The lender will order an to ensure the home is worth the loan amount [14, 19].
: Lenders require proof of homeowners insurance before they will fund the loan [14, 30]. beginners guide to buying a house
: Budget an additional 2% to 5% of the purchase price for legal fees, taxes, and appraisals [5, 30]. Phase 2: Mortgage and Team Building (3 Months Out) The lender will order an to ensure the
: Check your credit score through official channels like AnnualCreditReport.com [27]. A score of 760+ typically unlocks the best interest rates, though some loans, like those from the Federal Housing Administration (FHA) , may accept scores as low as 500–580 [5, 27]. Phase 2: Mortgage and Team Building (3 Months
: Be prepared to pay a "good faith" deposit (usually 1% to 2% of the price) once your offer is accepted to show the seller you are serious [14, 19]. Phase 4: Due Diligence and Closing (1–2 Months Out)
After an offer is accepted, you enter the "under contract" or "escrow" phase. :