Your next chapter
starts at home.

Start with a monthly housing budget and the cash you can comfortably put toward a down payment, closing costs, and reserves. Gather recent income and account records for a preapproval review. See what to prepare for preapproval, then choose your property’s state when you’re ready to apply.

You don’t always need 20% down. The amount depends on the program, your credit and income, and the property. A smaller down payment can preserve savings but may add mortgage insurance and increase the amount borrowed. Budget for closing costs separately. Compare the down-payment tradeoffs.

Irregular income, self-employment, or a change in your finances calls for a closer look at the documents. Standard loan programs may still be an option; some situations may call for a different approach to income documentation. Credit, debts, assets, and the property also matter. Explore self-employed financing considerations. Approval depends on the completed review.

Compare the proposed loan with your current balance, rate, remaining term, and closing costs. A lower payment from a longer term can mean more interest over time. If your goal is monthly savings, consider how long it will take to recover the costs and how long you expect to keep the loan. Work through a refinance cost comparison.