Tips for First-Time Home Buyers
by Grand Savings Bank
July 3, 2025
Buying your first home is an exciting rite of passage — but it can also be overwhelming. While it’s no small feat transitioning to the home owner life, Grand Savings Bank is here to make it smoother, simpler, and manageable. Read on to hear tips from Diana Kinyon, our Mortgage Manager, for first-time home buyers!
Ensure You’re Ready for a Recurring Loan Payment. Committing to a loan is exactly that: a commitment. Be sure that you have a solid understanding of your loan repayment obligation and what that will look like for you on a monthly basis.
Don’t Skip Mortgage Pre-Approval. The home loan pre-approval process is crucial to being in a position to make an offer when you’re ready — don’t take shortcuts!
Maintain Your Credit. Your credit will have a direct impact on your ability to be approved for a mortgage loan, so be sure to stay on top of your monthly debt payments.
Save for a Down Payment. Your down payment will range from 3-5%, depending on the type of mortgage loan. This means that if you were purchasing a $100K home, you would need to be prepared to make a $3,000-$5,000 down payment at the sale’s closing.
Don’t Forget Closing Costs. Remember to factor in closing costs! These are the various fees and expenses (beyond the purchase price of the home) that buyers and sellers pay to finalize a real estate transaction. These costs cover services like loan origination, appraisals, title insurance, and more. Typically, closing costs range from 2% to 5% of the home’s purchase price.
Make a Wish List. Before you begin home shopping, create a list of wants, needs, and non-negotiables.
Consider Future Resale Value. Keep in mind that you might be selling this home one day. If it has structural, foundational, or other such issues, you could lose money when reselling in the future.
Work with a Realtor. Real estate agents collect a fee for helping find your home, and there’s a good reason for it! Utilize a reputable real estate agency to help you on your home-buying journey. You’ll be glad you did!
Hire a Home Inspector. While a home inspection isn’t required to complete your home purchase transaction, it’s absolutely crucial to ensure you aren’t buying a money pit. Don’t skip out on having a professional home inspection performed on the property before the sale closes!
Buying your first home is a big deal, but it doesn’t have to be a source of big stress. Connect with the mortgage team at Grand Savings Bank today!
