Financial Planning for Buying Your First Home

Financial planning for buying your first home

Explore the steps ahead in your mortgage process.

[MUSIC PLAYING] INTERVIEWER: BB&T mortgage loan professionals recommend four steps to help make your first home buying experience a success. Here's your financial planning checklist. Examine your spending plan to figure out how much home you can afford. Know the true costs of homeownership. Make sure your credit report is accurate. And get prequalified for a mortgage program that fits your needs.

Examine your spending plan. You probably know how much you spent on your morning coffee and gas today. But do you know what you spent on food this month? Your home is one of the largest purchases you'll ever make. And being aware of all your expenses helps determine how much home you can afford.

Know the true costs. That home's sales flyer shows a price, but that price doesn't convey the true cost of homeownership. Be sure to plan for taxes, insurance, utility bills, homeowner's dues, and regular home maintenance expenses, along with any renovations you want to make.

Check your credit. The types of mortgages you are offered, as well as the interest rates you qualify for, are determined in large part by your credit score. So it's important to check your report for accuracy and see where you can make improvements. Visit for a free copy of your report today.

Get prequalified to find the best mortgage for you. Mortgages are not one size fits all, but we can help you find the perfect mortgage product, rate, and term to meet your financial goals. Gather your financial documents, such as your income and bank account information.

This may include two years' federal income tax returns, W2s, 1099s, a month's worth of pay stubs, as well as bank statements, retirement accounts, and investment statements covering a two-month period. Your mortgage professional will need to know your financial situation to assist in the prequalification process. Contact a local BB&T mortgage professional today, or visit to start the prequalification process.

Knowing you have a solid financial plan, along with a prequalification provided by a mortgage professional, can help put you on the path to homeownership. At BB&T, we provide a positive home buying experience with easy-to-follow instructions and clear communication to help make your dream home a reality. Visit to get started.


Keep educating yourself and get a clearer picture of homebuying.

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Interested in a mortgage? Call 888-946-8730.

Already have a mortgage with BB&T? Call 800-295-5744.

Loans, lines of credit and credit cards are subject to credit approval.

All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

Consumer Handbook on Adjustable-Rate Mortgages coming soon.

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