First-Time Homebuyers
Not sure where to begin? Learn about down payments, estimated monthly payments, mortgage types, and the information lenders may need when reviewing your application.
Start My Homebuying Journey
Quick answer
How do I prepare to buy a home with a mortgage?
Estimate your full monthly payment (principal, interest, property taxes, insurance, mortgage insurance and HOA dues), decide how much you can put down, review your credit and consider preapproval. A preapproval estimates your borrowing range before you make an offer, but it is not a final loan approval.
Find a Mortgage Path That Fits Your Goals
Every homebuyer has a different financial situation, timeline, and vision for the future. Understanding your options can help you prepare for the decisions ahead. HomeLoanAccess helps you explore important home financing considerations so you can move forward with greater clarity.
Planning Your Next Move
Already searching for a home? Explore the factors that may influence your mortgage options, including your budget, property type, down payment, and purchase timeline.
Explore My OptionsPreparing for Preapproval
A mortgage preapproval can help you understand your potential borrowing range before making an offer. Lenders generally review financial information to determine whether you meet their requirements.
HomeLoanAccess can guide you toward the appropriate next step based on the services available through our platform and participating lending partners.
Explore PreapprovalHow Much Home Can You Afford?
Your homebuying budget should consider more than the purchase price. Think about your down payment, estimated monthly mortgage payment, property taxes, homeowners' insurance, mortgage insurance if applicable, HOA dues, closing costs, and ongoing maintenance.
A mortgage calculator can help you estimate potential payments and begin planning a comfortable budget.
- Principal & interest
- Property taxes
- Homeowners' insurance
- Mortgage insurance, if applicable
- HOA dues
Plus one-time closing costs and ongoing maintenance.
What to Consider Before Buying
- Down payment
- Determine how much you may be able to contribute upfront.
- Credit profile
- Understand how your credit history may affect available mortgage options.
- Monthly budget
- Consider the full cost of homeownership, not just principal and interest.
- Loan terms
- Compare interest rates, APR, fees, and repayment periods.
- Closing costs
- Plan for expenses that may be due when completing your purchase.
Key Terms to Know
Plain-language definitions of the terms that come up most when you compare mortgage options.
- APR (annual percentage rate)
- The yearly cost of a loan expressed as a percentage, including the interest rate and certain lender fees. Because it includes fees, APR helps you compare loans that have different rates and closing costs.
- Mortgage insurance
- Insurance that protects the lender if a borrower stops paying. It is typically required when the down payment is less than 20% of the home price.
- Down payment
- The part of the purchase price you pay upfront in cash. The rest is financed with the mortgage.
- Mortgage preapproval
- A lender’s review of your income, assets, debts and credit that estimates how much you may be able to borrow. It is not a final loan approval.
- Loan Estimate
- A standardized three-page form a lender gives you within three business days of receiving your mortgage application. It shows the estimated interest rate, monthly payment and closing costs, so you can compare offers.
- Closing costs
- Fees paid to complete a purchase or refinance, such as lender charges, appraisal, title services and recording fees.
- Fixed-rate mortgage
- A mortgage whose interest rate stays the same for the life of the loan, so the principal and interest payment does not change.
- Adjustable-rate mortgage (ARM)
- A mortgage with an interest rate that is fixed for an initial period and then adjusts at set intervals, so the payment can rise or fall.
Take the First Step Toward Homeownership
You don't need to have every answer before you begin. Start with your goals and explore the next steps that may be available to you.
Mortgage availability, eligibility, rates, and terms vary by lender and borrower circumstances. Estimates are for informational purposes and are not a loan offer or approval.