First-Time Homebuyer's Guide to Buying Your First Property

Buying your first home is a huge milestone - and let's be honest, it can feel overwhelming. As a mortgage broker who's helped hundreds of first-time buyers in the Boston area and beyond, I've seen the same questions and fears come up again and again:

• Where do I start?

• How much do I need for a down payment?

• What's the difference between a pre-qualification and a pre-approval?

• How do I even know if I can afford a home right now?

If you're asking any of those, you're in the right place. My goal with this first-time homebuyer's guide is to break down the homebuying process into simple, manageable steps - and answer your most common questions along the way.

Step 1: Understand Your Budget

Before you start scrolling Zillow or going to open houses, you need to get a clear picture of your finances. Here's what we'll look at together:

• Your monthly income

• Your credit score

• Any existing debts (car payments, student loans, etc.)

• How much you have saved for a down payment + closing costs

Tip: You don't need a perfect credit score or a 20% down payment. In fact, there are

loan programs available with as little as 3% down for qualified buyers.

Step 2: Get Pre-Approved (Not Just Pre-Qualified)

This is where working with a mortgage broker like myself gives you a big advantage.

A pre-qualification is a quick estimate based on self-reported info. A pre-approval is a verified offer from a lender based on your actual income, assets, and credit.

At Prestige Home Loans, I help first-time buyers get fully pre-approved, which makes your offer far more competitive - especially in today's market.

Step 3: Explore Your Loan Options

Not all home loans are created equal - and choosing the right one could save you thousands.

Here are a few popular options for first-time buyers:

- Conventional Loan - Ideal for buyers with strong credit and at least 3-5% down

- FHA Loan - Great for buyers with lower credit or limited down payment

- MassHousing Loans - Massachusetts-specific programs with down payment assistance

and low rates

- VA Loan - For eligible veterans and active-duty military (0% down)

I'll walk you through each one and help you pick the best option based on your unique situation.

Step 4: Start House Hunting (The Fun Part)

Once you're pre-approved and have a clear budget, it's time to start touring properties. A trusted real estate agent can help you find homes that match your goals - and I'll stay by your side to help run numbers and answer financing questions as you go.

Not sure if a home is overpriced? Curious what your monthly payment would be? Shoot me a text or call - I'll help you break it down in minutes.

Contact Me

Step 5: Make an Offer (and Let's Lock It In)

Once you find "the one," your agent will help you submit an offer - and your pre-approval from Prestige Home Loans shows sellers you're serious and ready to go.

From here, I'll coordinate directly with your lender, help you lock in a rate, and prepare your loan for underwriting.

Step 6: Close & Move In

You'll do a final walkthrough, sign your loan documents, and officially become a homeowner. I'll be there to answer any last-minute questions and celebrate with you - because honestly, this part never gets old.

Final Thoughts

Buying your first home can feel intimidating. But with the right guidance, it doesn't have to be. At Prestige Home Loans, I'm not here to "sell" you a mortgage - I'm here to educate, empower, and make sure you feel confident every step of the way.

Got questions? Ready to talk about next steps? Contact us!

Let's make your dream of homeownership a reality - with Prestige.