Your lender will require an independent value check to ensure the house is worth what you’re paying. 7. Closing Day
Avoid making any large purchases (like a new car or furniture on credit) between your pre-approval and closing day, as this can disqualify your loan at the last minute!
It’s easy to get distracted by a pretty kitchen. Stay grounded by making a list: how to buy my first home
You’ll sign a mountain of paperwork, pay your remaining down payment and closing costs, and finally receive the keys.
Expect to pay 2% to 5% of the home’s purchase price in taxes, lender fees, and inspections. 2. Get Pre-Approved Your lender will require an independent value check
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.
A higher score gets you lower interest rates. It’s easy to get distracted by a pretty kitchen
A "pre-qualification" is a guess; a is a commitment. It shows sellers you are a serious, vetted buyer. Shop around with at least three lenders to compare interest rates and loan terms. 3. Find a "Buyer’s Agent"