Buying Your First House - What To Do When

: This is a lender's commitment to lend you a specific amount. It proves you are a serious buyer and helps you avoid falling in love with a home outside your budget.

: Use the 28/36 rule —housing costs shouldn't exceed 28% of your gross monthly income, and total debt shouldn't exceed 36%. what to do when buying your first house

: Experts at Bankrate advise against draining your savings for a down payment; you need a "cash cushion" for unexpected repairs like a broken furnace. 2. Assemble Your Team and Get Approved : This is a lender's commitment to lend

Before looking at listings, you must understand your borrowing power and clean up your credit. what to do when buying your first house

: Lenders use this to set your interest rate. A higher score (740+) typically secures the best rates.