: Use the 28/36 rule —housing costs shouldn't exceed 28% of your gross monthly income, and total debt shouldn't exceed 36%.
Buying your first home is a multi-step process that begins with strict financial preparation before you ever visit a property. 1. Get Your Finances House-Ready 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 : Use the 28/36 rule —housing costs shouldn't
: 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. Get Your Finances House-Ready : Experts at Bankrate
: Lenders use this to set your interest rate. A higher score (740+) typically secures the best rates.