The amount you need depends on the price of the home and the type of mortgage you’re applying for. Typically, you’ll need:

• Down payment: This is usually between 10% to 20% of the property’s price.
• Closing costs: These can range from 2% to 5% of the home’s purchase price and include fees for legal work, registration, taxes, and inspections.
• Home loan eligibility: Your eligibility for a loan will depend on your income, credit score, and other financial factors.

You’re ready to buy a home when you:

• Have a stable income and employment history.
• Have enough savings for a down payment and closing costs.
• Have a good credit score, which helps secure better loan terms.
• Plan to live in the home for several years (usually at least 5 years).
• Understand the responsibilities of homeownership, including maintenance, property taxes, and insurance.

• Pre-qualification is an initial estimate of how much you can borrow based on your financial information, such as income and debts. It’s typically a quick, informal process.
• Pre-approval is a more in-depth process, where the lender reviews your financial documents and credit history to give you a specific loan amount. Pre-approval is stronger than pre-qualification and shows sellers you're a serious buyer.

The right home for you depends on your lifestyle, budget, and long-term goals. Consider factors like:

• Location: Proximity to work, schools, shopping, public transportation, and overall safety of the neighborhood.
• Size and layout: Number of bedrooms, bathrooms, and the type of floor plan that suits your family or needs.
• Condition of the property: New construction vs. resale, age of the home, and any needed repairs.
• Amenities: Whether the property has desirable features like a backyard, garage, or access to a community pool.