What will I learn in the Ultimate Guide to Buying My First Home?
Our first-time homebuyers guide contains 67-pages of tips advice, and key questions answered. You can expect find the following information:
- How can I choose the right home?
- How can I decide which home loan type is right for my budget?
- How to negotiate?
- What do I need to know about the mortgage process?
- What do I need to know about inspections, contingencies & other aspects of home purchase?
Before you download our guide, read through a few of our tips:
Am I ready to buy a home?
Are you prepared financially and mentally to start the process for a new home? Key financial considerations to make are as follows:
- Add up your monthly finances. Take your after-tax earnings, add up your payments and living expenses, subtract the latter from the former, and there you have it! The amount you have left is a good start to figure out what you can afford.
- Figure your housing expenses. Instead of paying rent, you’ll be paying a mortgage. There are more monthly expenses you’ll need to account for, like property taxes and homeowner’s insurance.
- Add in the extras. You’re aware that you’ll need to budget for your home’s utilities. Being a homeowner comes with expenses that you’ve never had to worry about. You’ll need to factor in repairs, upgrades, and additional costs.
Have you prepared mentally?
Aspects to consider include:
How about mentally? Have you prepared yourself for the journey to own a home? Aspects to consider include:
- Embrace the benefits of homeownership. You’re not spending money on rent, can personalize your living space, gain potential tax benefits, and can fix your place your way.
- Prepare for the responsibility. You’re going to be in charge of your property and fixing anything that breaks. That includes maintenance inside and outside of your home.
Steps to get started
Once you have an idea about your current finances, and are mentally ready to move from renter to homeowner, it’s time to start your search. It's okay if you haven’t thought this far ahead yet. The team at Rate has your back. Steps you'll need to take are:
Choosing a lender. Finding a lender that provides the best possible rate and offers the tools and expertise to help you is important. Rate has helped thousands of homebuyers get into their first home. Start your application today and work with the best!
Get a mortgage pre-approval. Taking this step shows agents and sellers that you’re serious about getting a new home and are already working with a lender.
Choose an agent. Professional real estate agents understand the local housing market, including how much homes are really worth and even learning about new houses before they go on sale. Going with a pro will likely put you in a better position when it comes to negotiation and closing.
Know what you want. List out the features you want in a home based on ‘must-have’, ‘would-be-nice’, and ‘dream-home’. This will help simplify your search and keep you focused on what matters most to you.
Which programs are available for first-time homebuyers?
Getting into a new home can be a challenge, especially when you’re getting your first mortgage. Our team will provide access to information on any first-time homebuyer programs, grants, and resources that you may be able to qualify for.
In addition to available programs, there are other options available that may make it easier to get into your first new home.
The Rate Reduce Program. A temporary mortgage buydown allows you to get a lower mortgage rate for a short period of time. You will need to reach an agreement with the builder or seller when negotiating the purchase contract. There are several options available to help get into a home with a lower mortgage rate for the first few years of your loan.
Same Day Mortgage. To give buyers a better way to compete for a home, Rate has developed a Same Day Mortgage program that enables homebuyers to get loan approval in as little as 24 hours, and close on a home in as few as 10 days*. You can also pair PowerBid Pre-Approval to get a fully underwritten credit approval to make you just as competitive as cash buyers.
Getting into a new home can be a challenge, especially when you’re getting your first mortgage. Our team will provide access to information on any first-time homebuyer programs, grants, and resources that you may be able to qualify for.
In addition to available programs, there are other options available that may make it easier to get into your first new home.
How can I set a budget for my new home?
Affordability matters now more than ever, especially if you're a first-time home buyer. Rate has several tools, including our mortgage calculator , that you can use to make sure your payments make sense for your budget and lifestyle. We're also completely transparent when it comes to mortgage rates . Additional tips include:
- Set aside earnest money and money for closing costs
- Account for any moving expenses or initial upgrades you’ll want to make when you move
- Consider increases in monthly utility fees
- Does your next new home come with a homeowners association? You may need to factor that in, too.
How can I get my first mortgage?
The mortgage process can be confusing to first-time homebuyers and seasoned investors alike, but our experts are here to support you in every step along the way. At a high level the process to get a home loan should look similar to this:
- Complete your application and get your pre-approval letter.
- Find a home, make an offer and have it accepted.
- Decide the type of home loan that makes sense for your budget and lifestyle.
- Inspection and appraisal of the home you’ve offered on.
- Underwriting and final approval for your home loan.
- Closing and getting the keys to your new home.
- Moving in.
*Rate cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process.
Connect with us
Connect With Us
Accessibility | Licensing | Notice to Vendors | Privacy Policies | SMS Terms | Terms of Use | DNC | NMLS Consumer Access
Delaware Licensed Loan Officers | Texas Consumers: How to file a complaint | Do Not Sell or Share My Personal Information and/or Limit the Use of My Sensitive Personal Information
Please note that applications, legal disclosures, documents or other material related to Rate products or services promoted on this page are offered in English only. The Spanish translation of this page is for the convenience of our clients; however, not all pages are translated. If there is a discrepancy between the content of the translated page and the content of the same page in English, the English version will prevail.
Guaranteed Rate, Inc. d/b/a/ Rate may choose to recommend Rate Insurance, LLC. Guaranteed Rate, Inc. d/b/a/ Rate has 100% ownership and a direct or indirect financial interest in Rate Insurance, LLC. You are not required to use Rate Insurance, LLC.
Copyright © 2025 Guaranteed Rate, Inc. D/B/A Rate. All rights reserved.
NMLS License #2611 - For licensing information, go to: www.nmlsconsumeraccess.org.
Arizona Mortgage Banker License #0907078
3940 N. Ravenswood Chicago, IL 60613
Operating as Guaranteed Rate, Inc. in New York.
The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guaranteed prior to an interest lock.