The amount you need depends on your loan program, purchase price, down payment, and other costs associated with the transaction. Buyers may need funds for a down payment, earnest money, home inspections, an appraisal, closing costs, and prepaid expenses. Different loan programs and lenders have different requirements, so your lender can help you determine how much you should plan to have available.

In addition to your down payment, there are several other expenses to plan for when buying a home. Earnest money is deposited with escrow after your offer is accepted and is typically applied toward your down payment at closing. Buyers may also have expenses for a home inspection, appraisal, closing costs, title and escrow services, homeowner's insurance, property taxes, and other prepaid or third-party fees.

Once your offer is accepted, you'll officially be under contract and begin working through the next steps of the transaction. Your lender will move forward with the loan and appraisal, escrow will conduct a title search, and you'll work through any contingencies outlined in your contract. Your agent will also help coordinate the home inspection, review the inspection results with you, and negotiate repairs when appropriate.

A home inspection gives you an opportunity to learn more about the condition of the property, while an appraisal provides an opinion of the home's value for the lender. Contingencies are conditions or requirements that must be satisfied during the transaction. Your agent will help you understand the contingencies in your purchase agreement, keep track of important deadlines, and navigate the process.

Avoid making major financial changes between loan approval and closing. This includes changing jobs, buying a vehicle or other large purchase, creating new debt, opening unnecessary credit, spending money you've set aside for closing, making large unexplained deposits or withdrawals, changing bank accounts, or co-signing a loan. If a financial decision could affect your income, credit, debt, or savings, talk with your loan officer before making the change.

A Buyer Brokerage Services Agreement is a formal agreement between you and your real estate agent that establishes your working relationship. It outlines the services your agent will provide, the duration of the agreement, compensation, and expectations for both parties. It creates a clear partnership so you know what to expect from your agent throughout your home search and purchase.

Buying a home introduces you to terms such as earnest money, escrow, appraisal, closing costs, down payment, equity, mortgage insurance, prepaids, and closing disclosure. Understanding these terms can make the buying process feel much less overwhelming. Our Home Buyer Glossary explains the terminology you'll encounter throughout your transaction.

Buying your first home involves more than finding a property you love. Our team helps you understand the local market, schedule and coordinate showings, write and negotiate your offer, navigate inspections and contingencies, and stay on track through closing. Giving Group Realty provides a full-service experience supported by dedicated listing and transaction coordinators and marketing professionals, with more than 21 years of local market expertise through Tesha Perry.

You don't have to figure out the home-buying process on your own. Whether you're just starting to explore homeownership or you're ready to begin looking at homes, our team can help you understand your options, create a plan, and take the next step with confidence.

Connect with Giving Group Realty to get started.