Step 1: Before the Offer

Step 1 encompasses all activities before an offer is made, and includes information about all things financing-related, including how much to put down, how much to save for closing 
costs, looking up loan assistance and grant programs, finding a lender, and getting pre-qualified or pre-approved. Probably the most fun of any of the tasks, you'll also look at houses in this step. 

Let's start with the most basic requirement for buying a house: paying for the property. You'll either need cash or a loan to get the house, and because paying the seller for your purchase is such a major requirement to close on the property, you'll want to know something about house loans, also known as mortgages.

While the subject of mortgages and interest rates can make many an eye glaze over, knowing the ins and outs of lending terms can help you save a boatload of money both in the short and the long term. With that in mind, our goal is to provide you with information that allows you to make the best decisions for you–but in order to keep you from clicking away to a different page, we’ll keep our explanations simple.