First-Time Home Buyer’s Guide

Everything you need to know before buying your first home — from preparing your finances to getting the keys.

1.) Is Now The Right Time To Buy?

  • Your Finances

    Do you have steady income, savings for a down payment, and room in your budget for homeownership costs?

  • Guidance you can trust.

    Your Credit

    A stronger credit score can help you qualify for better rates and more loan options.

  • Explore homes that fit your needs and price range.

    Your Lifestyle

    Is homeownership aligned with your current lifestyle and long-term goals?

  • Plan your homebuying timeline.

    Your Timeline

    How long do you plan to stay in the home? The right timing can save you money.

2.) The Biggest Mistakes First-Time Buyers Make.

  • Shopping Before Getting Pre-approved

    Know your budget before you fall in love with a home.

  • Understand costs, savings, and financing options.

    Forgetting About Closing Costs

    Closing costs can add up to 2-5% of the purchase price.

  • Search homes in Northeast Ohio

    Skipping The Inspection

    An inspection protects you from costly suprises.

  • Find the home you love in Northeast Ohio

    Falling In Love With The Wrong Home

    It’s important to choose a home that fits your needs and your budget.

  • Save for your Northeast Ohio home

    Maxing Out The Budget

    Leave room in your budget for life’s unexpected expenses.

We're Here To Help

3.) Home Buying Terms You’ll Hear

  • Northeast Ohio community

    Escrow

    A neutral third party that holds funds and documents during the transaction.

  • Checklist for Northeast Ohio home buyers and sellers

    Contingency

    Conditions that must be met for the sale to move forward.

  • Save for your Northeast Ohio home

    Earnest Money

    Good faith money deposited to show you’re serious about buying the home.

  • Home owners insurance in Northeast Ohio

    PMI

    Private Mortgage Insurance required if you down payment is less than 20%.

  • HomeRoots Group Northeast Ohio Buyers and Sellers

    Appraisal

    An estimate of the home’s value completed by a licensed appraiser.

  • Icon of a document with a dollar sign, indicating a financial or payment related document.

    Closing Costs

    Fees paid at closing for services like lender fees, title insurance, taxes, and more.

  • Outline of a house with a magnifying glass and a check mark, indicating inspection or verification of the house.

    Inspection

    A professional examination of the homes condition.

  • A green outline icon of a shield with a checkmark in the center, indicating protection or security.

    Title Insurance

    Protects you and your lender from issues with the property’s title.

4.) How Much Money Do You Really Need?

  • Icon of a house with a dollar sign and checkbook, representing real estate or property investment.

    Down Payment

    Typically 3-20% of the purchase price.

  • Icon of a financial document with a dollar sign, inside a rounded square border.

    Closing Costs

    Usually 2-5% of the loan amount.

  • Outline icon of a hand holding a dollar coin with a dollar sign, inside a rounded square border.

    Earnest Money

    A deposit showing good faith, applied toward your purchase.

  • Icon of a magnifying glass inside a square outline, representing search or zoom function.

    Inspection Fee

    Typically $300-$600 depending on the home size.

  • Green outline sign of a moving truck with a house symbol on the side

    Moving Expenses

    Don’t forget the cost of moving and setting up your new home.

  • Outline of a piggy bank with a dollar sign coin above it.

    Emergency Fund

    Save 3-6 months of expenses to handle unexpected repairs.

View Closing Cost Guide

5.) First-Times Buyer’s Checklist

  • Check your credit

  • Get pre-approved

  • Make an offer

  • Final walkthrough

  • Save for a down payment

  • Meet with an agent

  • Schedule an inspection

  • Close on your new home

  • Build your budget

  • Tour homes

  • Review documents

Mortgage Payment Calculator

Estimate your potential monthly mortgage payment based on the home price, down payment, loan term, and interest rate.

  • Explore different home prices

  • Compare down-payment amounts

  • Adjust the interest rate and loan term

  • View estimated monthly payment

Calculate My Payment

Home Affordability Calulator

Get a general estimate of hw much home may fit within your budget based on your income, monthly obligations, and available down payment.

  • Enter household income

  • Consider recurring monthly debts

  • Add your planned down payment

  • Explore an estimated home-price range

Estimate My Buying Power

Today’s Typical Loan Options

  • A modern living room featuring a light gray sofa with various textured pillows. In front of the sofa, there are two wooden tables, one with a small potted plant and another with a decorative tray. There are large potted houseplants on either side of the sofa. A tall floor lamp is positioned near the window, which has long, light-colored curtains. The wall behind the sofa has two framed architectural prints. The floor is covered with a neutral-toned rug, and there is a knitted pouf on the right side.

    Conventional Loans

    A popular option for buyers with good credit and a down payment of 5% or more.

    Learn More
  • Front porch with green siding, white trim, a wooden front door, a rocking chair, potted plants on the steps, and the house number 297 displayed.

    FHA Loans

    Backed by the government and designed for low-to-moderate income buyers.

    Learn More
  • An American flag representing Veteran home buyers and sellers in Northeast Ohio

    VA Loans

    Available to eligible veterans, active-duty service members, and their families.

    Learn More
  • A house with a gray roof and white walls situated near a body of water, surrounded by green trees and shrubs on a bright sunny day with a blue sky.

    USDA Loans

    For eligible rural and suburban buyers with low to moderate incomes.

    Learn More

You don’t have to do it alone.

Buying your first home doesn’t have to feel overwhelming. HomeRoots Group is here to answer your questions and guide you through every step.

Explore tools and guides on our Resource Page designed to make your first home purchase easier and less stressful.