Evaluate your savings and income to determine how much you can designate for a down payment and what monthly mortgage payment you can realistically afford. It is also worthwhile to get pre-approved for a mortgage before you start house shopping. This will help you narrow down the price range you should be looking at.
Interest rates and terms of your mortgage will greatly affect your monthly payment. Our free calculator below can help you get a sense of what fits within your budget before getting pre-approved.
Use our mortgage calculator to see what your monthly payment could look like based on your loan amount, interest rate, and more.
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As you move closer to your closing date, be prepared for the additional expenses that will pop up along the way. Oftentimes, some of these expenses are wrapped up in closing costs.
Saving for a down payment is a crucial part of buying a home. Many loan programs require as little as 3% down, and some first-time buyer programs offer even more flexible options to help you get into your new home sooner. Exploring different mortgage types can help you find one that fits your financial situation and long-term goals.
A home inspection is an important step to ensure the property is in good condition before you finalize the purchase. A professional inspector will identify potential issues with the structure, systems, and appliances, giving you peace of mind and the chance to negotiate repairs if needed.
When you make an offer on a home, you’ll typically provide earnest money—a deposit that shows you’re serious about buying. This money is held in escrow until closing and is applied toward your down payment or closing costs, helping secure the property while the sale is finalized.
In addition to your monthly mortgage payment, you will be responsible for paying for taxes and insurance. And, if your home is part of a homeowner’s association, you will need to budget for those added monthly fees.
Take a look at what the average costs are for heating, cooling, and powering the home you intend to buy. You will also want to consider the age of the furnace, hot water heater, and HVAC system. It may be beneficial to upgrade older systems to more energy-efficient systems so that you can save more in the long run.
Will you be moving closer to or further away from your work? Depending on your answer, you will need to factor in how this change will impact your transportation expenses.
While the lifespan of home features and appliances may vary, you will want to consider how soon you may need to be prepared to pay for upgrades.
Get a head start on your homebuying journey with a mortgage pre-approval.
Know exactly how much you can afford and show sellers you're a serious buyer.
Buying your first home? Our First-Time Homebuyer Programs offer expert guidance, lower down payment options, and resources to help you every step of the way.
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