Home Buying 101 -

Buying a home is often the most significant financial decision you will make. This 101 guide breaks down the essential steps—from initial prep to closing day—to help you navigate the process with confidence. 1. Prepare Your Finances

A is a lender's formal commitment to loan you a specific amount. home buying 101

: Most lenders require a minimum credit score of 620, though higher scores secure better interest rates. Check your report for errors before applying. 2. Get Pre-Approved Buying a home is often the most significant

: Have three months of living expenses saved, three months of mortgage payments in reserve, and compare at least three different properties before deciding. Prepare Your Finances A is a lender's formal

Before looking at houses, you must understand what you can realistically afford. Experts suggest several rules of thumb to maintain financial health:

: Monthly mortgage payments should not exceed 30% of your gross monthly income; you should have 30% of the home's value in savings (for a down payment and reserves); and the home price should be at most 3x your annual income.