Are You Ready to Buy?
Before diving into the homebuying process, assess your financial readiness. Consider your credit score, savings, employment stability, and monthly budget for housing costs.
- ✓Check your credit score (aim for 620+ for conventional, 580+ for FHA)
- ✓Calculate how much you can afford (28% rule: housing should be ≤28% of gross income)
- ✓Save for a down payment (3–20% of purchase price)
- ✓Build an emergency fund (3–6 months of expenses)
Getting Pre-Approved
Pre-approval is the first concrete step toward homeownership. It tells you how much you can borrow and shows sellers you're a serious buyer.
- ✓Gather documents: pay stubs, tax returns, bank statements, W-2s
- ✓Contact 2–3 lenders to compare rates and programs
- ✓Understand the difference between pre-qualification and pre-approval
- ✓Get your pre-approval letter before you start house hunting
Finding Your Home
Work with a buyer's agent who understands your needs and knows the local market. Define your must-haves vs nice-to-haves, and be prepared to compromise on some items.
Making an Offer
When you find the right home, your agent will help you craft a competitive offer. This includes the purchase price, contingencies, earnest money deposit, and proposed timeline.
Closing Day
Closing is the final step. You'll sign documents, pay your closing costs, and receive the keys to your new home. Your agent and lender will guide you through every detail.