First-Time Buyer FAQs

Straight answers to the questions every first-time buyer is quietly Googling.

If you're buying your first home, you probably have a running list of questions you haven't asked anyone yet because they feel too basic. They aren't. These are the questions nearly every first-time buyer brings to our first conversation, answered in the order they tend to come up.

The guide covers the loan, the home search and the stretch after your offer is accepted, then wraps up with a page of listing vocabulary and a one-page look at the whole process.

Before you talk to a lender

I usually tell first-time buyers that 5% down is a comfortable number to start planning around, and that some loan types let qualified buyers put down far less. The smartest move is to sit with a lender and play with the numbers, because what you put down changes your monthly payment and how mortgage insurance works on your loan.

Expect to be asked for your last two years of tax returns, recent bank and credit card statements, proof of current pay and your Social Security number for a credit check. Which loan fits you best is a question for your lender, since programs and requirements change from time to time.

As for timing, start that conversation a few months before you'd like to move. If that window has already passed, no worries. A pre-approval usually takes just a few days. You just want it in hand before you start touring.

When you spot a house online

Text your buyer's agent instead of calling the number on the listing. The agent advertising a home works for the seller, so while they can help you, they're representing the seller's best interests. Stick with one agent, who learns what you love and represents you alone.

And yes, your agent can show you homes that aren't their own listings. I can show you any home in the MLS, and if a home is for sale by owner, I'll reach out to the seller for you.

How offers work

When you find the one, I run a comparative market analysis, which looks at recent sales of similar homes nearby, to help you land on a fair price. Then I'll walk you through the rest of the contract, like your earnest money, closing date and any extra terms, and submit it to the seller's agent.

If a seller gets several offers, their agent will often ask everyone for their highest and best. Price matters, but your down payment, closing date and inspection terms can tip the decision too.

Common questions about buying your first home

What's the difference between pre-qualified and pre-approved?

A pre-qualification is an estimate based only on what you tell the lender. A pre-approval means the lender has verified your income and debts and run your credit.

Can I back out after my offer is accepted?

Yes, within limits. Georgia contracts usually include a due diligence period, and during that window you can generally walk away for any reason. After it ends, backing out and keeping your earnest money typically takes the seller's agreement or another contract term not being met. A real estate attorney can answer legal questions about yours.

Is earnest money on top of my down payment?

No. Earnest money shows the seller you're serious, and it goes toward your purchase rather than being an extra cost.