This is a "good-faith" deposit (typically 1%–10% of the price) held in escrow to show the seller you're serious . Phase 3: Due Diligence & Closing
How to buy a house: Your step-by-step guide to buying in 2026 process of buying a house
A professional checks the home's structure and systems. If significant issues are found, you may renegotiate the price or request repairs . This is a "good-faith" deposit (typically 1%–10% of
This involves a lender checking your finances to give you a specific loan amount. A pre-approval letter is usually valid for 60–90 days and makes your offer more competitive . process of buying a house
Calculate your monthly "PITI" (principal, interest, taxes, and insurance) . Factor in upfront costs like a down payment (3%–20%) and closing fees (3%–6% of the purchase price) .