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