Are you eager to dive in and buy a house? For many, it is a significant step, and you might be sure where to start. Here are a few tips to get you started on the path of owning your home

Ideally, to buy a home, it is recommended that you have a 20% down payment. Some government-backed loan programs will allow you to secure a loan for far less. An FHA loan, for example, can be achieved with just 3.5% down. In order to get to how much you will need, you need to start with the size of the house you need.

Many lenders can approve you for a specific loan amount before you start your search for a house. The best case is to either talk to your bank or to a lender you plan on using for your loan to learn what steps you need to take to start the process of getting a pre-approval and how much that pre-approval would be for. Doing this will give you the best assessment of what the maximum loan that you can afford.

Being approved for a loan is the first step. Now, it comes down to see how much house you can actually afford. You don’t want to fall in love with that expensive house and be at the very end of your loan range. That could put you in a very tough spot if anything is ever to happen.

You want to make sure that you take a look at your budget and ask your self a few questions. How tight are my finances? While you may be able to exchange a repayment for a mortgage payment. It would be best if you considered that you would need to leave some room for higher utilities with a house.

As a homeowner, you have to make sure that you can deal with unexpected home repairs and other associated expenses. At the end of the day, you want to make sure you can actually afford the house you are considering.

A few other things to consider are homeowner’s insurance cost, property taxes, HOA fees, any fees to open a new utility account or moving existing ones, moving expenses, and make sure that you have room in your budget for all of those.

At the end of the day, you want to make sure that your budget is as buttoned-up as possible. Including making sure you are adding to your savings account as you continue to grow in that new home, you are considering.