The homebuying journey · Step 1 of 6

Get financially ready

Before listings and open houses, get clear on the payment you can comfortably carry, the cash you need beyond the down payment, and how lenders will evaluate the application.

What you’re figuring out

The decisions in this stage

  • What monthly payment works in real life
  • How much cash to keep after closing
  • Which loan structure and lender fit the plan

Start here

Three useful first reads

Recommended

WTF Else Do I Need to Save Beyond the Down Payment?

Short answer: budget for closing costs (roughly 2–5% of the purchase price), a few thousand dollars for moving and immediate repairs, and a separate emergency fund of 3–6 months of expens…

The full stage

All 25 guides

Fixed-Rate or ARM? Here's How to Actually Decide

Short answer: if you're not sure how long you'll stay in the house, get a fixed-rate mortgage. If you're confident you'll sell or refinance before the fixed period ends — and you understa…

Your Mortgage Payment Isn't Just the Mortgage

The principal-and-interest number in a mortgage calculator is not your full monthly housing payment. Property taxes and homeowners insurance can add anywhere from a couple hundred dollars…

WTF Is PMI, and How Do You Get Rid of It?

Private mortgage insurance is the fee you pay so your lender feels okay about the fact that you didn't put 20% down. That's it. That's the whole emotional core of PMI: it exists to protec…

WTF Else Do I Need to Save Beyond the Down Payment?

Short answer: budget for closing costs (roughly 2–5% of the purchase price), a few thousand dollars for moving and immediate repairs, and a separate emergency fund of 3–6 months of expens…