How do I know how much home I can afford?
The best first step is getting pre-approved by a lender, who will review your income, debts, and credit score to give you a clear budget. A general rule of thumb is that your monthly housing costs shouldn't exceed 28–30% of your gross monthly income. I always recommend connecting with a trusted lender early in the process so you can shop with confidence.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick, informal estimate of what you might be able to borrow based on self-reported information. Pre-approval is a more thorough process where the lender verifies your financials and issues a formal letter — which sellers take much more seriously. In today's market, a pre-approval letter is essentially a must before making an offer.
How long does the home buying process take?
From the time you start seriously searching to the day you get your keys, the process typically takes 2–4 months — sometimes faster in a slower market. Once your offer is accepted, closing usually takes 30–45 days depending on your loan type and the seller's timeline.
How much money do I need upfront?
Beyond your down payment (which can range from 3% to 20% depending on the loan program), you should budget for closing costs, which typically run 2–5% of the purchase price. You'll also want reserves for a home inspection, moving expenses, and any immediate repairs or updates after move-in.
Do I need a real estate agent as a buyer, and does it cost me anything?
Working with a buyer's agent costs you nothing out of pocket — the seller has traditionally covered the agent's commission. Having an experienced agent in your corner means you get expert guidance on pricing, negotiation, contracts, and local market conditions, all at no direct cost to you.