Section 01
Section 01
Not sure where to begin? Here is the basic journey:
Every transaction is a little different, but this gives you an idea of what to expect. You do not have to figure everything out at once. Your REALTOR®, lender, title company, inspector and the other professionals involved each help guide different parts of the process.
One of the biggest misconceptions about buying a home is that you automatically need a 20 percent down payment. You don’t.
The amount you need depends on your loan program, your financial situation, the purchase price and the terms of your transaction. Expenses you may need to prepare for include:
Some loan programs allow much smaller down payments, and certain qualified buyers may even have access to down payment assistance programs. Your lender can help you determine what options you qualify for and how much cash you should realistically have available.
Before seriously shopping for homes, getting pre-approved for a mortgage is one of the best places to start. A lender will typically review your:
Your pre-approval helps determine approximately how much you may qualify to borrow. It also helps me search for homes in a realistic price range and shows sellers that you have already taken steps toward financing.
The price of the home is only one part of whether it fits your budget. Your monthly housing payment may include:
Two homes at the same purchase price can have very different monthly payments, because taxes, insurance, HOA dues and other expenses vary.