The Ultimate First-Time Homebuyer Checklist

Buying your first home is an exciting milestone, but it can also feel overwhelming if you’re unsure where to start. At Mike Hidlebaugh Mortgage, I believe in guiding first-time homebuyers through every step of the process with professionalism, expertise, and a client-first approach. To help you feel confident and prepared, I’ve created the ultimate first-time homebuyer checklist. Follow this guide to ensure your journey to homeownership is smooth, successful, and stress-free.

1. Evaluate Your Finances

Before you start house hunting, it's important to understand your financial situation. This will help you determine your budget and eligibility for a mortgage. Here’s what to do:

Check Your Credit Score: Lenders use your credit score to assess your reliability as a borrower. Aim for a good score, and if necessary, work on improving it before applying for a mortgage.

Review Your Savings: Make sure you have enough saved for a down payment (typically 5-20% of the home’s price) and additional costs like closing fees, home inspections, and moving expenses.

Calculate Your Debt-to-Income Ratio: This ratio helps determine how much mortgage you can afford. A lower ratio will improve your chances of approval and potentially secure better interest rates.

2. Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage is a crucial step in the homebuying process. It shows sellers you’re a serious buyer and gives you a clear idea of your budget. At Mike Hidlebaugh Mortgage, I offer comprehensive pre-approval services designed to set you up for success.

Here’s what you’ll need:

Income Verification: Have your most recent pay stubs, tax returns, and employment history ready.

Proof of Savings: Gather bank statements and documentation of your assets to demonstrate your ability to cover the down payment and closing costs.

Credit History: Be prepared to provide your credit report and explain any past credit issues.

3. Define Your Homeownership Goals

Before jumping into the market, it’s essential to define what you’re looking for in a home. Consider the following:

Location: Do you want to live in the city, suburbs, or a specific neighborhood in Saskatoon? Research different areas and their property values to find the right fit.

Property Type: Are you looking for a single-family home, condo, townhouse, or another type of property? Each comes with different costs, maintenance responsibilities, and lifestyle implications.

Features: Make a list of your must-haves and deal-breakers. Do you need a certain number of bedrooms, a large backyard, or proximity to schools and amenities?

4. Start House Hunting with a Plan

Once you know your budget and goals, it’s time to start looking at properties. Here are some tips to keep in mind:

Work with a Real Estate Agent: A professional familiar with the Saskatoon market can help you find the right home and negotiate the best price.

Visit Open Houses: Get a feel for different properties and neighborhoods by attending open houses. Take notes and photos to compare later.

Be Ready to Act Quickly: In a competitive market, being pre-approved and knowing your budget will allow you to make an offer quickly when you find the right home.

5. Make an Offer and Negotiate

Once you’ve found a home that fits your needs, it’s time to make an offer. Your real estate agent will guide you through this process. Here’s what to expect:

Submit an Offer: Your agent will prepare an offer based on comparable sales in the area, your budget, and the seller’s asking price.

Negotiate Terms: Be prepared to negotiate aspects like the purchase price, closing date, and any repairs or conditions that come up during the home inspection.

Finalizing the Purchase Agreement: Once both parties agree on the terms, you’ll sign a purchase agreement that outlines all the details of the transaction.

6. Secure Financing and Finalize the Mortgage

At this stage, it’s time to finalize your mortgage with your lender. Mike Hidlebaugh Mortgage is committed to providing transparent, client-focused solutions tailored to your needs. Here’s what to expect:

Submit Final Documents: Provide any additional paperwork your lender requests, such as updated bank statements or employment information.

Lock in Your Interest Rate: Depending on your mortgage type, you may lock in an interest rate to protect yourself from fluctuations before closing.

Review the Mortgage Terms: Make sure you understand your mortgage terms, including the interest rate, amortization period, and payment schedule.

7. Close the Deal

The final step is closing on your new home. During the closing process, you’ll sign all necessary documents and transfer ownership. Here’s what you need to prepare for:

Review Closing Costs: These may include legal fees, title insurance, and other administrative costs. Have funds ready to cover these expenses.

Sign the Paperwork: Work with your lawyer to sign the closing documents, transfer funds, and officially take ownership of your new home.

8. Move In and Enjoy Homeownership

Congratulations, you’re officially a homeowner! Now that the paperwork is done, it’s time to move in and make your new space your own. Remember, homeownership comes with ongoing responsibilities such as regular maintenance and mortgage payments. At Mike Hidlebaugh Mortgage, I'm here to support you long after the keys are handed over, whether you need advice on refinancing, accessing home equity, or managing your mortgage.

Conclusion

Buying your first home in Saskatoon is a significant milestone, and having the right information and support is crucial to making the process smooth and successful. At Mike Hidlebaugh Mortgage, I offer expertise, transparency, and a client-first approach to help you navigate each step with confidence.

If you’re ready to start your journey to homeownership, contact me today to get pre-approved or learn more about how Ican help you find the best mortgage solution for your needs.