01Get your numbers straight before you tour a single home
Most first-time buyers do this backwards. They tour homes first, fall in love, then do the math — and discover they can't borrow enough or the payment eats half their income. The right order: find the overlap between "what the bank will lend" and "what you're willing to carry," then start touring.
- Lender's rule of thumb: total housing payment (PITI + HOA) should stay under 28%–36% of gross monthly income; all debt combined under 43%–50% (DTI);
- Your rule: what the bank approves ≠ what you should borrow. Leave room for rising property taxes, rising insurance premiums (both have climbed sharply in LA/TX), and an income shock;
- Hidden costs: closing costs run roughly 2%–5% of the price; budget another ~1% of the price for moving, furniture and first-year repairs.
02Get pre-approved first — it's your ticket to any offer
Get a mortgage pre-approval before touring. Three reasons: you learn your real budget; sellers rarely consider an offer without a pre-approval letter; and the process surfaces credit-report problems (errors, identity theft) while there's still time to fix them.
Don't confuse Pre-Qualification (an estimate, nearly worthless) with Pre-Approval (credit pulled, income verified, in writing). See our full Mortgage Pre-Approval Guide for the differences.
03Choose a buyer's agent (buyers usually don't pay the commission)
The buyer's agent commission is typically paid by the seller per the listing agreement (rules changed after the 2024 NAR settlement — confirm in writing before signing). Pick an agent on three criteria: command of local sold data, willingness to show you unfavorable information, and response speed. Review the buyer representation agreement's term and compensation clause before signing.
04Touring: the two-visit rule
- First round: see 5–8 homes to calibrate what this price range should buy;
- Visit any serious candidate at least twice — the second time specifically for what you skipped: water pressure, outlets, inside cabinets, gutters, street noise at different hours;
- Visit once after heavy rain — drainage problems reveal themselves.
05Making the offer: five knobs besides price
An offer is more than a number. Earnest money (typically 1%–3%, held in escrow), financing type (conventional reads stronger than FHA to sellers), closing date (match the seller's needs), inspection/appraisal contingencies (your right to walk away), and occasionally a personal letter. In a buyer's market, concede few terms; in a seller's market, term flexibility often beats a higher price.
06After the contract: every step has a deadline
| Stage | Typical timing | Your job |
|---|---|---|
| Earnest money deposited | 1–3 days after contract | Confirm it goes to the title/escrow company — never to an individual |
| Inspection window | 7–10 days | Hire a licensed inspector; see our Home Inspection Checklist |
| Appraisal | 1–2 weeks | If appraised value < contract price, renegotiate or cover the gap |
| Final loan approval | 3–4 weeks | Respond to document requests fast; don't touch your credit (no new car, no new cards) |
| Insurance bound | 2 weeks before closing | In coastal Louisiana compare wind/hail and flood quotes carefully |
| Final walkthrough | 24–48 hrs before closing | Confirm the home is vacant and agreed repairs are done |
| Closing | 30–45 days after contract | Review the Closing Disclosure line by line 3 days ahead |
07After the inspection: repair, credit, or walk?
Once the inspection report lands you have three options: seller repairs (fast, quality uncertain), a repair credit at closing (usually the better deal), or — for big findings (foundation, active termite colonies, main beams) — walk away with your earnest money. Requests must be submitted in writing within the contingency window; miss it and you've accepted the home as-is.
08Closing day and the post-closing checklist
- Louisiana is an attorney-closing state; Texas typically uses title companies. The paperwork differs slightly, but always verify signatures, funds disbursement and key handoff;
- Day one with keys: re-key every exterior lock, locate the breaker panel and main water shutoff, calendar the first escrow payment for taxes and insurance;
- Within 30 days: file your Homestead Exemption (available in both Louisiana and Texas on owner-occupied homes) — the most commonly missed savings for new owners.
Buying for the first time along the I-10 corridor (Lafayette / Houston)? Send us your budget and target area and we'll build you a free personalized timeline. WeChat/WhatsApp: (337) 967-5561 · sophie.z@beyondrealtyusa.com.
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