: Budgeting for just the mortgage is a common mistake. You must account for property taxes , homeowners insurance , private mortgage insurance (PMI) if putting down less than 20%, and closing costs —which typically range from 2% to 6% of the purchase price.
: Your score determines your interest rate and loan eligibility. Even a small difference in your rate can cost or save you tens of thousands of dollars over the life of a 30-year loan. what to know when buying a house
: Define your non-negotiables (e.g., number of bedrooms, yard size) versus features you can add later (e.g., smart home tech, new flooring). : Budgeting for just the mortgage is a common mistake
: You can renovate a dated kitchen, but you cannot move a house. Research school districts, commute times, neighborhood safety, and future development plans for the area. Even a small difference in your rate can
It is easy to get distracted by "shiny" features, but focus on the elements you cannot easily change.
: While 20% down helps you avoid PMI, many programs allow for much less. Conventional loans can require as little as 3% down, while FHA loans allow for 3.5%, and VA or USDA loans may require 0% down. 2. The Search: Prioritizing Your Lifestyle