Gather these documents early to speed up the pre-approval process:
: Follow the 3-3-3 rule —have three months of living expenses saved and three months of mortgage payments in reserve. 2. Do Your Homework on the Market
: Research first-time homebuyer programs or down payment assistance that might be available in your area. 3. Assemble Your Professional Team what to do to prepare to buy your first home
You don't have to do this alone; having experts in your corner is vital.
: Interview at least three realtors to find one who understands your specific needs and can negotiate effectively. Gather these documents early to speed up the
: A pre-approval letter shows sellers you are a serious buyer and have already arranged financing.
: Plan for a down payment (ideally 20% to avoid private mortgage insurance) and closing costs, which typically range from 1.5% to 5% of the purchase price. : A pre-approval letter shows sellers you are
: Focus on commute times, school quality (which impacts resale value), and local amenities like parks or grocery stores.
