Figure out how much you can afford- What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.
Know your rights Shop for a loan - Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
Learn about homebuying programs- FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
Make an offer - Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Get a home inspection- Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Shop for homeowners insurance- Lenders require that you have homeowners insurance. Be sure to shop around.
Sign papers- You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
