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Preparing to buy

Buying a home is a big step, but it's made up of many smaller ones. The first, and most important, is making sure you're truly ready for the journey.

What monthly payment can you afford?
To set an affordable price range, start by determining what payment amount would work with your monthly budget.

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The cost of renting versus buying a home
Wondering whether now is the time to invest in homeownership? Compare the upfront and ongoing costs of buying and renting.

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Are you financially ready for homeownership?
A home is a big financial commitment, so preparation and planning are essential. Make sure you're ready to take it on.

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Prequalification versus preapproval
Learn what it means to get prequalified or preapproved, and how they can help you get a jump on the homebuying process.

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Making home financing work for your financial plan
Even if you can easily afford a home, some buying strategies may be better than others when it comes to your financial goals.

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Debt-to-income ratio and why it matters
Learn how to calculate your debt-to-income (DTI) ratio, and why it's so important in determining your borrowing power.

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How to make your home offer stand out
When you find a home that checks all your boxes, you can bet it checks someone else's, too. Here's how to make an offer that stands out in a competitive market.

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The importance of credit, debt, and savings
These three aspects of your finances play a major role in your ability to qualify for a loan and get a competitive interest rate.

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Guide to building a new home

This guide walks you through the key steps and milestones of financing, building, and closing on a newly constructed home.

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3 common first-time homebuyer obstacles
Find practical ways to navigate affordability, limited inventory, and down-payment challenges when buying a home.

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Tips to avoid homebuying stress
A bit of prep work — a financial check, neighborhood research, and an inspection — can make the homebuying process more seamless.

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What those homebuying TV series don't show
Dive into the important homebuying steps and considerations you rarely see when watching reality TV homebuying shows.

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Buying a home with a low down payment
Read homebuyer stories to learn how homeownership may be achievable through low down payments and flexible loan options.

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How to build credit and savings for a new home
Get tips on growing your savings and raising your credit score to get ready for homeownership.

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How to decide between renting and owning
Explore financial and lifestyle factors to help you decide whether renting or buying a home fits your needs and long-term goals.

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Using gift funds for your down payment
Using gift funds can help you put more toward your down payment and bring your homeownership goals even closer.

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Prepare for homebuying with a financial check-up
Get a quick overview of how to assess your financial health and prepare yourself for the homebuying journey.

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Buyer's versus seller's market
Learn how to navigate any housing market with strategies that can help you buy or sell your home with confidence.

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What is a jumbo loan and when do you need one?
Higher value homes may require a jumbo mortgage. Find out how they work and what makes them different form other home loans.

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How much do you need for a down payment?
How much you put down matters, but a large down payment isn't always necessary when buying a home.

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3 tips for starting your home search
Learn important tips to set priorities and plan your finances so you can confidently begin your first homebuying journey.

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Top questions about preparing to buy

A mortgage is a loan used to buy a home. Once approved for a mortgage, you make monthly payments with interest until you pay off the loan. There are a variety of mortgage options, each with different benefits and features designed to fit your unique needs.

For many people, starting with 25% of their gross monthly income is a helpful way to estimate a manageable monthly payment. Our home affordability calculator can help you decide on a loan amount and monthly payment you’d be comfortable with. What you can afford may also be impacted by down payment amount, and how much you want to budget for other housing costs such as repairs and furniture.

A down payment is the portion of your home's purchase price that you pay in cash up front to get your loan.

Some borrowers assume a 20% down payment is required, but many loan options allow you to put down less. In fact, Wells Fargo has a 3% down payment option on a fixed-rate loan and low or no down payment for qualified borrowers.

Talk with a home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to discuss eligibility.

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Home affordability calculator

Get an estimated home price and monthly mortgage payment based on your income, monthly debt, down payment, and location.

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With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase the monthly payment.

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Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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