Buying your first home is an exciting milestone, but it can also feel overwhelming with so much to learn and consider. At Oval Group, we understand the emotions and challenges that come with this journey, and we’re here to guide you through every step. Our goal is to help you make informed decisions with careful planning so that you can confidently move into your dream home.

To simplify the process, we’ve broken it down into eight essential steps to help first-time buyers navigate homeownership with ease.

1. Assess Your Financial Readiness

Before diving into the home-buying process, you need to evaluate your financial situation. Ask yourself:

• Do I have a steady income and employment history?
• How much have I saved for a down payment and closing costs?
• What is my current debt-to-income ratio?
• What is my credit score, and how does it affect my mortgage options?

A higher credit score can help secure better mortgage rates, which ultimately reduces your monthly payments. If your score needs improvement, consider paying down debts and avoiding new credit applications before applying for a mortgage.

Oval Group provides access to mortgage estimation tools and can connect you with banking partners to determine your affordability.

2. Explore Your Mortgage Options

Not all home loans are the same. Understanding the various types of mortgages will help you choose the best one for your financial situation. Some common loan options include:

• Conventional Loans – Best for borrowers with good credit and a stable income.
• FHA Loans – Designed for first-time buyers with lower credit scores and smaller down payments.
• VA Loans – Exclusive to veterans and active-duty service members with benefits like zero down payment.
• USDA Loans – Ideal for homebuyers in rural areas, offering 100% financing options.
• Seller Financing – A less common option where the seller finances the purchase instead of a lender.

Once you determine the right loan type, getting pre-approved is crucial. A lender will review your finances and issue a pre-approval letter, which tells sellers that you’re a serious buyer.

Pro Tip: If you’re pre-approved for $400K but are making an offer on a home for $380K, request a pre-approval letter for $380K instead. This prevents the seller from negotiating based on your highest approval amount.

3. Research Government Assistance Programs

Many first-time buyers are unaware of state and federal assistance programs that can make homeownership more affordable. These programs may offer:

• Down payment and closing cost assistance
• Low-interest or forgivable loans
• Tax credits for first-time buyers

Oval Group can help you identify programs that you may qualify for, ensuring you get the best possible financial assistance.

4. Work with the Right Professionals

Purchasing a home involves multiple professionals, each playing a key role in the process:

• Real Estate Agent – Guides you through property searches, negotiations, and paperwork.
• Mortgage Lender – Helps secure financing and ensures you get the best loan terms.
• Attorney – Assists with legal documentation and ensures a smooth closing process.

Working with the right team ensures that you have expert guidance at every stage. Oval Group has trusted professionals ready to support you.

5. Start Your Home Search

Now comes the exciting part—house hunting! Before you start visiting homes, define your priorities:

• Location: Proximity to work, schools, amenities, and public transport.
• Property type: Single-family home, townhouse, or condo.
• Must-haves vs. nice-to-haves: Bedrooms, bathrooms, outdoor space, parking, etc.

Attend open houses and private showings to get a feel for different properties and neighbourhoods. Be sure to take notes and ask questions about the homes you visit.

6. Make an Offer & Negotiate

Once you find a home you love, it’s time to submit an offer. Your real estate agent will help you determine a competitive offer price based on market trends and comparable properties.

Negotiations often include:

• Price adjustments based on market value and inspection results.
• Contingencies (e.g., financing, home inspection, appraisal).
• Closing timeline that aligns with both buyer and seller needs.

At Oval Group, we ensure you submit strong offers that increase your chances of securing the home at the right price.

7. Conduct Inspections & Finalize Financing

Before finalizing your purchase, you’ll need to:

• Schedule a home inspection – A professional will assess the property’s condition and highlight any repairs needed.
• Secure financing – Finalize your mortgage details and receive a letter of commitment from your lender.

This is a critical step, as it ensures there are no surprises after closing. If issues arise in the inspection, you may renegotiate terms or request repairs before proceeding.

8. Close on Your Home & Move In

The final step is closing day, where you will:

• Review and sign legal documents with your attorney and lender.
• Transfer funds for the down payment and closing costs.
• Receive the keys to your new home!

At Oval Group, we ensure that everything runs smoothly, so you can enjoy a stress-free transition into homeownership.

Ready to Take the First Step?

If you’re a first-time homebuyer and ready to start your journey, Oval Group is here to guide you every step of the way. Submit your details below, and a representative will be in touch to help you take the next step toward owning your dream home.