Monthly payment
Estimate the housing payment using price, down payment, rate, taxes, insurance and HOA dues.
Payment CalculatorFirst-time homebuyer guide
Know the process before you find the house.
A first purchase is easier to manage when you understand the financing, cash requirements and major milestones before making an offer.
01
Set a realistic budget
Look beyond the sale price. Consider principal and interest, property taxes, homeowners insurance, mortgage insurance if applicable, HOA dues, utilities and maintenance.
02
Understand your cash needs
Your cash requirement may include down payment, closing costs, prepaid interest, insurance, escrow funding and reserves. Seller or lender credits may reduce some costs when permitted.
03
Prepare for preapproval
Be ready to document income, assets, employment, debts and other information relevant to qualification. Avoid opening new debt or making unexplained large transfers while financing is in process.
04
Shop with financing in mind
Property type, occupancy, condominium status, taxes and insurance can all affect qualification and monthly payment—not just purchase price.
Useful planning tools
Run the numbers before making an offer.
NJ closing costs
Estimate lender charges, title costs, prepaids, escrows and cash needed to close.
Closing Cost EstimatorLoan options
Review conventional, FHA, VA, jumbo and specialty financing categories before discussing the programs that fit your circumstances.
View Loan OptionsOnce you're under contract
What usually happens next
Application & disclosures
You complete or update the mortgage application and receive applicable disclosures based on the transaction.
Documentation & underwriting
The lender verifies qualifying information and reviews income, assets, credit, liabilities and other applicable requirements.
Property work
Appraisal, title, insurance and condominium/project review may be required depending on the property and loan.
Final approval & closing
After final conditions are satisfied, closing documents and the Closing Disclosure are prepared and the transaction proceeds to closing.
A useful rule: do not make major credit, employment, banking or financing changes during the mortgage process without discussing them with your loan officer first. Changes can affect qualification or require additional documentation.