Use a mortgage calculator to determine what you can afford. Aim to keep total housing costs (mortgage, taxes, insurance) below 30% of your gross monthly income.
Buying a home for the first time is a multi-phase process that typically takes anywhere from six weeks to several months. In 2026, the journey begins long before you visit an open house, focusing heavily on financial stability and newer mortgage standards. Phase 1: Financial Preparation (6–12 Months Out) steps to buying a house for the first time
You’ll need a down payment (typically 3% to 20% ) plus an additional 2% to 5% for closing costs. Experts also recommend keeping an emergency fund equal to 4–6 months of expenses. Phase 2: Financing and Support (3 Months Out) Use a mortgage calculator to determine what you can afford
Check your credit score early to identify errors and areas for improvement. A score above 740 generally secures the best rates. New 2026 rules allow lenders to consider alternative data like rent and utility payments, which can help those with "thin" credit files. In 2026, the journey begins long before you