You will need cash for a down payment (which can range from 3% to 20% of the home's value) as well as an additional 2% to 5% of the loan amount to cover closing costs. 2. Mortgage Pre-Approval (3–6 months out)
Interview multiple licensed agents to find one who is an expert in your target neighborhood and is a strong negotiator. the house buying process step by step
Once the paperwork is processed and recorded with the local county, you are officially a homeowner! What to Expect When Buying a Home - Better Money Habits You will need cash for a down payment
5. Due Diligence & Final Loan Approval (30–45 days to closing) Once the paperwork is processed and recorded with
If the inspector finds structural or mechanical issues, use the report to ask the seller to pay for repairs or reduce the home price.
Lenders usually look for a score of at least 620 to qualify for a standard conventional mortgage. Higher scores secure significantly better interest rates.
Roughly 24 hours before closing, walk through the house one last time to ensure agreed-upon repairs were completed and no new damage has occurred.