Buyer's Guide

Buy your first home knowing what's coming.

Every step from "am I ready?" to the keys: what happens, what it costs, the deadlines that matter and the mistakes to avoid. Plain English, Georgia rules, free.

Am I ready to buy?

Savings, credit and a budget that leaves room for repairs.

scheduleWeeks to months 02

Get pre-approved

Know what a lender will offer before you fall for a house.

scheduleUsually a few days 03

Choose your agent

What they do, how they're paid, and what to ask in the first call.

scheduleA week or two 04

Tour homes

What to look at in a 30-minute showing, and what photos hide.

scheduleAs long as it takes 05

Make an offer

Price, earnest money, due diligence days: the terms that protect you.

scheduleA day or two 06

Due diligence

Your window to inspect, test and walk away for free.

scheduleOften 7–14 days 07

Negotiate repairs

Ask for a credit, not a fix, and how to word the request.

scheduleInside due diligence 08

Close and move in

The final walkthrough, the closing table, and your first year.

scheduleOften 30–45 days after the offer

Free tools

Small things that save real money. No sign-up.

savings

Help with your down payment

Federal and state programs that may fit your home and household.

event

Due diligence deadline

The exact day your free walk-away ends, with a plan for every day before it.

checklist

Questions to ask

For your lender, your agent, the inspector, the seller and the closing attorney. Printable.

Mistakes first-time buyers make

"When I bought my first home in 2023, I came within minutes of losing $20,000 in earnest money, never negotiated on what my due diligence found, and paid for mortgage points I didn't understand."

David KnorrFounder, BuyWise Home

01Losing track of the due diligence deadline.It doesn't move for weekends, and negotiating doesn't pause it. Work out yours.
02Reading a blank disclosure answer as "no".Blank means the seller didn't answer. Ask.
03Asking the seller to fix things.A credit at closing lets you choose the contractor and check the work.
04Skipping the tests the inspection doesn't cover.Radon and the sewer line are separate checks.
05Paying for points without doing the math.Points only pay off if you keep the loan long enough.

Every term, in plain English

What it means, and why it matters to you.

AmendmentA signed change to your contract, like a repair credit or more time.AppraisalThe lender's independent estimate of what the home is worth.Appraisal gapWhen the appraisal comes in below your offer. You cover the difference or renegotiate.APRThe yearly cost of a loan, with some fees included, as one percentage.Binding Agreement DateThe day the contract becomes final. Most Georgia deadlines count from it.Buyer agreementYour written contract with your agent: what they do and how they're paid.Closing costsFees paid at closing on top of the down payment, often 2%–5% of the price.Closing DisclosureThe final terms and costs of your loan, sent three business days before closing.Comparable salesRecent sales of similar homes nearby: the evidence for a fair price.ContingencyA condition that lets you back out without losing your deposit.Days on marketHow long a home has been listed. Longer often means more room to negotiate.Debt-to-income ratioYour monthly debts divided by your monthly income. Lenders use it to size your loan.Discount pointsMoney paid up front to lower your interest rate. One point is 1% of the loan.Down paymentThe part of the price you pay in cash. The loan covers the rest.Down payment assistanceHelp with the down payment and closing costs, as a grant or a low- or no-interest loan.Dual agencyOne firm working for both you and the seller. Georgia allows it only with written consent.Due diligence periodThe days after signing when, in Georgia, you can walk away for any reason.Earnest moneyA good-faith deposit held in escrow and credited to you at closing.EscrowMoney held by a neutral party until the deal closes, and later, your tax and insurance account.FHA loanA government-backed mortgage with down payments from 3.5%.Final walkthroughYour last look at the home before closing, to check it's as agreed.Flood zoneAn area mapped as having a higher chance of flooding. Lenders require flood insurance there.HOAA homeowners association: shared spaces and rules, paid for by owners' dues.Home inspectionA visual check of the home's condition by a professional inspector.Homeowners insurancePays to repair your home after damage like fire or storms. Your lender requires it.Homestead exemptionA property tax cut on the home you live in. In Georgia, apply by April 1.Listing agentThe agent who works for the seller.Loan EstimateA standard form every lender gives you, so you can compare loans side by side.Option moneyA small payment to the seller for the right to walk away during due diligence.PMIInsurance you pay when you put down less than 20%. It protects the lender.Pre-approvalA lender's written estimate of what it will lend you, after checking your finances.Property taxA yearly tax on the home's value, usually paid monthly through your mortgage.RadonAn invisible gas from the soil. A separate test, not part of a standard inspection.Rate lockA lender's promise to hold your rate for a set time while your loan is processed.Seller concessionMoney the seller puts toward your closing costs. Also called a seller credit.Seller's disclosureThe seller's written answers about what they know of the home's condition.Sewer scopeA camera run through the sewer line, from the house to the street.Title insuranceProtects you against old claims on the ownership of the home.Wire fraudFake wire instructions that send your closing money to criminals.

No term matches. We'll add it: tell us what you were looking for.

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Written and reviewed by David Knorr, founder of BuyWise Home and a first-time buyer in 2023. Every page shows when it was last checked. Not legal or financial advice: for your contract, ask your agent or closing attorney.