Buying your first home can be an exciting time, but it can also be extremely stressful. From the finances and all of the paperwork, to choosing what will be one of the biggest purchases of your life (no pressure!), there are a lot of things to consider and learn about before you dive into the process. But have no fear: TMRW asked the experts what to expect when buying your first house. See below for everything you need to know!

Get your finances in tip-top shape

Before you start making appointments with realtors, it's important to have your finances in order. Having a good credit score and solid savings will help a lot.

“Depending on the loan you qualify for, you’ll need a down payment of 3% to 20% of the purchase price of your home,” said Jackie Boies, senior director of housing and bankruptcy services at Money Management International. “Making a larger down payment helps you obtain a lower interest rate, build equity more quickly, get lower monthly payments and reduces closing costs.”

A high credit score will also help you qualify for a lower interest rate. “You’ll need a credit score of about 580 to obtain a FHA loan,” Boies said. “A good score is considered to be 670-739, and 800 and up is excellent.”

Find your lender

Before you can make an offer on your dream home, you should meet with potential lenders (i.e, credit unions, mortgage lenders, banks) and secure your home loan — unless you're paying cash, then skip ahead!

There are generally two categories of mortgage loans: government-insured loans (FHA, VA, USDA, for example) and conventional loans, which are backed by private investors. “Many federally insured loans are designed for low-to-moderate income borrowers or first-time homebuyers, and may require a lower minimum down payment and allow a lower credit score,” Boies said. “Conventional loans are an optimal choice for borrowers who have solid financials ... to avoid the mortgage-insurance premiums associated with government loans.”

First-time homebuyers may also qualify for special programs. Select your state at hud.gov/states and click “homeownership assistance” to learn more.

Work with a buyer’s agent

“When you’re looking to buy, especially as a first-time homebuyer, you want someone with experience, especially in the neighborhoods where you’re looking,” Bonnie Heatzig, executive director of luxury sales at Douglas Elliman, told TMRW.

You can start working with a buyer's agent up to 12 months before your anticipated move, and it might be a good idea to get a head start. “It gives you time to find out what you’re looking for,” she said.

Search for realtors online and ask friends for recommendations. Meet with two or three agents in person if possible, suggested Heatzig, and choose the one with whom you have the best connection.

Get a pre-approval letter

Once your lender reviews your credit report and finances, they’ll confirm the amount of money you’re qualified to borrow. This document determines what homes and prices you will be able to afford.

It’s also very important to have in-hand before you start looking, because if you fall in love with a house, you’ll need it when you put down an offer — especially when competition is fierce.

“We’re in such a bullish market right now, you need to be 100% prepared when you make that offer to show the seller that you are ready, willing and able to close this deal,” said Heatzig. Having that pre-approval letter ready to go is key.

Find the right home for you

Make sure your real estate agent has their finger on the pulse of what's available in your area, including brand-new listings that meet your criteria, Heatzig advised. You should be ready to look at anything that becomes available. In the current market, many houses are getting snatched up in a matter of days.

She also advises potential homebuyers to stay within their realm of affordability. “You have to be very realistic in what you’re looking at,” she said. And this doesn’t just mean the price of the house, but also what costs you might incur while fixing it up to your liking.

Ask the right questions

Depending on where you live, the current owner may have to fill out a seller’s disclosure to give potential buyers all known material facts that affect the value of the property. (For example, if there was mold in the house, they need to share how it was fixed and if they got a mold-clearance certification, explained Heatzig.) Even if it’s not legally required in your area, you can still ask for it. “Let’s get everything out on the table so you can make an informed decision at the time you make an offer of any defects that might not be visible to you as a buyer,” she said.

You can also ask about past utility bills and any other costs of living in the home. “That will help you budget,” said Heatzig.

Once you’ve made an offer, you can typically expect to close on the home within 60 days — unless you pay cash, in which case the timeline would be much quicker.

