What are important financial items to consider when buying a new home?

Buying a Home: Buyer’s Guide

“There’s no place like home.” —Dorothy Gale

  1. Get a credit report
  2. Set a budget
    • Monthly payments 25%-35% of monthly income
      • Principal, interest, taxes, and escrow program
  3. Line up the down payment
    • 20%-30% of the home price
  4. Find an agent
  5. Search for a home
  6. Make an offer
    • Base offer on at least three houses that have sold recently in the neighborhood
  7. Enter contract and have lawyers review
    • Deal is contingent on:
      • Obtaining a mortgage
      • Passing a home inspection
  8. Secure a loan
  9. Get an inspection
  10. Close the deal