Home Buying Process for the First Time Homeowner

Step 1: Prepare Your Finances

Each first-time homebuyer wants something different. Some care about the quality of schools, while others value nearby shopping and restaurants. The list is endless. Of course, home ownership also has benefits everyone agrees on. For instance, it can offer significant tax benefits* and the possibility of building equity.

Check Your Financial Fitness

What home can I afford?

Before you shop for your new home, it’s important to find out how much you can afford. After all, there’s no sense finding your dream home only to discover it’s out of your price range. Use this mortgage calculator to estimate how much home you can afford before finding a first time home buyer loan.

Home Affordability Calculator

Step 2: Shop for a Home

Now that you’re ready to buy, it’s time to find your dream home. This is the fun part! The one challenge is to keep track of all the features of all the homes you see in your search. Our advice is simple: Take notes and take pictures.

Step 3: Apply for a Mortgage

If you’re buying your first home, remember that the mortgage you choose is just as important as the home you choose. Because of this, it’s important that you work with the right mortgage lender when scoping out first time home buyer loans. We believe that’s us.

Consider Fifth Third as your mortgage resource. We have a wide selection of financing options as you prepare to purchase your first home. And more importantly, we have mortgage loan specialists experienced in helping first time homebuyers who are happy to assist you every step of the way. Learn more about our types of mortgages.

Mortgage Inquiry Form

Step 4: Make an Offer

Now that you have found the home you want, it’s time to make an offer. Your real estate professional can assist you with a letter of intent for the seller. The seller then has a specific time frame to consider the offer and accept it or submit a counteroffer to you. Once you and the seller reach an agreement and the letter of intent is signed, you are ready to finalize your financing.

Step 5: Closing on Your Home

The hard part is over, and it’s almost time to open the door to your new home. But there are still some important items to take care of.

In the closing, the loan documents are signed, the balance of the loan costs are calculated, funds are disbursed and the transaction is complete. Then you will receive the keys to your new home.

Steps Following Closing On A Home

To apply for a home loan or refinance:

For questions about your existing loan:

Additional Resources

An Asian couple hugs outside their newly purchased home.

How to Make First Time Homeownership a Reality

Buying your first house and applying for a mortgage may sound like a dream, but there are many programs that help make this dream a reality. Learn more.

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Construction Loans for First Time Home Buyers

Can a first-time homebuyer get a construction loan? Here's what to know about new home loans when building.

An Asian couple hugs outside their newly purchased home.

How to Become an Attractive Loan Candidate

Consider these factors in your financial life so you can strengthen your case as an attractive loan candidate.