So, who or what is a First-Time Home Buyer? Today you can generally say that they are Millennials or 34 years and younger but, they can also be Bounce-Back Buyers, those who had a foreclosure or a short-sale. Basically, a First-Time Home Buyer is defined as someone who has not bought a home over the last 3 years.

Anyway, home ownership is a core component in establishing personal equity and for most, is an important goal surpassing all others. For the majority of people, financing their home will be in the form of financing through a mortgage from a lending institution. You can’t just go and get a loan, there are a number of steps or requirements that must be followed in order to qualify for a home mortgage loan.

As a Realtor obviously I meet a great many home buyers and for the most part, the best place to start is to meet face-to-face with a local Realtor. In that first meeting, you can expect to cover most if not all the basic facts and assumptions about the home buying process, some of which I will highlight in my upcoming articles. Just to give you a glimpse of that, here’s what to expect-

  • Setting out all the required paperwork/information needed to apply for a loan and to get that all-important Pre-Qualification Letter.
  • Collecting important documentation.
  • What to expect in a standard transaction i.e. contracts, escrow, inspections, etc.
  • Real Estate Terminology.

Of course, one of the most important things to consider- What is a comfortable monthly payment? These are just some of the topics that will be covered before you go out shopping for your new home.

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Making financial decisions today, especially about buying or selling a home can be challenging. I’m Tori Millan of and a real estate agent in

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