First-Time Homebuyers

Buying your first home is one of the biggest financial decisions you’ll make. At The Malone Team, we know how thrilling, and intimidating, that can feel. Whether you’re stepping out of a rental or leaving your family home, we’re here to walk you through every step with clarity and care.

We’ve worked with hundreds of first time homebuyers just like you. And while the process isn’t always perfectly smooth, it doesn’t need to be complicated either. Our goal is to make sure you feel confident and informed, from your first showing to the final signature.

Here’s our ultimate guide to help you prepare for a successful homebuying journey.

Start with the Right First Step: Pre-Approval

Before you fall in love with a house online or spend weekends hopping between open houses, take a step back. The most important first move is getting pre-approved for a mortgage.

Pre-approval shows you exactly how much home you can afford, so you don’t waste time looking at properties outside your budget. It also shows sellers you’re serious and ready, giving your offer more weight in a competitive market. Without it, you could find the perfect home and lose it to someone more prepared.

Pre-approval doesn’t take long. You’ll share details about your job, income, savings, and credit. Once that’s complete, you’ll have a much clearer picture of what you can afford and you’ll be in a great position to act quickly when the right home comes along.

Don’t Wait for the “Perfect” Down Payment

Many first time homebuyers worry they don’t have enough saved for a down payment. The truth? You may not need as much as you think.

While 20 percent down used to be the standard, today’s buyers have many more options. Depending on your situation, you might qualify with as little as 3 to 5 percent down. Some programs even offer assistance or incentives to help first time buyers get started with even less.

Waiting to save a larger down payment could cause you to miss out on opportunities, especially if prices or interest rates rise. The best approach is to talk with a lender early. Our team can help you connect with a trusted mortgage advisor who will walk you through your options and tailor a loan strategy based on your goals.

Protect Your Credit and Plan Ahead

A strong credit score can unlock better mortgage rates and terms. But there’s more to the story than just a number. It’s also about what you do once you’ve started the homebuying process.

Once you’re pre-approved, it’s crucial that you avoid making major financial changes. This means no new credit cards, no big purchases, and no new car loans. These can all impact your credit and debt-to-income ratio, which could jeopardize your loan approval. We’ve seen it happen more than once, a buyer makes a big purchase thinking it’s harmless, only to have their loan delayed or denied.

The good news? This is easy to avoid. Once you’re in the process, just keep your financial profile steady. And if you’re unsure about something, ask us or your lender first. We’d rather you check in than face an unexpected issue later on.

It’s All About the Area

You’ve probably heard the saying “location, location, location.” While location is important for resale value, we believe the bigger focus should be “area, area, area.” Why? Because the area you choose impacts your daily life far more than a few dollars of appreciation.

As a first time homebuyer, it’s easy to get swept up in finding the perfect kitchen or the ideal backyard. But we always remind our clients to step back and think about lifestyle. Do you want a short commute? Are great schools important? Do you crave peace and quiet or prefer city energy?

You can always renovate a home. You can’t renovate the neighborhood. Our advice: prioritize the area that fits your lifestyle, then find the best home within it. That’s how you build long-term happiness with your investment.

Commitment Isn’t a Trap

For some buyers, the idea of owning a home feels like a heavy commitment. That hesitation is normal. After all, you’ve probably signed leases, not mortgages, until now. But let us reframe it.

When you rent, you’re still making a commitment. You’re paying every month with no return. When you own, you’re investing in something. And if life changes, you have options. You can sell or rent it out. Owning doesn’t mean you’re stuck forever.

Buying a home is a thoughtful decision, and it should be. If you’re not ready, there’s no shame in waiting. But if you’re just nervous, know that those butterflies are normal. They usually mean you’re responsible and aware, exactly the kind of person who’s ready to own.

Conclusion

At The Malone Team, we believe that buying your first home should be empowering, not overwhelming. The key is being informed, having the right team behind you, and remembering that perfection isn’t the goal, progress is.

Start by getting pre-approved so you understand your budget. Don’t wait around for a massive down payment if you’re financially ready to move forward. Take good care of your credit and avoid financial changes mid-process. Choose an area you’ll love living in, not just a home that looks great online. And don’t let fear of commitment stop you from taking a smart step toward building equity and financial security.

We’ve helped many first time homebuyers just like you, people who were unsure, excited, scared, and hopeful, take the leap and find a place to call their own. And we’re here to do the same for you.

And if you have questions, want to explore your options, or are ready to start the search, reach out to us anytime. We’ll walk the journey with you, every step of the way.