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FIRST-TIME HOME BUYER'S GUIDE

Steps to Buying a House

Buying a home can feel overwhelming, especially if you're a first-time home buyer. This guide highlights the steps involved so that you'll know what to expect on the path to your new home.

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Step 1 - Get a clear picture of your finances

Before you start house hunting, take a good look at your financial situation. Knowing what you can afford will better prepare you for your home search and mortgage application.

Common Questions

Examine your personal finances and long-term goals to see if renting or buying makes more sense for you.

While it helps to have a larger down payment, the amount will depend on what you can afford. In order to qualify for certain home loans, you may need to meet minimum down payment requirements. We’ll help you calculate your down payment and show you tips on how to save toward that amount.

In general, the higher your credit score, the more likely it is that you’ll qualify for lower mortgage rates and more loan options. You may still be able to qualify for a home loan with a low credit score, but your mortgage rates are likely going to be higher. But don’t worry, there are steps you can take to improve your credit score.

Get a sense of what you can afford with our monthly payment calculator and affordability calculator.

Step 2 - Work with professionals

As you go through your home-buying journey, remember you are not alone. A Citi Home Lending Officer will help you find the best mortgage options and answer any home financing questions you may have. Citi can also connect you with Home Captain, an empowering resource for your home search. Their concierge team can assist if you'd like to be matched with a local real estate agent.
See important Home Captain information

Step 3 - Find the right mortgage

When looking at your available mortgage options, there are some key things you'll want to consider: the loan type, the rate type and the loan term. Pay attention to the requirements for different loan types, compare the pros and cons of fixed or adjustable rates and think about how the length of your loan term will affect your monthly mortgage payments.

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Step 4 - Get pre-approved

When it's time to go house hunting, getting pre-approved first can have major advantages. Armed with a SureStart® Pre-Approval, you'll have a better idea of your price range and more negotiating power. Also, since you would have already spoken to a lender, real estate agents and sellers will see you as a serious and qualified buyer.

Learn more about SureStart® Pre-Approval

Step 5 - Complete your mortgage application

Once your offer has been accepted, you'll go through the rest of the mortgage process. When you receive your loan estimate, make sure you review the details carefully and ask questions if there's anything you don't understand.

What to expect

  • You'll need about 30 minutes to fill out your application
  • A mortgage representative will be available to assist you throughout the application process
  • The whole process, from application to closing, typically takes between 30 and 60 days but could vary for your loan

What you'll need

  • Employment and income details like recent pay stubs and W2 forms
  • Asset information like checking/savings accounts, investments and retirement funds
  • If you're applying with someone else, you'll need their details as well

Step 6 - Close on your new home

This is the day you'll review and sign all your mortgage documents. Once you've paid your specific closing costs and signed on the dotted line, you'll get the keys to your new home! Congratulations!

Related Topics

Learn about closing costs

Find out about the most common closing costs and when you'll need to pay them.

Learn more

Find out what affects mortgage rates

Your credit score, the type of rate you choose and your property's location are some of the factors that make a difference.

Learn more

Interested in buying a condo or co-op?

From applying to qualifying, see what's different about condo and co-op mortgages.

Learn more

Find the mortgage option that's right for you.  

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Important Home Captain Information

Citi mortgage lending services and the Home Captain real estate agent/broker services are independently provided, and this advertisement should not be considered an endorsement of each other’s services. There is no charge for the agent matching service, however, standard real estate agent/broker commission charges may apply. Services not available or may be limited due to state law or regulation in Alaska, Idaho, Montana, Oregon, Rhode Island, Tennessee, Vermont and West Virginia.

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