Buy your home with confidence, from pre-approval to keys

It depends on the loan program. Some conventional loans start at 3% down and certain government-backed loans allow less, while putting down 20% or more can lower your payment and help you avoid private mortgage insurance.

Pre-qualification is a quick estimate based on information you share. Pre-approval is more thorough — the lender verifies your finances and issues a letter that carries more weight with sellers.

A fixed rate keeps your principal-and-interest payment the same for the whole term, which suits longer stays. An ARM starts lower but can change later, which may fit if you plan to move or refinance sooner.

Private mortgage insurance protects the lender and is often required on conventional loans when you put down less than 20%. A larger down payment can avoid it, and it can usually be removed later as you build equity.

That depends on your income, existing debts, down payment and current rates. A pre-approval gives you a realistic price range, and a mortgage calculator can help you estimate a comfortable monthly payment.

Lenders typically ask for recent pay stubs, W-2s or tax returns, bank and asset statements, and identification. Self-employed buyers may need additional income documentation.