The Process of Buying Your First Home: Sealing The Deal

If you caught Part 1 of this series, we covered the money talk — down payments, closing costs, and how to get your financial footing before diving into homeownership.

Now that you’ve got that foundation set, it’s time to tackle what happens next: the part where things get real. The inspections are done, the paperwork is flying, and suddenly, you’re talking about appraisals, loan types, and the all-important closing day.

Don’t worry — it might sound like a lot, but I’ll walk you through each step. By the end, you’ll know exactly what to expect (and how to make it to closing day with your sanity intact and your keys in hand).

🏦 4. The Appraisal: Making Sure the Price Is Right

The appraisal is the lender’s way of double-checking that the home’s value matches what you’re paying.

Cost: Around $500–$800, also paid by the buyer.

If the appraisal comes in low (it happens!), don’t panic. Your agent and lender will help you explore options like renegotiating the price or adjusting your down payment. It’s all part of the process — not a dealbreaker.

💰 5. Other Costs to Expect

Beyond the big ones, don’t forget these:

• Earnest money deposit: Usually 1%–3% of the purchase price, applied toward your down payment at closing.
• Homeowners insurance: Required by lenders, typically paid upfront or escrowed.
• Moving costs: Boxes, trucks, takeout meals, and at least one “oops, we forgot the shower curtain” Target run.

Homeownership always includes a few surprises — but with a good budget and a sense of humor, you’ll be ready for anything.

🏡 6. The Different Types of Loans (No, They’re Not All the Same)

There are several loan options for first-time buyers — and the right one depends on your financial situation and goals.

• Conventional Loan: Great rates for buyers with strong credit; as little as 3% down.
• FHA Loan: Government-backed, easier credit qualifications, 3.5% down.
• VA Loan: For veterans and active-duty military — no down payment, no PMI.
• USDA Loan: For eligible rural and suburban buyers — 0% down.

One of my favorite moments is helping clients find out they qualify for a program they didn’t even know existed. There’s nothing like watching someone realize their dream home is actually within reach.

🏘️ 7. Why Working with a Local Lender Makes All the Difference

Here’s my little soapbox moment: choose a local lender.

Sure, those big national lenders have flashy ads and catchy jingles — but when it comes to actually getting your loan to closing, you want someone local who knows the area, the agents, and the appraisers.

Here’s why I love local lenders:

• They actually call you back.
• They can explain things clearly (without corporate jargon).
• They know our Savannah market inside and out.
• They’re invested in you — not just the loan.

I once worked with a buyer who started with a big online lender. After three weeks of frustration and call center hold music, we switched her to a local lender. She got approved in three days, closed on time, and sent me a thank-you note that said, “I’m never going 1-800 again.” 😂

✨ Final Thoughts

Buying your first home can feel like a rollercoaster — thrilling, a little scary, and totally worth it. Between the down payment, closing costs, inspections, and appraisals, it’s a lot to take in. But each step gets you closer to something incredible: your own place to call home.

And remember — you’re not in it alone. You’ve got a team on your side: your real estate agent (hi!), a great local lender, and experts who will walk you through every detail.

Because at the end of the day, this isn’t just a financial decision. It’s the start of a new chapter — one filled with morning coffee in your kitchen, laughter in your living room, and a front door that opens to your next adventure. 🧡