A Step-by-Step First Time Buyer's Guide
1. Research the Market
Before diving into home tours, take time to understand the local market and what you're really looking for in a home. Research average prices in your preferred cities or neighborhoods, and think about key features that matter most—like number of bedrooms, lot size, garage space, or a backyard for the kids or dogs. In Oklahoma, property values can vary widely between rural and suburban areas, so be sure to consider school ratings, commute times, and local amenities when narrowing your search.
2. Decide Your Budget
Factor in more than just the home price. You’ll need to budget for:
- Down payment (usually 3–20%)
- Closing costs (2–5%)
- Monthly mortgage payments
- Property taxes and insurance
- Maintenance or HOA fees
Use our mortgage calculator to estimate affordability based on your income, savings, and debt-to-income ratio.
3. Get Pre-Qualified (Or Pre-Approved)
Before you tour homes, get pre-qualified—or better yet, pre-approved—by a lender. This gives you a clear understanding of how much you can borrow and strengthens your offer in competitive markets. In Oklahoma, local lenders familiar with USDA, VA, and FHA loans can help you access flexible financing options for both city and rural homes.
4. Choose a Real Estate Agent
A great agent makes all the difference. Your agent will help you:
- Find homes that match your needs
- Negotiate offers
- Coordinate inspections and paperwork
Choose someone local who knows Oklahoma neighborhoods, rural zoning, and the unique ins and outs of our market. (Hint: That’s us!)
5. Find the Right Home
Tour homes that match your criteria: location, size, price, and lifestyle. Consider resale potential, property taxes, school districts, and the condition of major systems like the roof, HVAC, and plumbing. Don’t just fall in love with curb appeal—check the bones.
6. Make an Offer
Once you’ve found the one, your agent will help you draft a competitive offer. In Oklahoma, it’s common to include contingencies like financing, inspection, or appraisal. The seller may counteroffer—your agent will help you negotiate terms until both parties agree.
7. Have the Home Inspected
After your offer is accepted, schedule a professional home inspection. This helps uncover hidden issues—like foundation problems, roof damage, or outdated wiring. If major problems come up, you can negotiate repairs, request credits, or walk away within your contingency window.
8. Select Your Loan
Now it's time to finalize your mortgage. Compare different types of loans:
- Conventional (good credit, low debt)
- FHA (low down payment)
- VA (for veterans)
- USDA (for rural homes)
Work with your lender to lock in an interest rate and gather documents like tax returns, pay stubs, and bank statements.
9. Get a Home Appraisal
Your lender will order an appraisal to confirm the home’s value. If the home appraises at or above your offer price, you’re good to go. If it appraises lower, you may need to renegotiate or bring additional funds to closing. This protects both you and the lender from overpaying.
10. Finalize Paperwork & Close
You’re almost there! During this stage, you’ll:
- Sign final loan documents
- Secure homeowner’s insurance
- Review your closing disclosure
- Do a final walk-through of the home
At closing, you’ll pay any remaining costs and receive your keys. Congratulations—you're officially a homeowner!