Buying A House — Steps To
Set aside 1% to 3% of the home's value annually for repairs. Phase 2: Mortgage Pre-Approval
Check your credit score and review your report for errors at AnnualCreditReport.com several months in advance. A higher score secures better loan terms.
Before looking at listings, you must solidify your financial foundation to understand your true "borrowing power".
Use the 28/36 rule —housing costs should ideally not exceed 28% of your gross monthly income. Save for Upfront Costs: Down Payment: Typically 3% to 20% of the purchase price.
Set aside 1% to 3% of the home's value annually for repairs. Phase 2: Mortgage Pre-Approval
Check your credit score and review your report for errors at AnnualCreditReport.com several months in advance. A higher score secures better loan terms.
Before looking at listings, you must solidify your financial foundation to understand your true "borrowing power".
Use the 28/36 rule —housing costs should ideally not exceed 28% of your gross monthly income. Save for Upfront Costs: Down Payment: Typically 3% to 20% of the purchase price.
