A first-time home buyer consultation is an introductory, informational conversation. You and an agent talk through your lease, a monthly payment that feels comfortable, the cash you have, what you want in a home and what worries you. You can leave with a rough timeline and a clear next step, often a lender conversation. Whether an agent represents you is set by a written agreement and applicable law, so settle the services and terms before representation or home tours begin.
Disclosure: Roots Realty Co. publishes this article. Ian DeFelice is licensed in Indiana and works with Roots Realty Co. at @properties, where he specializes in first-time buyers. This article explains what a first meeting covers, using the process Ian publishes. It is not an independent ranking or review of agents.
What happens at a first-time home buyer consultation in Indianapolis?
Ian's public Homeownership Blueprint makes the consultation step two of five. It follows a short readiness assessment and comes before pre-approval. His site describes it as coffee, not a sales meeting: you talk through what you want, what feels scary and what pace fits your life, and you leave with a personal plan, a realistic timeline and room to ask questions.
Do I have to sign anything or commit to an agent?
An introductory discussion about an agent's services does not, by itself, require a written buyer agreement under NAR policy. Before you ask for representation or home tours, discuss the services and terms. Two sets of rules matter, and they are not the same thing.
- Indiana law. Indiana Code 25-34.1-12-2 requires a buyer agency agreement to be in writing, on paper or electronically, and to show a definite expiration date. The broker must give you a copy within three business days of signing. Read the IPLA notice.
- NAR policy. NAR's policy is not a state or federal law. It applies to MLS participants who are subject to it. Since August 17, 2024, an MLS participant who is working with a buyer must have a written agreement with that buyer before touring a home with them, in person or live virtual, unless state law requires one earlier. NAR says the agreement has to state how the agent is paid, and that commissions are not set by law and are fully negotiable.
NAR also says you do not need to sign one just to visit an open house on your own or to ask an agent about their services. See its guide to open houses and written agreements. The type of relationship, the services, the length of the agreement and the pay are decided by the agreement itself, so read it, ask questions before you sign and talk to an attorney if you have questions about the contract. Our guide to the commission change covers compensation in more detail.
How does my lease change the timeline?
Your lease end date sets how much runway you have, so bring it up first. Our lease timing guide covers overlap costs and cushion. Ian's published client stories show how different the same question can look:
- Grant and Katie were renting downtown with a lease ending in October. After a buyer consultation they felt ready to move forward. What they needed was clarity on what they wanted and confidence in their numbers.
- Brandon and Rebecca first reached out almost a year before they bought. They built a plan around budget, timeline and goals while they finished their lease and saved.
- Lyndon and Joelle had a tight budget and an April 30 lease deadline. They reviewed their numbers with a lender and focused on homes with strong fundamentals over perfect finishes.
These are individual client experiences from Ian's site. Results and timelines vary.
How do I figure out a monthly payment I am comfortable with?
Start with the number you already know: your rent. The CFPB's prepare-to-shop guide suggests tracking your spending so you know what you can afford each month, and checking your credit reports early so you have time to fix mistakes.
Two ideas keep this honest:
- Comfort is not the maximum. After reviewing your information, a lender may tell you the largest loan it would consider. That is not guaranteed in advance, and it is a different question from the payment you can live with. Ian's Blueprint frames pre-approval around the second one.
- The payment is more than the mortgage. Beyond principal and interest, a monthly housing cost can include property taxes and homeowners insurance, and, depending on the loan and the home, mortgage insurance and HOA dues. Taxes and insurance are often collected through an escrow account, so ask whether they are already inside the payment you were quoted before you add them again. Upkeep and repairs come on top and are not part of a mortgage payment. Ask the lender for a full monthly estimate based on your real numbers. Our lender questions guide lists what to ask.
How much cash should I plan for?
Think in three buckets: the down payment, closing costs, and a cushion you keep after closing. The cushion matters because a first home brings repairs your landlord used to handle. How big each bucket should be depends on your loan, price range and income, so work it out with your real figures, not a rule of thumb.
Two places to go deeper. Down payment options in Indiana explains the choices, and our closing costs guide shows what to budget. The Indiana Housing and Community Development Authority lists its first-time homebuyer programs. Terms change, so confirm current details with IHCDA or a participating lender.
How do I decide what I need and what I only want?
This is step four of the Blueprint, and it helps to start early. Ian's site says sorting non-negotiables from nice-to-haves before listing alerts pull you in every direction makes showings clearer. Bring a rough list: commute, bedrooms, yard, parking, how much work you will take on. It does not need to be final.
