Loan Tax CalculatorFirst-Time Homebuyer's Guide
Complete roadmap for first-time homebuyers covering financial preparation, mortgage pre-qualification, home search, inspection, and closing.
Key figures
- Recommended pre-purchase savings: 6-12 months of living expenses emergency fund + down payment funds
- Pre-approval process: 1-3 days
- Home search and inspection: typically 2-6 months total
- Closing timeline: 30-45 days after offer accepted
- Total timeline from starting to save to closing: 12-24 months typically
Frequently asked questions
How much should I save before buying?
Ideally down payment (3-20%), plus closing costs (2-5%), plus 6-12 months of emergency savings.
What does pre-qualification mean?
A lender's preliminary assessment of how much you can borrow based on income and credit. It's not a commitment.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is informal. Pre-approval requires documentation and a credit check and is stronger for making offers.
Should I get pre-approved before house hunting?
Yes, it strengthens your offers and shows sellers you're serious.
What's a home inspection and why is it important?
A professional evaluates the home's condition and identifies potential issues before you commit. It's crucial for avoiding expensive surprises.
Tax outcomes depend on whether you itemize, your filing status, and local rules. These are estimates, not tax advice. A tax professional or lender can confirm the details for your situation.