How do I buy my first home?
· Greater Lafayette Homes
Photo by Filip Szalbot on Unsplash. Illustrative stock image; not a local listing.
Buying your first home is an exciting milestone, but we know it can also feel overwhelming. From understanding your financing options to making an offer and preparing for closing, there is a lot to learn. You don’t have to figure it all out on your own.
Our experienced local agents are here to answer your questions, explain what comes next, and walk you through the process at a pace that feels comfortable for you.
If you would prefer to talk things over in person or by phone, we would love to help. Whether you’re ready to start looking or simply exploring your options, reach out to schedule a free buyer consultation. It’s a chance to ask questions and talk about your goals, with no pressure to take the next step before you’re ready.
The checklist below gives you a practical overview of what to expect, from your first preparations through moving into your new home.
Before the Home Tour
1. Check your finances
Review your credit reports through AnnualCreditReport.com and dispute information that is incorrect. Write down your savings, income, and debts. Ask a lender how paying down debt might help before using money you may need for closing or a cash reserve. There is no single credit-score requirement for every mortgage.
2. Find an agent you feel comfortable with
Talk with an agent early, even if you are months away from buying. Ask how they communicate, what support they provide, and how compensation works. Review the services, duration, costs, and obligations in any buyer agreement before signing. Many agents must have a written agreement before taking you on private home tours.
3. Set a comfortable budget
Start with a monthly payment that leaves room for your life. Include principal and interest, property taxes, insurance, any mortgage insurance or HOA fees, utilities, and maintenance. Your lender’s approval amount and your personal comfort level may be different. Tell your agent the payment range you want to protect.
4. Save for upfront costs
Plan for a down payment, closing costs, moving expenses, and money left after closing. The CFPB suggests roughly 2–5% of the purchase price as an early planning range for closing costs, separate from the down payment. Actual costs vary; your lender’s Loan Estimate will be more useful than a general percentage.
5. Explore financing and buyer assistance
Ask about conventional, FHA, VA, and USDA loans, as appropriate, and Indiana Housing and Community Development Authority assistance. Each has eligibility requirements. Assistance is not always a grant, and some programs have repayment conditions. Need help finding a local lender who can explain the options? We can help you make that connection.
6. Get preapproved and compare lenders
Talk with two or three lenders about rates, fees, loan types, estimated payments, and cash needed to close. Compare Loan Estimates when available. Gather the documents they request, which may include pay stubs, W-2s, tax returns, bank statements, and identification. Preapproval is conditional. Check with your lender before opening credit, changing jobs, or making a large purchase.
7. Separate must-haves from preferences
Think about your commute, space, layout, condition, and the work you are comfortable taking on. For Greater Lafayette properties, verify school boundaries directly with the school district, review HOA documents when applicable, and investigate flood risk. A favorite paint color can change; an inconvenient location is harder to fix.
8. Tour homes with a plan
Keep notes after each visit. Look beyond furniture and decorations to the roof, mechanical systems, storage, and daily routines. Your agent can help you compare recent sales and understand how the asking price fits the home. Ask questions before deciding a property is the right one.
Before Making an Offer
Photo by Vitaly Gariev on Unsplash. Illustrative stock image; not a local listing or agency team photograph.
9. Build an offer you understand
Discuss price, earnest money, financing, inspections, appraisal protections, deadlines, and the proposed closing and possession dates. Your agent should explain the choices before you sign. A seller may accept, reject, or counter. The strongest offer for you is one whose obligations you understand and can meet.
10. Arrange inspections and review the results
We strongly recommend a home inspection. Ask whether radon, sewer, pest, or other specialist evaluations make sense for the property. Review findings with your agent and appropriate professionals. Repairs, credits, and any right to cancel depend on your contract and deadlines; an inspection does not automatically require the seller to fix everything.
Before the Closing
11. Keep your mortgage moving
Respond promptly to underwriting requests and keep your lender informed. The lender will arrange an appraisal if one is required and explain remaining approval conditions. An appraisal and an inspection serve different purposes. Do not assume either one guarantees the condition of the home.
12. Arrange homeowners insurance
Request quotes early so you understand the cost and can address coverage questions before closing. Confirm the lender’s insurance requirements. Standard homeowners insurance generally does not cover flooding; ask whether separate flood coverage is needed or worth considering.
13. Plan utility transfers
Ask your agent which providers serve the home and arrange electricity, gas, water, and other services around your agreed possession date. Possession may be later than closing. A little coordination now can help you avoid arriving to a house without power, water, or heat.
14. Review title and any survey information
The title company will investigate ownership and recorded issues. Ask about anything you do not understand, including liens, easements, and title-insurance choices. Discuss whether a survey is appropriate. A survey is not required in every purchase, but boundary or access questions deserve attention before closing.
15. Read your Closing Disclosure
For most purchase mortgages, you must receive the Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about changes in the payment, fees, and cash needed. Resolve questions with the lender and closing team before signing day.
16. Complete the final walk-through
Arrange a walk-through near closing at the time allowed by your agreement. Confirm the property’s condition, agreed repairs, included items, and any concerns that developed since your last visit. Tell your agent promptly if something is wrong rather than waiting until the paperwork is on the table.
17. Close and confirm possession
Bring the identification and funds your closing team requires. Verify wire instructions by calling a trusted, previously confirmed number; do not rely on an email announcing a last-minute change. Confirm when you receive keys. For an eligible Indiana primary residence, check with the title company or county auditor that the homestead deduction is properly filed.
After Closing
18. Settle in and protect your new home
Once you have possession, change or rekey locks, update your address, check safety devices, and keep your closing records. Start a maintenance calendar and repair fund. Keep your agent’s contact information handy—you may still have questions after the moving truck leaves.
Take the next step at your own pace
From an accepted offer to closing, 30–60 days can be a planning estimate, but your loan, contract, and property may require more or less time. Your home search has its own timeline. Ask your agent and lender what to expect for your purchase.
Want a resource to keep beside you? Get our free buyer’s guide. If a conversation would be more helpful, schedule a free buyer consultation. We would love to walk through your questions and help you feel ready for your next step.
Helpful sources
CFPB — Plan your homebuying budget
NAR — Written buyer agreements
CFPB — When you receive a Closing Disclosure
Indiana — Filing a homestead deduction