• Determine Your Budget
• Aim for a mortgage 2-3 times your household income.
• Factor in costs like closing fees, insurance, taxes, and repairs.

• Example: A $90,000 annual income suggests a $180,000-$270,000 mortgage.

• Save for a Down Payment

• Larger down payments lower monthly payments.

• Minimum down payment by loan type:

  • Conventional: 3%
  • FHA: 3.5%
  • USDA/VA: 0%

• Choose a Lender

• Research lenders and read reviews.

• Ensure your lender is licensed and offers options that suit your needs.

• Get Preapproved

• Submit documents like ID, income verification, and debt info.

• Preapproval offers conditional loan approval for 60-90 days.

• Hire a Real Estate Agent

• Helps with home searches, offers, and negotiations.

• Seek referrals or research agents online.

• Find Your Dream Home

• Use online listings to filter options by location, price, and features.

• Schedule walk-throughs for a closer look.

• Make an Offer

• Include earnest money as a commitment.

• Optionally hire a real estate lawyer to assist with contingencies.

• Secure Your Mortgage

• Submit the purchase agreement and additional documents.

• The underwriter reviews your application for final approval.

• Schedule an Inspection \udd0e

• Uncovers hidden issues.

• Use findings to negotiate repairs or price reductions.

• Get an Appraisal

• Required by lenders to estimate the home's value.

• A lower-than-expected appraisal can be a negotiation point.

• Negotiate the Price

• Use inspection or appraisal results as power.

• Market conditions (buyer's or seller's market) impact your negotiation power.

• Close the Deal

• Conduct a final walk-through.
• Bring necessary documents like ID and proof of insurance.
• Review and sign the Closing Disclosure for loan terms.

Key FAQ

• When is homebuying season? Spring and summer are prime seasons, though it varies by location.
• Is homeownership a good investment? Often, especially in areas with high rent or strong home appreciation potential.
• Do you need an agent? No, but an agent simplifies the process and is preferred by many sellers.

Final Tip

Following a structured checklist helps ensure you're prepared and reduces stress throughout the homebuying journey.

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