A guide from your real estate team
Your path to your first home
Before touring homes, understand your options and the steps to follow before, during and after your purchase.
Start before your first showing
The goal: compare options, understand the costs and prepare better questions. Your agent and lender will help you apply these steps to your situation.
01
Before touring homes
Arrive at your first showing with a budget, clear priorities and questions for your team.
Set a sustainable budget
Plan a comfortable monthly payment including the mortgage, taxes, insurance, association fees and maintenance. Keep down-payment, closing and moving funds separate from emergency savings.
Prepare your financing
Review your credit and gather the documents your lender requests. Compare options and ask about preapproval. Preapproval is not final approval: your information and the property still need review.
Explore benefits and assistance
Ask about down-payment or closing-cost assistance. Eligibility, availability, repayment conditions and required education vary by program. Reading this guide does not certify you or guarantee assistance.
Discuss with your team
- What is my full budget, including expenses beyond the mortgage?
- What documents or requirements should I complete before scheduling showings?
02
During your purchase
Know what to review from showings through receiving your keys.
Showings, offers and key dates
Share your priorities with your agent and note questions during showings. Before signing an offer, review the price, deposit, conditions, deadlines and responsibilities. Ask for an explanation of any commitment you do not understand.
Inspection, appraisal and insurance
An inspection evaluates condition; an appraisal estimates value for the loan. They serve different purposes. Review the results with your team and obtain insurance quotes before closing; ask about coverage and exclusions.
Review closing details and protect your funds
Compare final costs and terms with your lender’s estimates. Confirm how and when you will receive documents. Before sending funds, verify wire instructions using a trusted phone number you already had.
Discuss with your team
- Which contract deadlines and conditions must I meet?
- Who will confirm closing funds and the handover of keys?
03
After your purchase
Organize your first tasks as a homeowner and stay in touch with your team.
Confirm your first payment
Keep your closing documents and confirm your mortgage servicer, payment method and first due date. Verify any servicing-transfer notices through trusted channels; do not send money based only on an unexpected email.
Organize ownership expenses
Review which taxes and insurance are paid through escrow and which you pay directly. Maintain savings for maintenance and repairs. Ask the relevant professional or authority about local tax benefits and eligibility.
Plan your move and maintenance
Coordinate utilities, your address change and access to the home as agreed. Save warranties and important contacts. Create a maintenance calendar and contact your servicer promptly if you anticipate payment difficulties.
Discuss with your team
- When is my first payment due and who services my loan?
- Which tasks, insurance policies and expenses should I review in the first month?
Before you schedule showings
Send the agent who shared this guide your priorities, budget questions and anything you want to clarify. You do not need to register with Academy to read this guide.