Your Home Buying Journey

A step-by-step guide to confidently buying your first home — no experience required.

First-Time Buyer Guide

You're Not Alone in Feeling Confused

59%

Don't Fully Understand

of Americans aren't sure how to buy a home

64%

First-Time Buyers

feel the same — even when actively planning to buy

25%

Don't Know Their Score

of prospective buyers don't know their FICO credit score

The knowledge gap — not just the economy — is the real barrier. This guide closes it.

The Big Picture: Your 7-Step Journey

Each step builds on the last. By the end, you'll know exactly what to do — and what to expect. Let's walk through each one together.

Step 1

Know Your Credit Score

Your credit score is one of the biggest factors in getting a mortgage — and the rate you'll pay. Most conventional loans require a minimum score of 620, though some government-backed loans (like FHA) allow lower.

How to Check Your Score

Get your free credit report at AnnualCreditReport.com — the only federally authorized site. Check all three bureaus: Equifax, Experian, and TransUnion.

Why It Matters So Much

A score difference of just 40 points can change your interest rate by 0.5–1%, adding thousands of dollars over the life of your loan.

Understanding Credit Score Ranges

Quick Wins to Boost Your Score

  • Pay every bill on time — even one missed payment hurts
  • Keep credit card balances below 30% of your limit
  • Don't open new credit accounts before applying for a mortgage
  • Dispute any errors on your report immediately
Step 2

Set a Budget You Can Live With

The 28/36 Rule

A trusted guideline lenders use to assess affordability:

28%

Max of gross monthly income on housing costs

36%

Max of gross income on all debt combined

What to Factor Into Your Budget

  • Down payment: Typically 3–20% of the home price
  • Closing costs: Usually 2–5% of the loan amount
  • Monthly mortgage: Principal + interest
  • Property taxes & insurance: Often rolled into your payment
  • HOA fees: If applicable to your neighborhood
  • Emergency fund: Keep 1–3 months of expenses in reserve
Step 3

Get Pre-Approved — Before You Shop

A pre-approval letter from Northpoint Mortgage shows sellers you're a serious buyer. It's one of the most powerful tools you'll have in a competitive market.

01

Gather Your Documents

Pay stubs (2 months), W-2s (2 years), tax returns, bank statements, and a government-issued ID.

02

Speak with a Northpoint Mortgage Loan Officer

A Northpoint Mortgage loan officer will review your goals and help find the best loan for you.

03

Receive Your Letter

Your pre-approval letter states the loan amount you qualify for. It's typically valid for 60–90 days.

Step 4

Find Your Home

Work with a Buyer's Agent

A buyer's agent represents your interests — and is typically paid by the seller. Interview 2–3 agents before choosing.

Define Your Must-Haves

Separate needs from wants: location, school district, bedrooms, commute time. Stick to your budget even when you fall in love with a home.

Research Neighborhoods

Visit at different times of day. Check walkability scores, nearby amenities, flood zones, and future development plans.

Step 5

Make a Winning Offer

What Goes Into an Offer

  • Purchase price — based on comparable sales (comps)
  • Earnest money — typically 1–3% of the price, shows good faith
  • Contingencies — inspection, financing, appraisal
  • Closing date — negotiate what works for both parties
Steps 6 & 7

Inspection, Closing & Moving In

Home Inspection

Always get one. A licensed inspector checks the roof, foundation, HVAC, plumbing, and more. Use findings to negotiate repairs or price reductions.

Closing Day

Review the Closing Disclosure 3 days before. Bring ID and a cashier's check for closing costs. You'll sign dozens of documents — then get your keys.

Move In!

Change the locks, set up utilities, and update your address. Congratulations — you're a homeowner.

You're More Ready Than You Think

The biggest obstacle for most buyers isn't the market — it's not knowing where to start. Now you do.

Check Your Credit

Free at AnnualCreditReport.com

Set Your Budget

Use the 28/36 rule as your guide

Get Pre-Approved

Connect with a Northpoint Mortgage loan officer today

Take the First Step

Every homeowner started exactly where you are

Ready to Take the First Step?

Our loan officers are here to guide you through every stage of the home buying process …

from pre-approval to closing day.

Visit Us Online

northpointmortgage.com

Talk to a Loan Officer

Connect with an expert today