From renter to homeowner: a practical roadmap
Homeownership starts before you tour a property. The first step is understanding your budget, credit profile, available cash, loan options and the monthly payment you can comfortably sustain.
1. Know your numbers
Review income, recurring debts, savings, credit and the amount you currently spend on housing.
2. Explore financing
Compare conventional, FHA, VA and other programs for which you may qualify.
3. Get pre-qualified
A mortgage professional can help estimate your potential price range, cash-to-close and payment.
4. Shop strategically
Once you understand the financing, work with a real-estate professional to find a home that fits both your needs and your budget.
5. Complete underwriting and closing
Provide the requested documentation, complete the appraisal and title process, satisfy loan conditions, and review your final closing disclosure before signing.