The first-time buyer playbook
Buying your first home in the U.S. is a stack of paperwork, jargon, and decisions made under time pressure. Most of it isn't actually hard, but the order matters and a few choices will follow you for years. Here's the version of the playbook a friend who'd done it three times would hand you.
1. Run the numbers before you talk to anyone
Before you reach out to a single lender or agent, sit down with our affordability calculator and our mortgage calculator. Pin down a price range you'd be comfortable with, not the maximum a lender will let you borrow, but a payment you'd actually want to make every month.
A bank's pre-approval is a ceiling, not a recommendation. It treats you as a debt-to-income ratio. You should treat yourself as a person with a life, vacations, and a retirement account.
2. Get a real pre-approval (not a pre-qualification)
Pre-qualifications are basically a quote based on numbers you typed in. Pre-approvals involve actual document review and a credit pull. Sellers' agents take pre-approvals seriously and often won't accept offers without one.
Apply with a broker rather than a single bank. A broker can shop your file across multiple lenders and find the program that fits your situation, first-time-buyer, jumbo, FHA, VA, self-employed, etc.
3. Find an agent who works for you
Buyer's agents are paid a commission out of the sale price (usually 2.5–3%, sometimes negotiated post-NAR settlement). The catch: their commission is bigger when you spend more, so their incentives are not perfectly aligned with yours.
Interview at least two agents. Ask how many transactions they closed last year, how many were buyer-side, and how they handle multiple-offer situations. The good ones will tell you when to walk away.
4. Search smart, not constantly
Set up automated alerts on the MLS via your agent. Don't fall in love with the first house you tour, the goal of the first 5–10 visits is calibration, not commitment.
When you do find one, move quickly. Get an inspection within a week of the offer being accepted. Most contracts give you an inspection contingency window of 7–17 days.
5. Lock your rate intentionally
Once your offer is accepted, you can lock your rate with the lender for 30, 45, or 60 days. The longer the lock, the slightly higher the rate.
If rates are clearly trending up, lock early. If they're falling, ask about a float-down option. Don't try to time it, closing is too unpredictable.
6. Closing day
You'll get a Closing Disclosure (CD) at least 3 business days before closing. Read every line and compare it to your Loan Estimate. Numbers that surprise you are negotiable up until you sign.
Bring your government ID and a cashier's check (or wire) for the cash-to-close. Run the closing-cost calculator on this site to know what to expect.