While the "20% down" rule is the gold standard (it helps you avoid private mortgage insurance), many programs allow for as little as 3% or 3.5% down. 2. Choosing Your Loan Type
These often start with a lower "teaser" rate for a few years, but then the rate fluctuates based on the market. It’s a gamble that can pay off if you plan to sell quickly, but it’s risky if rates climb. 3. The Hidden Costs (The "PITI" Formula) buying a house mortgage
In a competitive market, a "Pre-Approval Letter" is your golden ticket. It tells sellers that a bank has already vetted your finances and is ready to back your offer. Without it, most sellers won't even look at your bid. 5. The Finish Line: Closing While the "20% down" rule is the gold