget in view when considering repairs, taxes, and HOA fees.
Use your contract deadlines to review the home's condition and value.
Compare it with your Loan Estimate and ask questions before closing day.
HomeBuyersPath provides general educational information, not financial, mortgage, legal, or tax advice. Loan requirements, costs, and available programs vary by lender and location.