Buying your first home can be such an exciting time in your life, but it can also be extremely stressful.From the finances and all the paperwork, to choosing what will be one of the biggest purchases of your life (no pressure!), there are a lot of things to consider and know about before you dive into the process.But have no fear. TMRW asked the experts what to expect about buying your first house. See below for everything you need to know:

Get your finances in tip-top shape

Before you start making appointments with realtors, it's important to have your finances in order. Having a good credit score and solid savings will help a lot.

“Depending on the loan you qualify for, you’ll need a down payment of 3% to 20% of the purchase price of your home,” Jackie Boies, senior director of housing and bankruptcy services at Money Management International, told TMRW. “Making a larger down payment helps you obtain a lower interest rate, build equity more quickly, get lower monthly payments and reduces closing costs.”

A higher credit score will help you qualify for a lower interest rate on your loan, too. “You’ll need a credit score of about 580 to obtain a FHA loan, but a score of 600 or better places you in a better position,” Boies said. “A good score is considered to be 670-739, and 800 and up is excellent.”

Find your lender

Before you can make an offer on your dream home, you should meet with potential lenders (i.e, credit unions, mortgage lenders, banks) and work on securing your home loan — unless you're paying cash, then skip ahead!

There’s a lot to go over when it comes to mortgage loans and other financial assistance, and your lender will be able to guide you through all of it, but here are some basics you might want to know:

There are basically two categories of mortgage loans: government-insured loans (FHA, VA, USDA, for example) and conventional loans, which are backed by lenders and private investors. “Many federally insured loans are designed for low-to-moderate income borrowers or first-time homebuyers, and may require a lower minimum down-payment and allow a lower credit score,” Boies explained. “Conventional loans are an optimal choice for borrowers who have solid financials (since it) allows them to avoid the mortgage insurance premium associated with government loans.”

First-time homebuyers may also qualify for special programs, down-payment assistance and/or tax breaks. You can research this at hud.gov/states (select your state and then “homeownership assistance”), but your lender will also be knowledgeable of the options available to you.

Work with a buyer’s agent

“When you’re looking to buy, especially as a first-time homebuyer, you want someone with experience, especially in the neighborhoods where you’re looking,” Bonnie Heatzig, executive director of luxury sales at Douglas Elliman, told TMRW. This can be done up to 12 months before your anticipated move. “It gives you time to find out what you’re looking for,” she said.

Search for realtors online and ask friends for recommendations. Meet with two or three agents in person if possible, suggested Heatzig, and choose the one with whom you have the best connection.

Get a pre-approval letter

Once your lender reviews your credit report and finances, they’ll confirm the amount of money you’re qualified to borrow. This document determines the price of homes you will be able to afford.

It’s also very important to have in-hand before you start looking, because if you fall in love with a house, you’ll need it when you put down an offer — especially when competition is fierce.

“We’re in such a bullish market right now, you need to be 100% prepared when you make that offer to show the seller that you are ready, willing and able to close this deal,” said Heatzig. Having that pre-approval letter ready to go is key.

Find the right home for you

Make sure your real estate agent has their finger on the pulse of what's available in your area, including brand-new listings that meet your criteria, Heatzig advised. You should be ready to look at anything that becomes available. In the current market, many houses are getting snatched up in a matter of days.

She also advises potential homebuyers to stay within their realm of affordability. “You have to be very realistic in what you’re looking at,” she said. And this doesn’t just mean the price of the house, but also what costs you might incur while fixing it up to your liking.

Ask the right questions

Depending on where you live, the current owner might have to fill out a seller’s disclosure to give potential buyers all known material facts that affect the value of the property. (For example, if there was mold in the house, they need to share how it was fixed and if they got a mold-clearance certification, explained Heatzig.) Even if it’s not legally required in your area, you can still ask for it. “Let’s get everything out on the table so you can make an informed decision at the time you make an offer of any defects that might not be visible to you as a buyer,” she said.

You can also ask about past utility bills and any other costs of living in the home. “That will help you budget,” said Heatzig.

Once you’ve made an offer, you can typically expect to close on the home within 60 days — unless you pay cash, in which case the time would be much quicker.