: Do not settle for the first quote. Comparing at least 3 to 5 lenders (banks, credit unions, and online brokers) can save you thousands in interest over the life of the loan.
: A pre-approval letter shows sellers you are a serious buyer and defines your exact price range.
: While 20% avoids private mortgage insurance (PMI), many buyers qualify for loans with as little as 3% or 3.5% down.
: Focus on permanent features like location, school district, and floor plan rather than cosmetic details like paint color.
: Your credit score is a primary factor in determining your mortgage interest rate. Obtain free reports from AnnualCreditReport.com to identify and dispute errors.
: Lenders may approve you for a higher amount than you can comfortably manage alongside other lifestyle costs like travel or retirement savings.