Home Buying Guidelines: Expert Tips for Navigating The Process

Buying a home is an exciting time! But with all the excitement, it can also feel overwhelming. You may know you’re ready, but especially if you’re a first time home buyer, you may be wondering how to buy a home and what you need to buy a house.

At Eastbrook Homes, we believe in helping our communities grow and thrive – and part of that means helping people settle into the perfect home. We know the process of finding or building your perfect home is complex, and we’re here to help. That’s why we created our Interactive Homeownership Guide. 

Ready for a mini course on home-buying? This blog will walk you through the main tips you need to know right now, without getting into too many confusing details. After reading the blog, we recommend downloading the guide to dive in a little deeper. Let’s get started!

Step 1: Firm Up Your Budget

Truly understanding your budget is the first step to buying a home. The good news is, there are beautiful homes in every price range, and at Eastbrook, we’ll help you choose the one that best suits your needs. 

To understand how much house you can afford, start by working backwards. Use a mortgage calculator (like the one in our guide) to estimate monthly payments. It helps to take a few moments to familiarize yourself with common home-buying terminology. Understanding terms like “mortgage principal,” “escrow,” and “PMI” will help you learn more about all the financial responsibilities that come with owning a home. 

There are several different loan program qualifications, which change your monthly mortgage payment amounts, and even home offer acceptance. It’s a good idea to look at a few options so you have an idea of what you need before meeting with lenders. 

Pro tip: Compare your scenarios. In our Interactive Homeownership Guide, we break down six different scenarios to show how your payment can change based on your loan type and down payment. 

Step 2: Secure Pre-Approval With the Right Lender

Now that you know what your budget is for a new home, it’s time to get pre-approved. A pre-approval letter shows sellers you’re serious, giving you a better chance at scoring your dream home. Start by gathering pay stubs, tax returns, and bank statements. Then, you can start looking for a lender. 

Selecting the right lender is a key part of the home buying journey. Each lender offers different loan programs, terms, and benefits, so it pays to shop around. Meet with multiple lenders, compare their options, and choose the one that best supports your financial goals and long-term plans. Our Interactive Homeownership Guide helps you understand exactly what to look for when shopping for a lender.

Eastbrook home buyers have the opportunity to work with one of our preferred lenders. Our preferred lending partners are familiar with the Eastbrook Homes Building Process and hold years of experience helping Eastbrook buyers find, build, and purchase their dream homes.

Pro Tip: Print the guide, and bring it with you to appointments so you can easily take notes. Later, you’ll be able to easily compare options. 

Step 3: Understand Loan & Down Payment Options

Once you’ve chosen a lender, you can start examining your loan and down payment options a bit closer. Not all loans (or down payments) are created equal. While the traditional 20% down payment is common, it’s not your only option. Depending on your circumstances, FHA, VA, USDA, or Physician loans may allow you to buy with little or even no money down.

It’s also important to consider whether a fixed-rate or adjustable-rate mortgage best fits your lifestyle and long-term goals. Fixed-rate loans give you stability, while adjustable-rate loans can offer lower initial payments if you expect to move within a few years.

At Eastbrook Homes, we’ve made financing even easier. Our preferred lenders offer exclusive financing programs to help simplify the process. Our goal is to give you flexibility and peace of mind as you build or buy your new home. Learn more about these programs here. 

Pro tip: Choose a lender who understands your goals and aligns their loan options

and overall approach with your unique needs.

Step 4: The House Hunting Fun Begins

If you’ve already been window shopping on Zillow and other real estate markets, it’s time to take it up a notch. But first, take a step away from the scroll. There are a ton of gorgeous houses out there, especially in West Michigan! It’s easy to get swept away by looks and forget about function.

To find the perfect home, you should be looking for something that’s both beautiful and meets your needs. If not, you’ll find yourself wanting to move again in just a few short years. Start by creating a “must-have” and a “nice-to-have” list. That way, if you fall head-over-heels with a house, you can ask yourself, “Does this house fit my daydream or my actual lifestyle?”

Remember, shopping the housing market for a home that checks all your boxes can take time. You may have to make several offers and work with contingencies to get the one you want. The process of buying a house also means going through the inspection process, appraisals and more before getting the keys. So be patient, and don’t try to force a fit you’ll regret later. 

Pro tip: Download the Interactive Homeownership Guide for more details on each of these steps and more! Plus, tons of great tips from real professionals!

Market Hunts vs. Building New with Eastbrook Homes

If the hunt doesn’t excite you, don’t worry – you’re not alone. More and more, families are choosing to build new construction. Building new often allows you to stay within budget while still getting everything you want and need. Building new allows you to truly personalize your home, from its size to what city it’s in, to the style and more. Getting it right from the start means no remodeling costs down the road.

With Eastbrook Homes, you can design and build your dream home with a team of experts behind you. From exclusive financing programs to experienced sales experts, designers and builders, our process is air-tight. That’s because we’ve been perfecting it for more than 58 years. We’ll lead you through each step of the journey seamlessly until you arrive at the home of your dreams.

Get Started Today

Are you ready to start your home-buying or home-building journey with a team of professionals to support you? Take a look at our gorgeous Eastbrook communities, established in more than 20 cities across West Michigan and the Greater Lansing area. Explore our home plans, and see what others have created by browsing our feature gallery for inspiration. When you’re ready, schedule a model home tour, or connect with us to get started.