How To Plan For Buying A First Home Info

: 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 These actions can change your debt-to-income ratio and cause your mortgage approval to be rescinded.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

: 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

: While 20% avoids private mortgage insurance (PMI), many buyers qualify for loans with as little as 3% or 3.5% down. : Once under contract, do not open new