Before looking at listings, you must solidify your financial standing to ensure you are "mortgage-ready".
: You will need funds for a down payment (typically 3%–20%), closing costs (2%–5% of the purchase price), and moving expenses. how to plan for buying a first home
: A professional home inspection is essential to identify hidden structural, electrical, or plumbing issues. Before looking at listings, you must solidify your
: Your credit score is a primary factor in determining your mortgage interest rate. Obtain free reports from AnnualCreditReport.com to identify and dispute errors. : Your credit score is a primary factor
: Once under contract, do not open new credit cards, take out car loans, or make large purchases. These actions can change your debt-to-income ratio and cause your mortgage approval to be rescinded. Common Mistakes to Avoid
: Many state and local agencies offer grants or low-interest loans for first-time buyers. Programs like the FHA offer lower down payments for those with modest credit.