Buying a house in the US with financing can seem complicated, but with the right information, you can navigate this process with confidence—without surprises along the way.

This guide explains in less than 10 minutes The step-by-step guide includes what to expect, where to pay special attention, how to compare proposals, and how to prepare before signing any contract. See below!

Interest rates are the starting point for those planning financing. In 2025, national averages look like this:

These numbers vary depending on the buyer's credit score, down payment amount, property type, and location. APR (Annual Percentage Rate) It is always the most important indicator, as it includes interest and embedded costs.

The down payment is one of the factors that most influences the total cost of financing. The higher the initial amount, the lower the risks and monthly costs.

In practice, most buyers give about 9% input when you buy your first property and about 18% on subsequent purchases.

In addition to the down payment, the buyer pays a series of additional costs that appear in the Loan Estimate, the document that details all loan expenses. These costs represent 2% to 5% of the property value and include:

These amounts vary depending on the type of loan, the bank and the region.

There are several types of financing in the US, each with its own characteristics. Below are the main ones:

Conventional (Conforming)
Minimum down payment of 3% to 20%. This is the most common type and requires PMI insurance if the down payment is less than 20%.

FHA (Federal Housing Administration)
Down payment of 3.5% or more. Recommended for those with lower credit scores. Requires MIP mortgage insurance.

VA (Veterans Affairs)
Zero down payment for military personnel, veterans, and eligible spouses. Very favorable conditions.

USDA
Zero down payment for rural properties and income limits. Ideal for those seeking properties outside major urban centers.

Jumbo Loan
For properties above US$ 806,500 (2025 deadline). Requires excellent credit and a larger down payment.

ARM (Adjustable-Rate Mortgage)
Adjustable rate. Starts lower but can fluctuate over time. Good option for those looking to sell before the adjustment.

1. Plan your total budget — include down payment, closing costs, and emergency fund.
2. Check your credit score — the higher the score, the lower the rate.
3. Request pre-approval — this shows the seller that you are a trustworthy buyer.
4. Compare at least three institutions — ask for the Loan Estimates on the same day for easy comparison.
5. Choose the type of financing — evaluate term, fixed or adjustable rate, and general conditions.
6. Lock the interest rate (rate lock) — ensures that it does not rise until closing.
7. Submit documents and wait for underwriting — the bank will carry out a credit analysis and property appraisal.
8. Make the closing — sign the contract and complete the purchase.

No single bank is always the best. It's best to compare options.

Traditional banks Banks like Bank of America, Wells Fargo, and US Bank offer good packages for checking account customers.
Digital lenders, like Rocket Mortgage, stand out for their agility and competitive rates.
Local Credit Unions They usually offer lower interest rates and reduced fees.
Specialized Lenders in VA and FHA are ideal for those who qualify for these programs.

Always compare conditions and choose the institution that offers the lowest total cost.

O Loan Estimate This is the document that details all the costs of your loan. Here are the main points to check:

Understanding this document is essential to avoid unpleasant surprises.