One-Year Guide to Saving For and Buying a Home
Financial Education Series
A Month-by-Month Roadmap to Homeownership
Ready to buy your first home? This one-year guide breaks down the process into manageable monthly steps—so you can save, plan, and purchase with confidence.
Why Follow a Yearlong Plan?
Buying a home is a marathon, not a sprint. Spreading out the steps over a year helps you build savings, improve your credit, and avoid costly mistakes. Use this guide as your personalized checklist!
Your 12-Month Homebuying Checklist
Months 1-2: Assess & Prepare
- Check your credit score and report (learn how).
- Pay down high-interest debt and avoid new credit inquiries.
- Set a realistic home price range using our mortgage calculators.
- Start a dedicated home savings account.
Months 3-4: Build Your Savings
- Automate monthly transfers to your home fund.
- Research down payment assistance programs (see options).
- Cut unnecessary expenses and boost your savings rate.
- Track your progress with a visual savings goal chart.
Months 5-6: Research & Plan
- Explore different mortgage types and loan programs.
- Estimate closing costs (see breakdown).
- Decide on your must-haves vs. nice-to-haves in a home.
- Start gathering documents for pre-approval (pay stubs, tax returns, etc.).
Months 7-8: Get Pre-Approved
- Shop around for mortgage lenders and compare rates.
- Get pre-approved for a loan (not just pre-qualified).
- Review your pre-approval letter and understand your budget.
- Keep your finances stable—avoid big purchases or job changes.
Months 9-10: Start Your Home Search
- Find a trusted real estate agent.
- Tour homes and attend open houses.
- Compare neighborhoods, schools, and commute times.
- Refine your list and prepare to make an offer.
Months 11-12: Offer, Close & Move In
- Make an offer and negotiate with the seller.
- Schedule inspections and finalize your loan.
- Review your closing disclosure (see what to expect).
- Sign documents, get your keys, and celebrate your new home!
Next Steps
Ready to dive deeper? Explore our full library of home buying resources, or jump to:Mortgage Types,Payment Calculators,Closing Costs,Home Buying Process.
This content is educational in nature and updated as of 2025. We aim to relay factual financial information, similar to how a newspaper would report market data. For complete information about our services, please review our Terms of Service.