What should I bring to the meeting?
You do not need paperwork. A few notes are enough:
- Your lease end date and any notice you must give
- What you pay in rent and utilities today
- A rough picture of savings, and any gifts or assistance you might use
- Whether you have talked to a lender yet (it is fine if you have not)
- Your biggest worry about buying, written down
How is a consultation different from a lender call or a showing?
| Meeting | Main question it answers | What you leave with |
|---|---|---|
| Agent consultation | What is realistic for my timeline, wants and worries? | A plan and next steps |
| Lender conversation | What can I borrow, and what payment fits? | A payment range and, if the lender's review supports it, a pre-approval |
| Showing | Does this specific home work? | A yes, a no or a question |
The order matters. You decide what you are looking for, learn what financing supports, then tour.
A Loan Estimate can arrive sooner than many buyers expect. For most purchase mortgages, once a lender has received six pieces of information from you, it has an application under federal rules and must provide or mail you a Loan Estimate within three business days. The six are your name, your income, your Social Security number so the lender can pull your credit, the property address, an estimate of the property's value and the loan amount you want. That can happen during a first conversation with a lender. You do not need a signed contract or supporting documents to trigger it. Some loan types follow different rules, so ask the lender what to expect.
A Loan Estimate is not an approval. It shows the terms the lender expects to offer, and the lender has not yet approved or denied the loan. Every lender uses the same form, so you can compare offers. Because a Social Security number and income details are sensitive, share them only through your lender's own secure process, not with an agent by text, email or at a consultation.
What questions should I ask the agent?
- What does your process look like from today until I have keys?
- What does the written agreement say, and how do you get paid?
- What would make you tell me to wait?
- What are the first two things I should do this month?
What happens after the consultation?
In Ian's Blueprint, pre-approval is next. Choose a licensed mortgage lender and compare your options. Then comes needs versus wants, and then the search, offer, inspection and closing with the plan already in place. Your pace depends on your lease, savings and other circumstances; loan approval is up to the lender.
Where can I start with Ian?
You can read about Ian DeFelice on his Roots Realty Co. profile, see the full Homeownership Blueprint, or begin with his short readiness assessment, which is a planning aid and not a loan prequalification or a guarantee of approval. For a broader overview of buying in the city, start with our Indianapolis first-time buyer guide.
Sources: NAR, Written Buyer Agreements 101; CFPB, Prepare to shop; CFPB, What is a Loan Estimate?; CFPB, Regulation Z section 1026.2; IPLA, written buyer agency agreements; NAR, open houses and written agreements; IHCDA, Homebuyers; Ian DeFelice, The Homeownership Blueprint and his published client stories; NAR, settlement FAQs.
About this article: General information only, not legal, tax or financial advice. Consult qualified professionals about your circumstances. Loan approval and terms depend on lender review; examples and timelines are not guarantees. Equal Housing Opportunity.
Frequently asked questions
Quick answers from this guide.
Do I need to be pre-approved before a first-time buyer consultation?
No. In Ian's Blueprint, the consultation comes before pre-approval. You can come with questions, a lease date and a rough budget. The consultation helps you decide when a lender conversation makes sense. Any pre-approval is up to the lender's review.
Does a consultation mean I have to work with that agent?
An introductory discussion about an agent's services does not, by itself, require a written buyer agreement under NAR policy. Before representation or home tours, discuss the services, term and compensation. Indiana requires written buyer agency agreements with a definite expiration date. NAR policy also requires covered MLS participants working with buyers to sign an agreement before touring. Read any agreement before signing and ask an attorney about contract questions.
Where does the consultation happen?
Ian's Blueprint describes it as coffee, not a sales meeting, somewhere familiar to you. Ask when you schedule how long to set aside.
What if my lease does not end for a year or more?
Go anyway if you want to plan. Brandon and Rebecca reached out nearly a year before they bought and used that time to build a plan around budget, timeline and goals. That is one client experience; your timeline may differ.
What if my credit is not where I want it to be?
Say so. The CFPB recommends reviewing your credit reports early so you have time to correct mistakes.
How much cash do I need before I start?
It depends on your loan, price range and income. Plan for a down payment, closing costs and a cushion for repairs after you move in. A lender can give you an estimate based on your real numbers.
Is this article an independent review of Ian DeFelice?
No. Roots Realty Co. publishes it. Ian DeFelice is licensed in Indiana and works with Roots Realty Co. at @properties. It explains what a first meeting covers using the process he publishes, and it does not rank agents.