: While 20% is a standard goal to avoid private mortgage insurance (PMI), some programs through builders or lenders allow for as little as 3.5% or 5%. 2. Assemble Your Team
Buying a new house involves several key financial and logistical steps to move from just looking to owning. 1. Get Your Finances in Order how to buy a new house
: Prioritize the city or neighborhood first, as cosmetic issues like paint can be fixed, but the location is permanent. : While 20% is a standard goal to
Before you start looking at homes, you need a clear picture of what you can afford. : Calculate a monthly payment that is manageable
: Calculate a monthly payment that is manageable within your current lifestyle rather than just looking at the maximum a bank will lend.
: Use frameworks like the 3-3-3 rule —comparing at least three properties and having three months of living expenses saved—to ensure you are making a sound investment.