A practical, no-fluff walkthrough of the home buying process — from checking your credit score to getting the keys. Key terms explained, common mistakes flagged, and the numbers that matter most.
Pull your credit report, check your score, and resolve any errors before applying. Most conventional loans require a 620+ score; the best rates start at 740+.
Use the 28/36 DTI rule as a ceiling, not a target. Factor in property taxes, insurance, maintenance (budget 1% of home value per year), and HOA fees.
Aim for 20% down to avoid PMI. On top of that, budget 2–5% for closing costs — origination fees, title insurance, appraisal, and prepaid items.
A lender reviews your income, assets, and credit, then issues a pre-approval letter. This tells sellers you're serious and shows exactly how much you can borrow.
A good buyer's agent represents your interests, knows the local market, and is typically compensated by the seller — so this usually costs you nothing.
Define your must-haves vs. nice-to-haves before touring. Visit at different times of day. Research school districts, flood zones, and future development plans.
Your agent drafts a purchase offer with a price, contingencies (inspection, financing, appraisal), and earnest money deposit (typically 1–3% of purchase price).
Hire a licensed inspector to examine the structure, roof, systems, and appliances. Use findings to negotiate repairs or a price reduction — never skip this step.
Your lender's underwriter verifies all your documents and issues a final "clear to close." Avoid major purchases, new credit, or job changes during this period.
Sign the closing documents, pay your down payment and closing costs, and receive the keys. The title officially transfers — you're a homeowner.