Steps To Buying A House — Premium & Hot

Before looking at listings, you must solidify your financial foundation to understand your true "borrowing power".

Plan for an additional 2% to 5% of the loan amount. steps to buying a house

Use the 28/36 rule —housing costs should ideally not exceed 28% of your gross monthly income. Save for Upfront Costs: Down Payment: Typically 3% to 20% of the purchase price. Before looking at listings, you must solidify your

Set aside 1% to 3% of the home's value annually for repairs. Phase 2: Mortgage Pre-Approval Before looking at listings

A is more rigorous than a pre-qualification and is often required by sellers in 2026 to prove you are a serious buyer. How to Buy a House in 2026: Complete Guide - Opendoor