Before looking at listings, you must determine what you can realistically afford.
: While 20% avoids private mortgage insurance (PMI), many programs allow as little as 3% to 3.5% down . how to start the process of buying a house
: Maintain a reserve of 3–6 months of living expenses to cover unexpected repairs after move-in. Phase 2: Mortgage Pre-Approval Before looking at listings, you must determine what
: Typically range from 2% to 5% of the home's purchase price. Before looking at listings
: Use a home affordability calculator to factor in your income, existing debts, and a potential down payment. Experts suggest keeping total housing costs—including principal, interest, taxes, and insurance—below 28% of your gross monthly income . Save for Upfront Costs :