First-Time Homebuyer: Essential Knowledge Playlist
Tap each section below to learn what you need to know — at your own pace.
- Get pre-approved first — it determines your budget and strengthens your offer.
- Understand your credit score and how it impacts your rate.
- Know your total costs: down payment, closing costs, appraisal, inspections, and prepaid taxes/insurance.
- Choose the right loan type (Conventional, FHA, VA, USDA).
- It costs you nothing.
- The buyer's agent is paid by the seller, not by you.
- Your agent protects your interests, negotiates on your behalf, guides the contract process, and analyzes the market for you.
Watch: Using a Realtor — The Ultimate Cheat Code
Know the basics:
- Median sales price
- Days on market
- Months of supply
These indicators tell you whether you're in a buyer's or seller's market and how competitive your offer must be.
Watch: Cracking the Code — Is It Time to Buy or Sell?
Watch: How to Read Market Indicators
- Make a must-have vs. nice-to-have list.
- Understand home types (single-family, condo, townhome, new construction vs. resale).
- New build vs. existing home — know the tradeoffs in cost, timeline, customization, and condition.
- Evaluate neighborhoods: commute, schools, amenities, safety.
- Look for major red flags: roof age, foundation issues, HVAC, plumbing, electrical.
Watch: New Home vs. Existing Home
Key components:
- Offer price
- Earnest money
- Inspection/option period
- Contingencies
Your agent explains each item and what is typical in your local market.
- Inspections show condition — use results to negotiate repairs.
- Appraisal protects you and the lender by confirming the home's value.
- Understand what happens if the appraisal comes in low.
- Know the steps: title search, survey, appraisal, underwriting.
- Stay responsive to your lender — delays often come from missing documents.
- Do a final walkthrough before closing.
- Bring your ID and closing funds on closing day.
- Set up utilities, internet, and insurance.
- Change locks and smoke detector batteries.
- Understand property taxes, escrow, and your homestead exemption (if applicable).
- Plan for ongoing maintenance to protect your investment.
