8 Things Every First-Time Buyer Should Know

Buying your first home is one of life’s most exciting milestones, and it’s also one of the biggest financial decisions you’ll ever make. It’s normal to feel both thrilled and a little nervous as you begin to navigate the home buying process for the first time. From setting your original budget to understanding complex mortgage terms, there’s a lot to learn along the way. 

At Homes by Taber ®, we’ve helped thousands of individuals achieve the dream of homeownership, and we’re here to make the experience as smooth and rewarding as possible. If you’re starting your search for new homes near Oklahoma City, here are eight things every first-time home buyer should know before getting started.  

1. Know What You Can Afford

Before you start touring homes, it’s important to understand your budget. A good first step is to use our buying power calculator to estimate your monthly payments and see how different price points fit into your budget. 

You’ll also want to factor in items like utilities, insurance, and property taxes. Getting a realistic picture of what you can comfortably afford will help you focus on homes that match your financial goals from the very beginning. 

2. Get Pre-Approved Before You Start Shopping

Pre-approval is one of the smartest moves a first-time home buyer can make. It helps you understand exactly how much a lender is willing to loan and what your monthly payments might look like. Plus, it shows sellers you’re serious, giving you an advantage if you find a home you love. 

During the pre-approval process, a lender will review your financial information, such as your income, credit score, debts, and employment history to determine how much they’re willing to lend you. You’ll typically need to provide a few documents, such as recent pay stubs, W-2s, or tax returns and bank statements. Once your lender evaluates your information, you’ll receive your pre-approval letter that outlines your estimated loan amount and potential interest rate. 

Many buyers are surprised at how simple the pre-approval process can be, especially when working with trusted local lenders who understand the Oklahoma market. 

3. Explore Floor Plan Options That Fit Your Lifestyle

Your home should reflect how you live every day as well as how your needs might grow in the years ahead. At Homes by Taber, our wide variety of floor plans are designed for every stage of life. Our Blue Series in particular offers plans that are incredibly popular among first-time home buyers, combining a stunning selection of Proudly Overbuilt ® features with a lower overall cost. You’ll still experience the exceptional comfort, style, and craftsmanship that define every Taber home, all while keeping your first home purchase attainable.

As you browse all of the available floor plans, think about how many bedrooms or flexible spaces you might need. Choosing the right floor plan early ensures your first home fits both your lifestyle today and your goals for the future.  

4. Understand Community Amenities and Location Priorities

A great home is about more than square footage, it’s also about the community around it. Think about the lifestyle you want to enjoy. Do you value easy access to top-rated schools, parks, or shopping? Would you love to live near plenty of walking trails, stunning green spaces, or a community pool?

At Homes by Taber, we build in welcoming communities throughout Oklahoma, each chosen for its convenience, comfort, and sense of connection. Your neighborhood should complement your new home, not just surround it. 

5. Learn About Private Mortgage Insurance (PMI)

Many first-time home buyers in Oklahoma choose to put less than 20% down, and that’s perfectly okay; however, when your down payment is below that threshold, most lenders will require Private Mortgage Insurance (PMI).

PMI is an additional monthly cost that protects the lender in case the borrower fails to pay. The amount you’ll pay for PMI depends on factors such as your loan type, credit score, and down payment amount, but it’s typically added on to your monthly mortgage payment. 

The good news is that PMI isn’t permanent. Once you’ve officially paid for 20% of your home, you can usually request to have it removed. Understanding how PMI works before you buy helps you plan your budget much more accurately.

6. Know What to Expect with Closing Costs and Escrow

While the down payment is important to think about, first-time buyers should also budget for closing costs, which are the fees and expenses associated with finalizing your mortgage. These can include lender fees, title insurance, appraisals, homeowners, insurance and property taxes. While closing costs can vary depending on your loan and location, they typically range from 2-5% of the home’s purchase price, so it’s important to factor them into your budget early on. 

Another key concept to understand is escrow. An escrow account is set up by your lender to manage and pay recurring expenses like property taxes and homeowners insurance on your behalf. Each month, a portion of your mortgage payment goes into this account, ensuring that these bills are paid on time. Your lender or sales professional can walk you through these details, so you’re never caught off guard at the closing table. 

7. Don’t Forget About Maintenance and Warranty Protection

Owning your first home means taking on home maintenance for the first time, but when you buy your new construction home in Oklahoma with our team at Homes by Taber, you’ll have fewer worries from day one. 

Every Taber home comes with great warranty coverage, serviced by our dedicated, in-house Customer Care Department. This means you’ll work directly with a team that knows your home inside and out, understands your unique needs, and is committed to your long-term satisfaction. From minor touch-ups to more significant repairs, our team coordinates everything efficiently, keeping you informed every step of the way. Plus, with home features like a Storm Safe storm shelter, advanced air filtration system, and energy-efficient construction included as standard, you can enjoy your home with fewer worries and more peace of mind. 

8. Take Advantage of First-Time Buyer Programs and Incentives

If you’re a first-time home buyer in Oklahoma, you may also qualify for programs that make homeownership more affordable for you. From down payment assistance to special loan options, there are several resources designed to help you take that first step with confidence. 

At Homes by Taber, we can connect you with trusted lenders who understand these programs and can guide you toward the best financing option for your situation. 

Why a Homes by Taber Home is Perfect for First-Time Buyers

Buying your first home is an exciting milestone, and the team at Homes by Tabor is here to guide you every step of the way. Your first home should be a space you love from the moment you walk in, designed with quality, comfort, and lasting craftsmanship. 

Browse our selection of new homes in OKC and see why so many first-time buyers love working with our team at Homes by Taber. From thoughtfully designed floor plans to our signature Proudly Overbuilt features, we make it easy to find a new home in OKC that fits your lifestyle and gives you confidence for the years to come. If you’re ready to take the next step, give us a call at (405) 984-1185 or fill out our online form today for more information.