: Your agent will help you submit a competitive offer based on local market value. Be prepared for potential negotiations or multiple-offer situations TruStage, Investopedia . 4. Due Diligence & Closing
: Sign the final paperwork, pay your remaining closing costs, and receive the keys. This process typically takes 30–60 days after an offer is accepted TruStage. Common Mistakes to Avoid Not shopping around for multiple mortgage lenders Bankrate . guide to buying your first home
: While a 20% down payment avoids private mortgage insurance (PMI), many programs allow as little as 3% or 3.5% down TruStage, Travelers Insurance . 2. Loan Pre-approval & Professionals : Your agent will help you submit a
Making large purchases (like a new car) or opening new credit accounts before closing, which can jeopardize your loan approval Vision Retirement . Due Diligence & Closing : Sign the final
: Create a "wish list" (e.g., location, bedrooms, commute time) but be prepared to compromise on some "wants" for your first home TruStage.
: Review your credit score, as it significantly impacts your mortgage interest rates. A score of at least 620 is typically required for conventional loans, though FHA loans may accept scores as low as 500-580 Yahoo Finance , TruStage .