: Separate "must-haves" (e.g., number of bedrooms, school district) from "nice-to-haves" (e.g., pool, fenced yard).
: A lender reviews your financial documents (tax returns, pay stubs, bank statements) to give you a letter stating the loan amount you qualify for. This is critical; many realtors will not show homes without it. Save for Upfront Costs :
The home buying process typically takes between and is best navigated in structured phases, starting with financial preparation rather than browsing listings. Phase 1: Financial Readiness & Pre-Approval
: Use the 28/36 rule —your mortgage should not exceed 28% of your gross monthly income, and total debt shouldn't exceed 36%.
: While 20% avoids Private Mortgage Insurance (PMI) , some programs like FHA loans allow as little as 3.5% . Closing Costs : Typically 2% to 5% of the purchase price. Phase 2: Building Your Team & Searching
: Visit open houses and schedule private showings with your agent to get a feel for the neighborhood beyond online photos. Phase 3: Offer, Contract, and Due Diligence The Homebuying Process for First-Time Homebuyers
One of the reason I came to Goa was because of Mr. Mario Miranda. My dream has been fulfilled. The high point of my visit, I grew up with Mario and thank you for printing out the pictures and the lovely gift. 