Loan Guides

 First-Time Homebuyer Guides

Buying your first home can feel overwhelming—but it doesn’t have to be. Our First-Time Homebuyer Guides walk you through every key step with practical tips, checklists, and expert-backed advice. Whether you’re saving for a down payment or getting ready to close, we’ve got you covered.

Before you browse listings, figure out what’s realistic based on your income, savings, and debt. Use our Mortgage Calculator to estimate monthly payments and compare loan types.

Key Tips:

• Know your credit score
   
• Calculate your debt-to-income ratio (DTI)
   
• Set a target price range based on affordability
   

Most buyers need to save at least 3–5% of the home price as a down payment, but more is even better. Don’t forget to budget for closing costs too (usually 2–5%).

Ways to Save Faster:

• Set up a separate savings account just for your home
   
• Cut non-essential expenses and redirect the savings
   
• Ask family about potential gift funds
   
• Research local and national first-time buyer assistance programs
   

A mortgage pre-approval shows sellers that you're serious—and gives you a clear borrowing limit.

To Get Pre-Approved, You'll Need:

• Proof of income (pay stubs, W-2s)
   
• Employment history
   
• Credit check
   
• Documentation of debts and assets
   

Work with a trusted real estate agent to help you navigate listings, neighborhoods, and negotiations.

House-Hunting Tips:

• Make a list of needs vs. wants
   
• Tour different areas, not just homes
   
• Consider commute, schools, and future resale value
   

When you find the right place, your agent will help you make a competitive offer. Once accepted, get the home inspected.

Key Steps:

• Submit an earnest money deposit
   
• Schedule a home inspection
   
• Negotiate repairs or credits if needed
   

You’re almost there! At closing, you’ll sign the final paperwork and get the keys to your new home.

Be Prepared To:

• Review and sign loan documents
   
• Pay closing costs
   
• Receive your closing disclosure (3 days prior)
   
• Do a final walk-through before signing
   

Celebrate! Then make sure to:

• Set up your mortgage payments
   
• Save your documents in a secure place
   
• Budget for maintenance and property taxes
   

Download our full First-Time Homebuyer Checklist or subscribe to our YouTube channel for more step-by-step videos and tool walkthroughs.

 Whether you're looking to lower your monthly mortgage payment, pay off your home faster, or tap into your equity, refinancing can be a smart financial move. These guides will help you understand when refinancing makes sense—and how to do it right.

Refinancing means replacing your existing mortgage with a new one, often with better terms. But it’s not always the right move for everyone. Ask yourself the following questions:

• Lower your interest rate
   
• Reduce your monthly payment
   
• Switch from an adjustable-rate to a fixed-rate mortgage
   
• Shorten your loan term (e.g., 30 years to 15 years)
   
• Access equity through a cash-out refinance
   

• Will I stay in my home long enough to break even on closing costs?
   
• What is my current interest rate vs. today’s rates?
   
• Do I have enough equity (typically 20% or more)?
   
• Is my credit score strong enough to qualify for better terms?
   

Tip: Use a refinance calculator to estimate your savings and breakeven point.

If lowering your monthly housing cost is your main goal, refinancing can help in several ways.

1. Refinance to a Lower Interest Rate
   A lower rate can dramatically cut your monthly cost and total interest paid over the life of the loan.
    
2. Extend Your Loan Term
   Stretching your mortgage from 15 to 30 years will reduce your payment, but may increase your overall interest.
    
3. Drop Mortgage Insurance (PMI)
   If your equity is above 20%, you may be able to refinance out of PMI, saving hundreds per month.
    
4. Consolidate Debt with a Cash-Out Refinance
   Use your home’s equity to pay off high-interest debt and replace it with a lower mortgage rate.
    

• Refinance closing costs (typically 2%–6% of loan amount)
   
• New loan terms that increase your long-term costs
   
• Losing current benefits like an FHA assumption or VA loan status
   

Refinancing can be a powerful tool to improve your financial situation—but only if the numbers and timing work for you.

Compare options, use a calculator, and talk to your lender to make the best choice.

Need help running the numbers? Use our mortgage calculator, explore our blog, or watch our YouTube series on refinancing made simple.