Buying your first home is exciting, and there's a reason it's considered one of life's major milestones. It's a process that shouldn't be rushed and definitely has a "right way" to be done.

The Masiello Group has seen more than 55 years of "first times" for many buyers just like you, and we've learned a few things along the way. We wrote this blog to lay out some of our best tips for making this process one to remember (in a good way)!

Here are 5 of our top tips for first-time homebuyers.

Make sure that you are financially ready.

You may be ready, but is your wallet? The smartest thing you can do before making a commitment like this is to assess your financial ability.

Let's start with what we'll call a debt roll call. Your list may include credit cards, student loans, car payments, etc., and you'll want to come up with a plan to pay them down as much as possible. Something important to look at here is the debt-to-income ratio. According to Forbes Advisor, a good rule of thumb is to keep your total monthly debt (including your new mortgage payment) from exceeding 36% of your gross monthly income. The more you pay off before adding a mortgage to the mix, the less stressed you and your wallet will have.

Next, you'll need to account for the following:

- How much home you can afford

- How much you're going to spend on the down payment

- How much you're going to spend in closing costs

Here are some golden rules...

How much home can you afford? Use a mortgage calculator like this one to help you determine how much home you can afford.

Down payment: Most down payments fall within the range of 5-20%, but if that isn't possible for you at the time, don't panic. Talk to your real estate agent about additional options. The right agent will make sure you're comfortable and recommend what's best for you.

Closing costs: A general rule for closing costs is that they typically fall between 2-7% of your purchase price. Here's an example. ($400,000 x 3% = $16,000)

This may seem like a lot to consider, but knowing what you're getting into, crunching the numbers, and feeling comfortable enough to move forward makes the entire process more enjoyable.

Line up your mortgage before you start shopping.

You're probably thinking, "why choose a mortgage before I even have a home picked out?" But the last thing you want to do is wait until it's too late, fall in love with a home, and miss out on it because you didn't have a mortgage in place.

Choosing a mortgage is almost as important as choosing a home because it will affect you for years to come. Talk to your trusted real estate agent about what mortgage option is right for you. In the meantime, learn more about each type in our blog post "6 Types of Mortgages for Homebuyers" here.

Choose the right real estate agent.

One of the most important decisions you'll make in this process is choosing the right real estate agent to work with. The right agent can mean the difference between a long, drawn-out process and a seamless, exciting one. Here are some questions that you, as a buyer, can use to vet your agent:

#1 - Can you tell me about your experience/education?

#2 - Do you work independently or with a team?

#3 - How often can I expect to hear from you?

#4 - How do you plan on helping me stand out among other buyers?

#5 - How many homes have you closed on in the past year?

#6 - What is your availability like?

#7 - Tell me about this area, its homes, and the local market.

#8 - Do you have any references?

Agents at The Masiello Group have a reputation of experience and success across Northern New England. With many years under their belts working with buyers and sellers just like you, they are eager to help meet your real estate needs. Check out our list of agents and find your perfect match today. To learn more about choosing the right agent and what to look for, read this blog post.

Know what you're looking for before you start looking.

Here comes the fun part – making your wish list. This is where you get to ask yourself, "What are my wants? What are my needs? What are my non-negotiables?" And it's great information to share with your agent because it will allow them to show you homes that reflect exactly what you're looking for – saving you a lot of time and energy! Pro tip: be realistic and make sure the list aligns with your budget.

Understand the closing process.

There are a lot of misconceptions about the closing process, but here's what you need to know. The closing process typically takes around 30 to 45 days. During this time, your real estate agent will help you undergo the final steps before crossing the finish line into homeownership. Here is what you can expect to happen:

- Get your home inspected & appraised

- Buy homeowners and title insurance

- Return to your lender and take out your mortgage

- Complete your final walkthrough

- Sign remaining documents

- Get your keys!

Congratulations on your decision to become a first-time homebuyer! The Masiello Group is here for you every step of the way, and our over 55 years of experience make us your perfect match. We would love to help you meet all of your real estate goals and hope you consider choosing us to work alongside you in this exciting process. If you want to check out more of our first-time buyer content, read "FAQs for First-Time Homebuyers" here.

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The Masiello Group is a second-generation family company that has been a trailblazer in New England real estate since 1966. With now more than 35 offices throughout northern New England, we're the largest residential real estate firm north of Boston to offer a complete suite of home services, including buying, selling, mortgage, title, insurance, relocation, and more.

You can find more information on today's market and other real estate trends by reading our blog weekly at https://www.masiello.com/news-and-updates/.