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The steps to buying a house might seem complicated at first—particularly if you're a home buyer dipping a toe into real estate for the very first time. Between down payments, credit scores, mortgage rates (both fixed-rate and adjustable-rate), property taxes, interest rates, and closing the deal, it's easy to feel overwhelmed. There's so much at stake with a first home!


Since performance bonuses and profit-sharing payments aren’t guaranteed, it’s risky to account for them in your day-to-day or month-to-month budgets anyway. That’s like counting your chickens before they hatch. If you don’t make plans for your bonuses or profit shares before you know you’ll get them, you won’t miss them. Actually, you’ll be grateful for them as they slowly but steadily grow your down payment fund.
As one of the oldest (and easiest to remember) home listing resources, Homes.com offers a clean interface consumers love, and home search tools that let home shoppers choose their nice-to-haves and must have home features. With millions of listings of houses, condos, townhomes and apartments for rent or sale, Homes.com is the only website (or home search app) you'll need. Consumer-first, simply smarter. We think you'll love finding your next home on Homes.com
If you are able to come up with a 20 percent down payment, you’d reap quite a few benefits. Putting that larger amount down lets you avoid paying private mortgage insurance (PMI), it can help you qualify for a lower interest rate (which can help you save thousands over the life of your loan), it’ll give you more equity faster, and it will result in a smaller monthly mortgage payment. Depending on where you’re looking to buy a home, a larger down payment might also help you be a competitive buyer and stand out to the seller if there are multiple offers on the home.

Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
In turn, the lender will use this info to decide whether or not to loan you money, as well as how much and at what interest rate. If a lender sees some late payments on your credit cards or other blemishes in your credit report, this can lower your odds of getting a loan with a great interest rate, or perhaps even jeopardize your chances of getting any loan at all.
Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house.
Down payment size is a function of three overlapping factors: your desired initial loan-to-value (LTV) ratio, your time horizon (when you want to buy), and local housing market conditions. When people talk about budgeting for a future home purchase, they generally refer to list prices: “We’re willing to pay $300,000,” or “We can afford $250,000, but no more.”
Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
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Homes.com provides home buyers, sellers, renters, and home value seekers with up-to-date real estate information, tools, and home listings across the US and Canada. Our website and mobile apps give consumers the information they need to find their first or next home, as well as innovative tools like Snap and Search, Homes.com Match and HomeShare to make the home search experience collaborative, simple and effective.
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