The main things you should do during the home buying process are:• Check your credit score, and if necessary, figure out ways to improve it• Determine how much you can afford to pay for a house• Start saving for a down payment, which is typically 20% of the house’s value• Get a mortgage pre-approval• Find a house and make an offer!
The first thing is you need to determine how much of a down payment you can afford, expected to need about 20% of the total cost of the home. Next you can do one of two things. You can either get prequalified for a mortgage and then look for a home in that price range with the help of a real estate agent. Or you can look for a home first using the 20% down payment as your guide and then search for a mortgage. I personal like prequalifying as you know the house is your once you make a deal with a seller.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.