What Is: The First Step To Buying A House

The first essential step to buying a house is . Before viewing properties, you must establish a clear understanding of what you can realistically afford to ensure you don't fall in love with a home outside your budget. Initial Financial Actions

: While a 20% down payment is standard to avoid private mortgage insurance (PMI), many programs allow for as little as 3% to 5% . Prequalification vs. Preapproval what is the first step to buying a house

Once you understand your basic finances, you should engage with a lender to formalize your borrowing power: The first essential step to buying a house is