Buying a home, start to finish
Every step from “I think I want to buy” to keys in hand: what happens, what to ask, what to watch for, and the tool for each step.
Buying conditions this week
Full market dataSources: Freddie Mac Primary Mortgage Market Survey, via FRED, Federal Reserve Bank of St. Louis (United States, Week of Oct 1, 2026); Realtor.com® Economic Research (United States, September 2026). National figures; local markets differ.
The roadmap
Your ticks are saved only in this browser.
- Before you shop
Get financially ready
Know your credit, your cash and the monthly payment you can carry comfortably, which is often lower than what a lender will approve.
Questions to ask
- What is my credit score with each bureau, and is anything on my reports wrong?
- How much cash do I need for the down payment, closing costs and a reserve after closing?
- What monthly payment, including taxes and insurance, fits my budget without cutting savings?
Traps to avoid
- Opening new credit or financing a car right before applying.
- Spending your whole savings on the down payment and leaving nothing for repairs.
- Before you shop
Understand your mortgage options
Loan type, term and rate structure change your payment and your up-front cash. Conventional loans can start at 3% down for eligible buyers; FHA loans at 3.5% with a 580+ score; VA and USDA loans can require no down payment for those who qualify.
Questions to ask
- Which loan programs am I eligible for, including state and local first-time buyer help?
- Fixed or adjustable: how long do I expect to keep this loan?
- What would mortgage insurance cost, and when can it be removed?
Traps to avoid
- Comparing lenders on rate alone instead of the full Loan Estimate, including points and fees.
- Assuming an adjustable rate will be refinanced before it resets.
- Before you shop
Get pre-approved
A pre-approval means a lender has reviewed your income, assets and credit. It is not a final loan commitment, but sellers take offers with one more seriously than a pre-qualification.
Questions to ask
- Did you verify my income and assets, or is this based on what I told you?
- How long is this pre-approval valid?
- What could cause the final approval to fall through?
Traps to avoid
- Treating the maximum approval as your budget.
- Changing jobs or moving money between accounts without telling your lender.
- Finding a home
Search with clear criteria
Separate must-haves from nice-to-haves before touring. Decide whether to work with a buyer’s agent. Since August 2024, agents in most MLSs must have a written agreement with you, including how they are paid, before you tour homes together.
Questions to ask
- How will my agent be paid, and is any of it negotiable?
- What are my must-haves versus things I could change later?
- How long are homes in this area typically on the market right now?
Traps to avoid
- Falling for a home before checking commute, flood zone and running costs.
- Signing a buyer agreement you have not read.
- Finding a home
Research the property
Look up public records before you make an offer: assessed value, year built, size and sale history. Records can be wrong or out of date, so treat them as questions to verify, not answers.
Questions to ask
- Does the square footage in the listing match county records?
- When did it last sell, and what has changed since?
- Are there permits for additions or major renovations?
Traps to avoid
- Assuming the county’s assessed value is the market value.
- Skipping a title search or ignoring easements and HOA rules.
- Finding a home
Research the neighborhood
Visit at different times of day, check flood maps and local plans, and look at the area’s basic numbers: incomes, how many homes are owner-occupied, and typical rents.
Questions to ask
- Is the home in a FEMA flood zone, and would flood insurance be required?
- What is planned nearby: roads, rezoning, new development?
- What are property tax rates and recent reassessment trends here?
Traps to avoid
- Judging an area from a single weekend visit.
- Ignoring insurance availability and cost in high-risk areas.
- Making it yours
Make an offer
Your offer is more than a price: financing, earnest money, contingencies and the closing date all matter to a seller. Earnest money is often 1–3% of the price, but local custom varies.
Questions to ask
- What have similar homes nearby actually sold for recently?
- Which contingencies protect me, and what deadlines do they carry?
- When would I lose my earnest money?
Traps to avoid
- Waiving inspection or appraisal contingencies under pressure without understanding the risk.
- Bidding against yourself when there is no competing offer.
- Under contract
Get it inspected
A general inspection looks at structure, roof, systems and safety. Specialist inspections (sewer line, radon, pests, chimney) may be worth it depending on the home. The inspection period is set by your contract and is often around a week to ten days.
Questions to ask
- What would you check further, and who should do it?
- Which items are safety issues versus normal wear?
- What is the remaining life of the roof, HVAC and water heater?
Traps to avoid
- Skipping the inspection to win the deal.
- Asking for every small fix instead of focusing on major issues.
- Under contract
Appraisal and final approval
Your lender orders an appraisal to confirm the home supports the loan. If it comes in low, you can renegotiate, cover the gap in cash, challenge it with better comparables, or walk away if you have an appraisal contingency.
Questions to ask
- Do I have an appraisal contingency, and until when?
- What happens if the appraisal is low?
- What does the underwriter still need from me?
Traps to avoid
- Making large purchases or credit changes before closing.
- Missing document requests from underwriting.
- Closing
Close
You will receive a Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate line by line. Buyer closing costs are commonly cited at 2–5% of the loan amount, varying widely by state and lender.
Questions to ask
- Which numbers changed from my Loan Estimate, and why?
- How do I send closing funds safely, and how do I verify wiring instructions?
- What is included in the sale, and when do I get the keys?
Traps to avoid
- Wire fraud: never trust wiring instructions sent by email without calling a verified number.
- Skipping the final walkthrough.
- Owning
Budget for ownership
Owning costs more than the mortgage: property tax, insurance, utilities, HOA dues and upkeep. A common rule of thumb is to set aside 1–2% of the home’s value a year for maintenance; older homes may need more.
Questions to ask
- When will my property be reassessed, and could taxes rise?
- When can I remove private mortgage insurance?
- Which systems will need replacing first?
Traps to avoid
- Forgetting that escrowed taxes and insurance can rise and change your payment.
- Not keeping receipts for improvements, which can matter when you sell.
Buyer guides
Guides library
How to Improve Your Credit Score for a Mortgage: The 90-Day Action Plan
Moving from 620 to 720 is worth $100–$200/month on a $300K mortgage. Here's the exact sequence of actions, what FICO mortgage scoring weights differently, and what not to touch.
New Construction vs. Existing Home in 2026: The Builder Contract Guide
What builders don't put in their sales pitch — the contract traps, what you can actually negotiate, warranty realities, and the HOA risks of buying in a new development.
How to Sell Your Home While Buying Another: Bridge Loans, Contingencies & Timing Strategy
The three strategies for solving the buy-sell timing problem — with the real costs, risks, and market conditions where each one works best.
How to Read a Loan Estimate: Every Line Explained
The LE is the most important document in your mortgage process — and the most routinely misread. Here's every section, every line, where lenders hide costs, and how to compare LEs across lenders.
The Hidden Costs of Year 1 Homeownership: The Complete Budget No One Shows You
Most buyers budget for the down payment and closing costs. They forget the $12,000–$24,000 in additional costs that hit in the first 12 months. Here's every expense, quantified — so you're not blindsided.
First-Time Homebuyer Programs in 2026: Grants, DPA & Low-Down Loans
Dozens of state and federal programs can help cover your down payment and closing costs. Most buyers don't know they qualify. Here's exactly what's available and how to access it.
How to Buy a Home in 2026: The Step-by-Step Playbook
Rates are at a 3-year low. Homes are sitting longer. Competition has cooled in most markets. Here's exactly what to do — and when — to buy smart.
Home Inspection Checklist 2026: Red Flags, What Inspectors Miss & How to Negotiate
A $300–$600 inspection is one of the best purchases you'll make in the entire transaction. Here's what gets checked, what red flags mean, and how to use the report to negotiate effectively.