We invite you to explore the four infographics below, which help to further explain some of the benefits and obstacles common for first-time homebuyers.

FIRST-TIME HOMEBUYER

VALUE OF HOMEOWNERSHIP

HURDLES TO BUYING A HOME

HOME EQUITY LINE OF CREDIT

There are plenty of questions that will run through your head when you’re ready to make this big decision.

Some great questions to ask are as follows:

Who should I contact for assistance on buying a home?

Contact an experienced REALTOR® to help you through this process. They help you to find homes in your budget that meet your requirements as well as help you to negotiate the best deal possible in your housing market.

What type of home and features am I looking for?

Once you decide if a house or condo is the right choice, you can begin ticking off your boxes of features you’d like to see included in your home. Consider home size, the surrounding neighborhood, school district, number of bedrooms, appliances, a yard, etc.

Can I even afford this?

Don’t let big numbers scare you. Consider your down payment, property taxes, all of your monthly expenses, and any general upkeep when figuring out what you can actually afford to spend on your mortgage.

Read more: They Did It. You Can Do It. New Home Buyers Tell All

Check your credit

Your credit score plays a huge part in your ability to secure a mortgage. Check your credit with your credit card company, online, or with a major credit bureau such as Equifax or Experian.

Figure out what you can afford

Crunch some numbers to decide how much you can afford to spend on a down payment, monthly payments, and expenses.

Read more: 4 Important Conversations To Have When Buying a Home

Choose a lender

Find the right lender for you and get pre-approved for a home loan.

Read more: Avoid Pitfalls During The Home Loan Process

Find a REALTOR®

Find an experienced REALTOR® to help you through this process. Not only can they help you to find dozens of homes in your budget that meet your requirements, but they can also help you to negotiate the best deal possible in a competitive housing market.

Read more: Here’s How You’ll Know You’ve Found the Right Agent

Find your dream home

Work with your REALTOR® to find the perfect home within your budget.

Determine your best financing option

Take your time to research all of your financing options such as standard mortgages, federally-backed home loans, your state’s financial incentives and programs for First-Time Homebuyers. Also be sure to keep an eye out for comparative mortgage interest rates.

Read more: 8 Steps To Take Before Getting A New Mortgage

Make an offer

Once you’ve found the right home and financing option, it’s time to take the plunge and make an offer to purchase your new home.

Obtain a home inspection

To ensure that the home is safe and won’t incur large unexpected expenses in the future, be sure to get a home inspection before closing on your new home.

Coordinate the paperwork and close the sale

Once the inspection is complete and you’ve come to an agreement with the seller, you will then close on the deal and sign all of the necessary paperwork. It typically takes a couple of days for your loan to be funded, but once the check is delivered to the seller, there is only one more step…

Read more: 3 Steps To Take Before Closing Your Mortgage

Move in!

You did it! Now kick your feet up and enjoy your new home.

Read more: 4 Steps To Help Protect Your Home Investment

Of course, there are obstacles that may arise when buying a home, but no problem is insurmountable when given the right approach. Be sure to discuss these issues with your REALTOR® and/or loan officer if they are applicable to you. They will likely have insight into how others have addressed these obstacles.

Post-foreclosure stress

Many lenders have become wary of the housing market after the 2008 housing crisis caused such a high number of foreclosures.

Tight mortgage credit standards

The housing crisis has also caused mortgage credit standards to become more strict, making it difficult to be approved for a home loan.

Student debt burden

Many Americans are paying off high student loan debt, which makes it much harder to afford a home.

Read more: Student Loan Debt Roadblock to Homeownership

Declining single-family housing affordability

Single-family homes are rising in price, making them more difficult to afford for many families.

Insufficient single-family housing supply

While single-family homes are becoming more expensive, they’re also becoming harder to find on the market in most states.

Read more: The State of Housing Supply and Demand

There are dozens of incentives when it comes to homeownership such as tax deductions and first-time home buyers savings accounts. Some states offer tax-preferred savings accounts to make it more affordable for first-time homebuyers to purchase their first home. Be sure to check your state’s Department of Housing & Urban Development for First-Time Homebuyer Programs and Incentives for specifics and local policies.

Currently, the following states below offer FTHB plans. Each state has unique guidelines, so be sure to investigate what your particular state offers before sitting down with your child to make a plan.

• Alabama

• Colorado

• Iowa

• Minnesota

• Missouri

• Mississippi

• Montana

• Oregon

• Virginia

Read more: Why States Are Investing in Future Homeowners