: Sign the final paperwork, pay your remaining closing costs, and receive the keys. This process typically takes 30–60 days after an offer is accepted TruStage. Common Mistakes to Avoid Not shopping around for multiple mortgage lenders Bankrate .
: While a 20% down payment avoids private mortgage insurance (PMI), many programs allow as little as 3% or 3.5% down TruStage, Travelers Insurance . 2. Loan Pre-approval & Professionals
: Your agent will help you submit a competitive offer based on local market value. Be prepared for potential negotiations or multiple-offer situations TruStage, Investopedia . 4. Due Diligence & Closing guide to buying your first home
: Create a "wish list" (e.g., location, bedrooms, commute time) but be prepared to compromise on some "wants" for your first home TruStage.
: Determine a manageable monthly payment rather than just the maximum amount a bank will approve YouTube . Generally, housing costs should be roughly 25%–30% of your gross income Fannie Mae . : Sign the final paperwork, pay your remaining
Underestimating hidden costs like maintenance, property taxes, and moving expenses TruStage.
Making large purchases (like a new car) or opening new credit accounts before closing, which can jeopardize your loan approval Vision Retirement . : While a 20% down payment avoids private
: Review your credit score, as it significantly impacts your mortgage interest rates. A score of at least 620 is typically required for conventional loans, though FHA loans may accept scores as low as 500-580 Yahoo Finance , TruStage .