A Guide for First-time Homebuyers

Buying your first home is indeed a big step. For most people, it will be the largest financial transaction you’ll ever make. There’s a lot to do, so we’ve simplified the process into 7 easy steps:

  • 1. Consider your budget.

    How much can you afford to spend? Home buying is much more than just a mortgage payment, so you’ll want to consider all the potential costs (including property taxes, homeowners insurance) and the other monthly expenses you’ll incur, like utilities and maintenance expense. Once you have all of the information, you can crunch the numbers and determine what’s affordable.
  • 2. Find the right lender.

    Shop around for a lender who has the experience and loan programs you need to take this big step with confidence. The mortgage consultants at Red Oak Mortgage are trained to guide first-time homebuyers through the process and are waiting to assist.
  • 3. Get pre-qualified.

    The consultants at Red Oak Mortgage will get you pre-qualified so you can shop with confidence. This step also shows real estate professionals you’re serious about buying and can strengthen your negotiating power. More information about pre-qualification can be found on our Resources page.
  • 4. Know what you want in a house.

    Single-family home or condo? How many bedrooms do you need? Are there certain towns you want to avoid? How much privacy do you want? How important is proximity to work or nearby amenities? Consider all the factors that will make you happy when you move in.

  • 5. Select a ieal estate agent.

    The right agent is your partner in finding the right home and negotiating a good price for it. Find a suitable match by tapping into neighbors, friends and co-workers. Red Oak Mortgage also works with great real estate agents all over the state and would be happy to make some introductions.
  • 6. Shop.

    Once you’ve evaluated your budget, picked a lender, gotten pre-qualified, decided what you want in a home, and picked a real estate agent, it’s time to go shopping!
  • 7. Make an offer.

    When you find the home that’s right for you, you’ll know it. Work with your real estate agent to find recent comparable home sales to determine what you should offer. Once you agree on a price, Red Oak Mortgage will put our first-time homebuyer specialization to work for you.