Visualize it: a cozy kitchen for your morning coffee, a backyard barbecue with friends, or a quiet corner just for you. Sounds dreamy, right? Let’s make it happen.
Let's break down the homebuying process with clear steps to help you go from scrolling listings to stepping into your new home.
Before you start scrolling through listings, here's what you'll need to qualify for a mortgage:
The 20% down payment myth? Busted! Many first-time buyers qualify with as little as 3% down. A larger down payment can lower your monthly payment and help you avoid mortgage insurance, but don't let a smaller savings account derail your homeownership dreams.
A good credit score can mean better mortgage rates. While you don’t need perfection, a higher score gives you more loan options.
💡 Pro tip: Check your credit report frequently to tackle any errors or high-interest debt.
Lenders want to know that you can handle monthly payments. Have your recent pay stubs, tax returns, and W-2s ready to show stable, reliable income.
Your down payment is just the beginning. Budget for closing costs (typically 2-5% of the loan amount), inspections, moving expenses, and that all-important emergency fund.
💡 Pro tip: Use our Mortgage Calculator to get a real-world view of your potential monthly payment.
Once your finances are in good shape, you're ready to start exploring homes. But before you fall for the open floor plan or backyard patio, make sure to check for the stuff that really matters:
Your commute, school district quality, neighborhood safety, and proximity to essentials won't change with a fresh coat of paint.
Check the roof, foundation, HVAC, plumbing, and electrical systems—the bones of your potential home.
Water stains, uneven floors, musty odors, or outdated electrical systems can signal expensive problems lurking behind those staged rooms.
The home inspection isn't just a formality—it's your protection. Never skip it! A thorough inspection reveals hidden issues and gives you negotiating leverage if repairs are needed.
Your mortgage payment is just one slice of the homeownership pie. Remember to budget for:
Planning for these expenses now prevents financial stress later when the water heater decides to call it quits!
Found "the one"? Here's how to make your next move confidently:
Pre-approval shows sellers you mean business. CCCU's quick process gives you clarity on your budget and positions you to act fast when your dream home appears.
💡 Pro tip: CCCU's pre-approval process helps you move quickly when you find your dream home.
A good agent advocates for your interests and guides you through each step. Find someone who knows the local market and communicates clearly.
The price isn't everything. Your agent can help analyze comparable sales, market trends, and seller priorities to craft a compelling offer.
At City & County Credit Union, we believe buying your first home should feel exciting, not overwhelming. That's why we've built tools, tips, and personalized support for Minnesota homebuyers at every step.
Here's what you can expect:
Ready to turn your homeownership dreams into reality? Download our Ultimate First-Time Homebuyer's Guide for clear advice, helpful tools, and real answers.