Starting the journey toward homeownership is a multi-stage process that begins long before you attend your first open house. For most buyers, the first critical steps involve stabilizing your financial foundation and building a professional team to guide you through the market. Phase 1: Financial Foundation
: Maintain a reserve of 3–6 months of living expenses to cover unexpected repairs after move-in. Phase 2: Mortgage Pre-Approval how to start the process of buying a house
: Typically range from 2% to 5% of the home's purchase price. Starting the journey toward homeownership is a multi-stage
Before looking at listings, you must determine what you can realistically afford. Phase 2: Mortgage Pre-Approval : Typically range from
: While 20% avoids private mortgage insurance (PMI), many programs allow as little as 3% to 3.5% down .
: Your credit score is the single most powerful factor in determining your mortgage interest rate. Request a free report from AnnualCreditReport.com to check for inaccuracies and ensure your score meets the minimum requirements (typically 580–620 or higher).