First-Time Home Buyers Guide

Being a first-time homebuyer can be overwhelming. At Home Point, we want to help make the home buying process as simple and straightforward as possible. To get started on your path to homeownership, follow these steps:


Decide if buying makes sense

While homeownership is undoubtedly a large financial commitment, it can come with a lot of benefits.  Start with our Rent vs. Own Guide to better understand the benefits of buying, then use our Payment Calculator to see how your potential mortgage payment compares to the cost of renting.


Make sure you're loan ready

Review your credit history with Experian, Transunion or Equifax (or all three) to ensure your credit score and credit history look good.   Now is the time to resolve any outstanding issues or work to raise your credit score. (Check out our article, Tips for Improving Your Credit Score, for additional information.)

Start to compile the documents you'll need throughout the loan
process, such as:

  1. 30 days of pay stubs
  2. Two years of tax returns and W-2s
  3. Year to date business statements (if you're self-employed)
  4. Explanations and paper trail for deposits or withdrawals above $1,000
  5. Home insurance quote
  6. Information about any additional homes/businesses you own

Find the loan that works best for you

There a number of variables that can affect your monthly payments - the size of your down payment, etc. Review the types of loan programs available to you based on your financial situation.


Get Pre-Approved

This is one of the most important steps in the home buying process. It informs you about what loan terms you can work with and it reflects your commitment to the process. In addition, most real estate agents will require a pre-approval before they begin helping you shop for your first home. 

Our loan officers can help you get pre-approved through either our traditional pre-approval program, or we can help you obtain a  REALQual® Credit Approval. REALQual® is different from a traditional pre-approval in that the loan is fully underwritten up-front by a member of our underwriting team.  This typically leaves only an income verification and appraisal before closing— making the home buying experience both smart and simple.

Click here for additional information and for a list of documents you’ll need to start the REALQual® process.


Find a real estate professional

Seek out a trusted real estate agent who will confidently guide you through the home buying process. They will set up viewing appointments on your behalf and provide you with information about the homes in which you are interested. Your real estate agent should be knowledgeable about your area so they can provide information about schools, crime rates, transportation, etc.


Find the home of your dreams and make an offer

Once you've selected a real estate agent, it's time to find your dream home! When you do, your real estate agent will walk you through the process of making an offer. 


Call Home Point Financial to start your loan process

Now it's time for the team at Home Point Financial to spring into action! We can help make the loan process as seamless as possible so that you're able to take the final step: moving into your new home!

Purchasing a home is a major investment and an exciting time. Let one of our experts help you ensure you have everything ready to begin the process. Contact us today!

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