First-Time Buyers

Your first home,
made simple.

A simple, stress-free
mortgage process

Buying your first home is more than just a financial decision–it is the start of a new chapter in your life and an incredibly exciting achievement. Securing your first home loan doesn’t have to be overwhelming. Radiant Mortgage is here to provide unmatched customer support every step of the way–offering guidance, expertise, and a helping hand whenever you need it.

Our team is dedicated to making the mortgage process as smooth and stress-free as possible, so you can feel confident, supported, and truly cared for on your journey to homeownership. With Radiant Mortgage, you’re not just applying for a loan—you’re establishing a trusted partnership with a lender who is as committed to your dreams as you are.

Understanding the homebuying process

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From exploring your mortgage options to signing the papers and taking the keys, the Radiant team is committed to making the processing of buying your first home as smooth as possible. Here are the key steps:
  1. Start by getting pre-approved for a Radiant mortgage
  2. Consult with your loan officer to identify the loan product that best meets your needs.
  3. Partner with a trusted realtor to find the home of your dreams.
  4. Watch for and quickly respond to requests for additional documentation.
  5. Hold tight while an underwriter reviews your application.
  6. Once your loan is approved, you’ll receive a final disclosure that needs to be completed quickly.
  7. On closing day you’ll sign the final paperwork and the transaction will be complete.
  8. Start planning your housewarming party!

Getting pre-approved for a mortgage

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Getting pre-approved for a mortgage is a critical first step in the homebuying process, especially for first-time buyers. Pre-approval not only helps you determine how much home you can afford but also strengthens your position as a serious buyer when you make an offer. Sellers and real estate agents tend to favor buyers with pre-approval because it shows that you’ve already been vetted by a lender and are financially prepared to move forward.

To get pre-approved, your lender will need specific documentation to assess your financial health and creditworthiness. This typically includes:

Starting the pre-approval process is simple. Begin by contacting Radiant Mortgage, and our loan specialists will guide you through the steps.

How much do you need for a down payment?

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The down payment is one of the biggest upfront costs of buying a home, and it’s often the primary hurdle for first-time homebuyers. The amount you need for a down payment will depend on the type of mortgage you choose. Conventional loans typically require anywhere from 3% to 20% of the home’s purchase price, while government-backed loans like FHA, VA, or USDA loans offer more lenient down payment requirements, sometimes as low as 0% for eligible borrowers.

For first-time buyers, there’s great news: you may not have to go it alone. Radiant offers Down Payment Assistance loans (DPA) to help ease the upfront costs of homeownership.

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Understanding closing costs

In addition to the down payment, closing costs are another key expense to plan for. Closing costs typically range from 2% to 5% of the home’s purchase price and include a variety of fees such as loan origination fees, appraisal fees, title insurance, escrow fees, and property taxes. These costs are due at the time of closing, so it’s essential to factor them into your overall budget.

Your credit score matters

Your credit score is key in determining your mortgage eligibility and loan terms, with higher scores unlocking better rates and options. If your score isn’t where you want it, there are ways to improve it before applying. Start by checking your credit report for errors, paying down debt, and consistently paying bills on time. Also, avoid major financial changes like opening new accounts or making large purchases before applying. Other important factors include your debt-to-income ratio, savings, and job stability. Preparing your finances ensures you’re in the best position to secure a favorable mortgage.
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Home inspection & appraisal

Home inspections and appraisals are critical steps in protecting your investment and ensuring your new home is worth the price you’re paying. A home inspection checks the condition of the property, uncovering any potential issues like structural damage, faulty wiring, or plumbing concerns. This report helps you negotiate repairs or adjustments to the purchase price if needed.

An appraisal, on the other hand, assesses the home’s market value, ensuring that the lender isn’t loaning more than the property is worth. Both are essential for a smooth mortgage process. These steps also help avoid costly surprises after you’ve moved in.

Which mortgage type is
right for you?

Fixed Rate Mortgage
A fixed-rate mortgage has a constant interest rate for the entire loan term, unaffected by market changes. The 30-year fixed mortgage is the most popular, offering affordable monthly payments by spreading repayment over time. Other fixed-rate options are also available.

Key Benefits

Adjustable Rate Mortagage
An adjustable-rate mortgage (ARM) is a home loan with an interest rate that is fixed for an initial period, after which it adjusts periodically based on market conditions. This means your payments can fluctuate over time—sometimes rising, sometimes lowering—depending on market factors. ARMs typically offer lower rates at the start, making them appealing for borrowers who plan to move or refinance before the adjustment period begins.

Key Benefits

Choose the loan that's
right for you

Conventional
Our most popular loan for borrowers who qualify. Conventional loans offer more flexibility and options, but typically require a higher credit score and down payment.
Jumbo
For high-value properties, Jumbo loans typically require stricter credit and income qualifications.
FHA
A government-backed mortgage designed for borrowers with lower credit scores or smaller down payments.
VA
A government-backed mortgage for veterans, active-duty service members, and eligible spouses, featuring no down payment requirements and competitive interest rates.
USDA
A government-backed mortgage for low-to-moderate-income borrowers in eligible rural and suburban areas, offering no down payment and competitive interest rates.
HELOC
A revolving line of credit that allows homeowners to borrow against the equity in their home, providing flexible access to funds.
Construction & Land
A short-term loan used to finance the construction or renovation of a home or other real estate property. Construction loans can also be used to cover the cost of land, permits, and more.
Agency & Government
Down Payment Assistance Loans to help homebuyers pay for a down payment and closing costs.
Non-Qualified
Radiant Mortgage also offers a variety of non-qualified mortage loans, including Debt Service Coverage Ratio, Bank Statement, Stated Income, and P&L Loans.