Security Center Alerts
First-Time Homebuyer Resources
Every homebuying journey is unique - like you.
At Salem Five, we understand that the path to homeownership isn’t always a straight line. But with the right tools and insights, it can feel a lot more manageable. If you are a first-time homebuyer, start by exploring these helpful resources to guide your next step with confidence.
Review Your Finances
Before you start your homebuying journey, assess whether you need to build credit, calculate your debt-to-income ratio, save for a down payment or closing costs and budget for expenses.
Get Prequalified
Get started with a Salem Five Loan Officer and receive a mortgage rate quote to learn how much you may be able to borrow. We are here to guide you through the process.
Find Your Dream Home
With mortgage financing in place from Salem Five, you can shop confidently for your dream home and be ready to make a strong offer when the right one comes along.
Apply for a Mortgage
Start your mortgage application with a Salem Five Loan expert who'll guide you through every step, making the process smooth, simple, and focused on getting you into your new home.
Closing Time
Once your offer is accepted, Salem Five helps you with the final steps - inspection, appraisal, and insurance - so you're ready for a smooth closing.-
Who Is a First-Time Homebuyer?
A first-time homebuyer is someone who has not owned a principal residence in the past three years.
This includes:- Individuals purchasing their first home
- Single parents who previously owned a home jointly with a spouse
- Displaced homemakers who only owned a home with a spouse
- Buyers who owned a home that was not permanently affixed or didn’t meet building code
-
How much can you afford?
- More Resources and Tips for First-time Homebuyers
-
Are You Ready to Buy a Home? Test Your Knowledge.
Apply now with the
Salem Five Instant Approval, Digital Experience.
Apply Now Learn More
Save For Your First Home
Your journey to homeownership starts with a single step—start saving for your down payment today and let Salem Five help turn your dream into a reality.
Use our Mortgage Calculators
Explore mortgage options, estimate monthly payments and payoff timelines, or see what refinancing could look like—all with Salem Five’s easy-to-use calculators.
Research Loan Types
Learn more about Fixed-rate mortgages, Adjustable-rate mortgages (ARMs), VA Loans, Construction and Mass Housing.
Frequently Used Mortgage Terms
Understanding key mortgage terms is the first step—and Salem Five is here to help you make informed decisions every step of the way.