Steps To Buying Home For First Time Direct

While 20% is the gold standard to avoid private mortgage insurance (PMI), many first-time programs allow as little as 3% or 3.5% down.

Once your offer is accepted, you are "under contract," but the deal isn't done yet.

Now for the fun part. Make a list of "Must-Haves" (number of bedrooms, school district) and "Nice-to-Haves" (granite countertops, hardwood floors). steps to buying home for first time

When you find "the one," your agent will help you determine a fair offer price based on "comps" (what similar homes nearby sold for recently). You’ll submit an offer with an —a small sum that shows you’re acting in good faith. Be prepared for a counter-offer or a bidding war. 6. Inspection and Appraisal

A "pre-qualification" is a quick estimate, but a is a lender’s written commitment to loan you a specific amount. In a competitive market, most sellers won't even look at your offer without a pre-approval letter. It proves you’re a serious, vetted buyer. 3. Find a "Buyer’s Agent" While 20% is the gold standard to avoid

Set aside an extra 2% to 5% of the home’s purchase price for taxes, lender fees, and title insurance. 2. Get Pre-Approved

Before you look at a single house, look at your bank account. You need to know exactly what you can afford so you don't fall in love with a home that’s out of reach. Make a list of "Must-Haves" (number of bedrooms,

A higher score gets you better interest rates.