A checklist for first-time home buyers

General Information

  1. Has relevant personal information been gathered?     Yes  ⬜     No  ⬜     N/A  ⬜
  2. Has financial situation been assessed?     Yes  ⬜     No  ⬜     N/A  ⬜
    • Income
    • Expenses
    • Assets
    • Liabilities

Choosing the Right Home

  1. Has a real estate professional been contacted?     Yes  ⬜     No  ⬜     N/A  ⬜
  2. Has an attorney for the closing been contacted?     Yes  ⬜     No  ⬜     N/A  ⬜
  3. Have the advantages and disadvantages of buying a home versus renting a home been discussed?
    Yes  ⬜     No  ⬜     N/A  ⬜
  4. Have the desired home features been determined?      Yes  ⬜     No  ⬜     N/A  ⬜
    • Type of home (e.g., condo, multifamily, single residence)
    • Floor plan/number of bedrooms, bathrooms
    • Garage
    • Yard
    • Good schools
    • Safe neighborhood
    • Proximity to work
  5. Has a housing price range been determined?     Yes  ⬜     No  ⬜     N/A  ⬜


  1. Has credit report been ordered and checked for errors and/or negative credit?
    Yes  ⬜     No  ⬜     N/A  ⬜
  2. Are sufficient funds available for a down payment?     Yes  ⬜     No  ⬜     N/A  ⬜
  3. Has need for private mortgage insurance been discussed if down payment is less than 20 percent?
    Yes  ⬜     No  ⬜     N/A  ⬜
  4. Has the source fo the down payment been evaluated?     Yes  ⬜     No  ⬜     N/A  ⬜
    • Savings
    • Gift
    • Retirement funds
  5. Has the necessary paperwork (e.g., tax returns, pay stubs, bank statements) been gathered?
    Yes  ⬜     No  ⬜     N/A  ⬜
  6. First-time home buyer?     Yes  ⬜     No  ⬜     N/A  ⬜
    • FHA loan
    • VA loan
  7. If so, has a first-time home buyer class offered by bank/lender been attended?
    Yes  ⬜     No  ⬜     N/A  ⬜
  8. Has prequalification or preapproval for a mortgage taken place?     Yes  ⬜     No  ⬜     N/A  ⬜
  9. Has a type of mortgage been considered?     Yes  ⬜     No  ⬜     N/A  ⬜
    • Adjustable rate versus fixed rate
    • 15-year versus 30-year
  10. Have various mortgage terms and rates been compared?     Yes  ⬜     No  ⬜     N/A  ⬜

Insurance Planning

  1. Has the premium been estimated for homeowners and flood insurance?     Yes  ⬜     No  ⬜     N/A  ⬜
  2. If a business will be run out of the home, has insurance coverage for home office been considered?
    Yes  ⬜     No  ⬜     N/A  ⬜
  3. Has the need for other forms of insurance been evaluated?     Yes  ⬜     No  ⬜     N/A  ⬜
    • Disability insurance
    • Life insurance
    • Personal liability insurance

Tax Planning

  1. If this is a principal residence, have the tax benefits of home ownership been reviewed?
    Yes  ⬜     No  ⬜     N/A  ⬜
    • Home mortgage interest deductions
    • Deductibility of points and closing costs
  2. If a business will be run out of the home, has eligibility for home office deduction been discussed?
    Yes  ⬜     No  ⬜     N/A  ⬜
  3. Will this be a rental property?     Yes  ⬜     No  ⬜     N/A  ⬜

Estate Planning

  1. Has estate plan been reviewed/updated?     Yes  ⬜     No  ⬜     N/A  ⬜
    • Wills, durable power of attorneys, advanced medical directives
    • Trust
  2. Are there specific property ownership issues that need to be addressed?     Yes  ⬜     No  ⬜     N/A  ⬜
    • Sole ownership
    • Life estate
    • Tenancy in common
    • Join tenancy
    • Tenancy bu the entirety
    • Community property


  1. Is refinancing or obtaining a home equity line of credit/second mortgage a consideration?
    Yes  ⬜     No  ⬜     N/A  ⬜
  2. Has the Homestead Exemption been discussed?     Yes  ⬜     No  ⬜     N/A  ⬜

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.

Janney Montgomery Scott LLC Financial Advisors are available to discuss the suitability and risks involved with various products and strategies presented. We will be happy to provide a prospectus, when available, and other information upon request. Please note that the information provided includes reference to concepts that have legal, accounting and tax implications. It is not to be construed as legal, accounting or tax advice, and is provided as general information to you to assist in understanding the issues discussed. Neither Janney Montgomery Scott LLC nor its Financial Advisors (in their capacity as Financial Advisors) give tax, legal, or accounting advice. We would urge you to consult with your own attorney and/or accountant regarding the application of the information contained in this letter to the facts and circumstances of your particular situation.

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