The first step to buying a house is typically to determine your budget and secure mortgage pre-approval. This involves a lender reviewing your financial information and determining how much they would be willing to lend you. This helps to guide your house search by showing you what price range you can afford.

The typical process of buying a house, from start to finish, can take anywhere from a couple of months to a few months. This includes the time spent looking for a home, making an offer, having inspections and appraisals done, and finally, closing the deal. However, each situation is unique and the timeline can vary greatly.

You can determine the value of your home through an appraisal, which is typically conducted by a professional appraiser. Online real estate platforms also provide estimates of home values, but these can vary in accuracy. A local real estate agent may also provide a Comparative Market Analysis (CMA), which looks at similar homes in your area that have recently sold

A mortgage is a loan that is used to purchase a property. The property itself is used as collateral for the loan. The borrower pays back the loan, plus interest, over a specified period of time.

Closing costs are fees and expenses that you pay at the end of the real estate transaction. They can include loan origination fees, title insurance, appraisal fees, and more. Typically, they range from 2 percent to 5 percent of the loan amount.

A buyer's agent represents the interests of the buyer in a real estate transaction, while a seller's agent represents the seller. Both agents have a fiduciary duty to their respective clients, meaning they must act in the best interest of their client.

Home equity is the difference between the current value of your home and the amount you still owe on your mortgage. In other words, it represents the portion of the home you truly own. As you pay down your mortgage or if the value of your home increases, your equity grows.

This depends on your financial situation, long-term plans, and the housing market in your area. Buying can be a great investment if you're ready for the financial commitment and plan to stay in one place for a while. Renting can offer more flexibility, less maintenance, and potentially less financial risk. It's best to consult with a financial advisor or real estate professional to make this decision.

After a buyer makes an offer on a home, the seller can either accept, reject, or make a counteroffer. If a counteroffer is made, the buyer can again accept, reject, or counter. This process continues until either both parties agree on a price, or one party ends the negotiation.

A contingency is a condition that must be met for the real estate contract to become binding. Common contingencies include home inspections, mortgage approvals, and the sale of the buyer's current home. If the contingencies are not met, the buyer or seller may be able to back out of the contract without penalties.