What should I do first?
Choose a monthly payment you can live with before choosing a purchase price. Add taxes, insurance, applicable mortgage insurance and association costs to principal and interest. Keep utilities, maintenance and savings in your household budget too.
Estimate the full housing payment or download the buyer roadmap (PDF).
Your path from planning to keys
| Stage | Your next action |
|---|---|
| Prepare | Discuss timing, income, credit, savings and comfortable payment |
| Preapproval | Provide requested documents securely and review eligible options |
| Property search | Recheck payment for the actual taxes, insurance, HOA and CDD |
| Offer and inspection | Coordinate contract deadlines, inspections and insurance quotes |
| Underwriting | Respond to document requests and discuss financial changes before making them |
| Closing | Review final figures, verify wiring instructions independently and ask about anything unclear |
How much cash will I need?
Your down payment is only one part. Plan for closing costs, prepaid expenses, initial escrow deposits and expenses paid before closing. Document permissible gifts and confirm credits or assistance before counting on them.
Hypothetical cash example: $12,000 down payment + $10,000 closing/prepaid costs − $5,000 permitted credits − $3,000 earnest money already paid = $14,000 remaining. Any inspections, reserves or charges outside that estimate need separate planning. This is arithmetic, not an estimate for a particular loan.
Prepare without creating extra hurdles
- Gather the lender’s requested income and asset documents.
- Keep account transfers traceable and ask before moving funds between accounts.
- Discuss a job change, new loan or large purchase with the mortgage team.
- Obtain property-specific insurance information early.
- Use the secure application portal for financial documents, not a general contact form.
Compare options around your needs
Compare conventional, FHA and any eligible VA, USDA or assistance options using the same home and assumptions. Ask about payment, mortgage insurance, cash needed and long-term obligations. “First-time buyer” definitions differ by program; tell the team about prior ownership rather than assuming you qualify or do not qualify.
Use the Hometown Heroes guide for assistance questions and the seller-concession guide when discussing negotiated credits.
Questions clients ask
Is preapproval the final approval?
No. It depends on the information reviewed and remains subject to the lender’s conditions, property review and final underwriting.
Is the appraisal a home inspection?
No. Arrange a separate inspection to understand the property’s condition and repair needs.
Can I ask questions before I am ready to buy?
Yes. A planning conversation can help you identify the next useful step without assuming you are ready to submit an application.
Sources and editorial information
Published by The Rice Financial Group. Editorial update: October 14, 2026. How we prepare our resources.
Educational information, not an approval, rate quote or commitment to lend. Program rules, pricing and availability can change. Confirm the requirements for your borrower, property and transaction with the mortgage team.
Make the information personal.
Tell us what you are planning and where you need clarity. You do not need to be ready to apply to ask a question.
Help me prepare to buy