Budget 2% to 5% of the purchase price for closing costs, plus an annual 1% to 3% for ongoing maintenance.
Putting 20% down lets you avoid Private Mortgage Insurance (PMI) , but many buyers use programs requiring as little as 3% to 3.5% .
Before visiting open houses, ensure your finances are "mortgage-ready":
Buying a home in 2026 requires balancing personal financial readiness with a normalizing but still competitive market. While mortgage rates have stabilized around the , inventory remains tight in several regions, making early preparation essential. 1. Master Your Financial Foundation
A pre-approval is a formal review of your income and assets, making your offer much stronger than a simple pre-qualification.
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