Down payments typically range from 3% to 20% of the purchase price, depending on the loan program and your financial profile. Many first-time buyers are surprised to learn they can purchase with far less than 20%, and once you’re pre-approved, you’ll know exactly what makes the most sense for you.

Pre-qualification is an initial estimate based on information you provide, giving you a general idea of what you may be able to afford. Pre-approval is a more in-depth review of your finances by a lender, verifying your income and credit so you can shop with confidence and make stronger offers when the right home comes along.

Your credit score plays a direct role in the interest rate a lender offers you. The higher your score, the lower your rate is likely to be. Even a small difference in rate can significantly impact your monthly payment and the total amount you pay over time, which is why getting pre-approved early matters.

Closing costs are the fees and expenses associated with finalizing your home purchase. These include lender fees, title insurance, appraisal, attorney fees, and prepaid taxes or insurance. Most buyers should plan for approximately 2–5% of the purchase price, and once you’re under contract, you’ll receive a detailed breakdown so there are no surprises at closing.

From start to finish, most homebuying journeys take anywhere from 60 to 120 days, depending on how quickly you find the right home and how prepared you are financially. Once you’re under contract, closing typically takes about 30 to 45 days.

Yes, you can absolutely buy a home if you’re self-employed or have irregular income. Lenders will simply look at your full financial picture a little more closely. With consistent tax returns, solid documentation, and the right lending strategy, you can move forward confidently and competitively.

Your monthly mortgage payment typically includes principal and interest, along with property taxes and homeowners insurance if they’re escrowed. Depending on the property, it may also include private mortgage insurance (PMI). For condos or townhomes, expect an additional HOA fee.

A 2-1 buydown is a financing strategy where your mortgage interest rate is temporarily reduced for the first two years of the loan. Typically this is 2% lower in year one and 1% lower in year two before adjusting to the full fixed rate in year three. It’s often paid for by the seller or lender as a concession, giving you lower monthly payments upfront and easing the transition into homeownership.