How To Plan For Buying A First Home 📢 📢

: Lenders may approve you for a higher amount than you can comfortably manage alongside other lifestyle costs like travel or retirement savings.

: Do not settle for the first quote. Comparing at least 3 to 5 lenders (banks, credit unions, and online brokers) can save you thousands in interest over the life of the loan. how to plan for buying a first home

: While 20% avoids private mortgage insurance (PMI), many buyers qualify for loans with as little as 3% or 3.5% down. : Lenders may approve you for a higher

Buying your first home is likely one of the largest financial decisions you will ever make. Successful homeownership requires extensive preparation—often starting 6 to 12 months before you even attend an open house. Phase 1: The Financial Foundation (12–6 Months Out) : While 20% avoids private mortgage insurance (PMI),

: Never drain your entire savings for a down payment. Experts from City National Bank suggest keeping 3 to 6 months of living expenses in reserve after closing to handle unexpected repairs.

With a pre-approval in hand, you can move into the active house-hunting stage.