As you embark on the process of buying your new home, read this guide with helpful information to help you better understand the process.^†

Prioritize your down payment

The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed. View Glossary Page . While there are plenty of low-down-payment loans, a Down payment Down payment The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed. View Glossary Page of around 20% will usually help you secure a better Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate on your loan. That being said, there are more options available than you might have realized. These days it is possible to purchase a new home with a considerably lower Down payment Down payment The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed. View Glossary Page and still get a favorable Interest Interest A share or right in some property. Also, money charged for the use of money (principal). View Glossary Page rate.

Set a price range that’s lower than what you qualify for

Use Pulte Mortgage Mortgage The conveyance of an interest in real property given as security for the payment of a loan. View Glossary Page ’s Mortgage Mortgage The conveyance of an interest in real property given as security for the payment of a loan. View Glossary Page calculator to factor in taxes, insurance and HOA fees before you start looking at properties. Shop at the lower end of a realistic price range so you won’t waste time. You’ll be glad to have room in your budget for other things, like furnishing your new home.

Avoid sacrificing location for space

You probably know how many bedrooms and bathrooms you want in your home. But don’t forget to factor in how location will affect your investment and your day-to-day life. The house of your dreams might be less dreamy with 2 hours of commuting every day. And be aware of a location’s influence on property values: Anything from a good school district to a nearby coffee shop can give the property’s appreciation rate a boost.

Investigate the neighborhood

Once you’ve honed in on an area, find out about its future development plans. Could these projects affect the neighborhood character and property values? A new soccer field might be perfect for your blossoming goalie, but a future buyer may not want to live next to the action. If you’re looking in a particular community, ask around about the HOA, or ask for the HOA contract before you decide. You may find that certain rules (like no renting allowed) don’t work with how you plan to invest.