Resources for First-Time Homebuyers (UPDATED FOR 2023)
Homeownership isn’t just the American Dream. It’s one of the best wealth-builders out there. And to help you achieve that dream, we’ve got some great news! We’ve expanded our resources for 2023, bringing you even more support and information to guide you through the exciting journey of buying your first home.
It’s true; the path to homeownership isn’t always smooth. From navigating the down payment to dealing with a low supply of housing, there are challenges to overcome in some areas of the country. But fear not! By becoming well-informed about the process and planning, you can make this dream a reality with less stress and uncertainty.
So, if you’re considering buying your first home, you’ve come to the right place. We’ve gathered an extensive collection of resources for first-time homebuyers, tailored for the year 2023. Whether you’re looking for help with saving for your down payment, budgeting for your new home, or understanding the mortgage process, we’ve got you covered.
Get ready to embark on this exciting adventure armed with knowledge and confidence. Let’s explore the resources that will pave the way to homeownership in 2023 and beyond!
Resources for first-time homebuyers
Saving for your down payment
You don’t always have to come up with your down payment all on your own. Friends and family can help, there are tons of down payment assistance programs out there, and you can even use crowdfunding and other strategies to raise the funds.
Try these resources for more information:
- Don’t Have 20% to Put Down? Here are Your Options
- What You Need to Know When Getting Help with a Home Down Payment
- 5 Creative Ways to Save for a Down Payment
- How to Save for a Down Payment with an Irregular Income
- Assistance programs: Down Payment Resource and the U.S. Department of Housing and Urban Development (select your state)
- A Guide to Home Down Payment Grants and Assistance Programs
- A Comprehensive Guide to Home Buying Grants for Veterans
Budgeting for your house
Knowing what you can comfortably spend is important not just for buying a home — but for keeping that home for the long haul, too.
Here are some resources for first-time homebuyers to use when setting ahome buying budget:
- Affordability Calculator
- These 4 Savings & Budgeting Apps Can Help You Buy a Home
- The 8 Most Common Unexpected Costs of Homeownership (and How to Prepare!)
- A 9-Month Plan to Buy a House This Year
- 5 Benefits of Using an Online Mortgage Calculator
- How Much Mortgage Can I Afford?
- How to Choose the Right Home Loan Term
- Home Buying Options if You’re Strapped for Cash
- First Time Home Buyer Grants by State
- A Simple Guide to Buying Your First Home in Today’s Market
- First-Time Homebuyer Tax Credit: What You Need to Know
- Understanding Homeowners Associations (HOAs) and Their Fees
The home search
Hunting for that dream home is easily the most exciting step in the journey, but it also takes some work. From working with an agent and touring homes to making offers and negotiating fees such as the closing cost, there are a lot of steps along the way.
Use these resources for first-time homebuyers for help:
- How to Choose a Real Estate Agent as a First-Time Homebuyer
- 4 Things to Know Prior to Negotiating a Home Purchase
- What Is an Escalator Clause?
- What Does it Mean When a Home is Under Contract?
- 9 Tips and Tricks for Winning a Bidding War
- 8 Questions to Ask Before Making an Offer on a House
- How Buyers Can Get the Most Out of Open Houses
- Red Flags to Look for During an Open House
- Make Your Offer on a House Stand Out from the Rest
- How to Make an Offer on a House
- How to Handle Multiple Offers in a Competitive Market
- Understanding the Different Types of Homeownership: Condo vs. Townhouse vs. Single-Family Home
- How to Avoid Common First-Time Homebuyer Mistakes
- Looking for a Really Smart Way to Step Into Your First Home? Go Multifamily!
- How to Choose the Right Neighborhood for Your First Home
Applying for a mortgage
The mortgage process is often the most overwhelming part for many homebuyers. Fortunately, a good lender can help ease the stress and guide you on your way to a home loan.
Get in touch with an Embrace Home Loans office in your area or use these helpful resources for first-time homebuyers:
- Buying Your First Home? These Are the 5 Best Mortgages for You
- The Pros and Cons of Conventional Mortgages and FHA Loans
- Pre-Approval vs. Pre-Qualification: How Are They Different?
- Mortgage Discount Points vs. Origination Points
- The Ultimate Guide to Rate Locks
- 5 Helpful Things You Can Do Before Applying for a Mortgage
- How to Get Pre-Approved For Your Home Loan
- Mortgage Process Dos and Don’ts
- What’s the Difference Between APR and Interest Rate
- The Ins and Outs of Jumbo Mortgages
- What Is Mortgage Insurance? (And How to Avoid it!)
- Don’t Believe These 7 Common Mortgage Myths
- Get a Lower Interest Rate with a Better Credit Score
- Which Two Mortgage Types are the Easiest to Get Approved For?
- How to Get Approved for a Higher Home Loan
- Guide to FHA Loan Requirements for First-Time Homebuyers
- How to Choose the Right Home Loan Term
The road to closing
Getting your offer accepted and your mortgage application are only the beginning. Next, your home needs to be inspected, appraised, and clear a title search. Then finally, you’ll close on your loan.
Here are some resources for first-time homebuyers to help you understand this part of the process:
- Title Searches: Little Known, But Oh So Important for Homebuyers
- 8 of the Top Questions About Home Appraisals
- Here’s What You Should Expect from a Home Inspection vs. an Appraisal
- How to Negotiate Inspection Repairs Like a Pro
- Escrow and the Role It Plays in the Home Buying Process
- Understanding Your Home Closing Costs
- How to Lower Your Closing Costs
- Tips for Negotiating Repairs After the Home Inspection
- What to Expect During the Home Appraisal Process
- Understanding Mortgage Points and When to Pay Them
- Using a Real Estate Lawyer When Buying a Home: Pros and Cons
Taking care of your home
Once you’re in the home, you’ll need to decorate it, maintain it, and handle any repairs that may crop up. Here are some resources to help in this department:
- New Home? Download These 10 Home Decorating Apps Now
- What is a Home Warranty? (And Why You Should Consider Getting One)
- Must-Do Winter Home Maintenance Tasks
- Get an Early Start with These 6 Spring Maintenance Tasks
Tips just for you and other resources for first-time homebuyers
No two buyers are alike, and sometimes you just need some personalized guidance to help. Try some of the resources below or consider talking to a housing counselor for one-on-one advice.
- Buying a Home When You Have Student Loan Debt
- 9 Tips for Single Parents Who Want to Buy a Home
- Gen Z Wants the American Dream: These 5 Financial Tips May Help Make It a Reality
- Should Military Families Buy or Rent a Home?
- Single Female Homebuyers Are on the Rise: How to Help Your Loan App When Flying Solo
- Gen Z: Use These Savings Tips to Buy a Home Sooner
- How Much Mortgage Can You Afford If You’re Self-Employed?
- DACA Recipients Can Now Get FHA Loans
- Buying a House with Bad Credit: Can It Be Done?