Buying your first home is an exciting milestone—but it can also feel overwhelming. From understanding the financial requirements to navigating the homebuying process, there’s a lot to consider. At National Bank of Arizona, we’re here to help you feel confident every step of the way. Whether you're just starting to explore or ready to make an offer, here’s what every first-time homebuyer should know.

Start by understanding what you can afford

Before you start browsing listings, it’s important to know how much home you can realistically afford. A good rule of thumb is that your monthly housing costs—including mortgage, property taxes, insurance, and HOA fees—should not exceed 28–30% of your gross monthly income.

Use one of our mortgage calculators to estimate your monthly payments based on different home pricess, down payments, and interest rates. This will help you set a realistic budget and avoid falling in love with a home that's out of reach.

Next, get pre-qualified for a mortgage

Getting pre-qualified for a mortgage at the start is a smart move. It shows sellers that you’re a serious buyer and gives you a clear picture of what you can borrow. During pre-qualification, our mortgage officers will review your credit, income, debts, and assets to determine your loan eligibility.

What you'll need for pre-qualification:

• Recent pay stubs
• W-2s or tax returns
• Bank statements
• Proof of assets
• Credit history

At National Bank of Arizona, we offer a simple pre-qualification procecess that can be completed online. We'll also give you personalized guidance to help you understand your options.

Ready to get pre-qualified? Apply online today for a fixed-rate mortgage, adjustable-rate mortgage, or a home construction loan.

Know the upfront costs

Buying a home involves more than just the down payment. Be prepared for additional upfront costs, including:

Earnest money deposit: The amount of funds stated in the Purchase Agreement, that are to be held by the Settlement Agent throughout the transaction and then applied toward the borrowers' closing costs. Earnest money funds are a generally 1-3% of the purchase price.

Home inspection fees: You'll need to pay to have your home professionally inspected before you close on the home. A professional inspector can uncover hidden issues like structural damage, plumbing problems, or outdated electrical systems. This gives you the power to negotiate repairs with the seller, request credits, or even walk away from the contract if the home isn't up to standard.

Closing costs: These costs cover essential services and fees that are required to finalize the transaction, like loan processing, title insurance, and property taxes. These costs ensure the legal transfer of ownership and protects both you and the lender.

Moving costs: Whether you're hiring a company to move everything for you or doing it all yourself, getting all of your belongings from one place to another can cost quite a bit. Make sure you factor these costs into your budget.

Work with a knowledgeable real estate agent

A knowledgeable real estate agent can be your greatest asset. They’ll help you find homes that meet your criteria, negotiate offers, and guide you through inspections and closing. Look for an agent who specializes in working with first-time buyers and understands your local market.

Look beyond the listing

When touring homes, it's easy to get caught up in the aesthetics—but don't forget to consider the bigger picture.

Plan to drive through the neighborhood at different times of day and on different days of the week to get a sense of what it would be like to live there. Scope out where the closest grocery stores, pharmacies, big box stores, doctor's offices, and hospitals are.

If you have or plan to have kids, check up on the local schools, parks, and other amenities.

Finally, look at the home itself. Are there signs of structural issues or needed repairs? How old are the roof, HVAC, water heater, and appliances? A professional home inspection can uncover hidden problems and help you make an informed decision.

Understand the mortgage process

Once your offer is accepted, the mortgage process begins. This includes:

• Loan application and underwriting
• Home appraisal
• Title search and insurance
• Final loan approval and closing

Our mortgage officers will walk you through each step and let you know what documents are needed. Stay responsive and organized to keep things moving smoothly.

For a more detailed look at the home loan process, visit our Home Loan Center.

Plan for life after closing

Congratulations—you’re officially a homeowner! But the journey doesn’t end at closing. Be sure to:

• Set up your mortgage payments (consider autopay)
• Budget for ongoing maintenance and repairs
• Build an emergency fund for unexpected expenses
• Review your homeowners insurance annually

Owning a home is a long-term investment. With careful planning and smart financial habits, you can enjoy the rewards for years to come.

Final thoughts

Buying your first home is a big step, but you don’t have to do it alone. At National Bank of Arizona, we’re committed to helping you navigate the process with confidence. From pre-qualification to closing day, our team is here to support you with seasoned mortgage officers, competitive mortgage options, and personalized service.

Ready to get started? Visit our Home Loans page to learn more about your options or schedule an appointment with a banker today.