Most conventional loans require 3-20% down, with 20% helping you avoid PMI (private mortgage insurance). FHA loans can go as low as 3.5% down. However, you'll also need to budget for closing costs (typically 2-5% of the purchase price), inspections, and moving expenses.

Pre-qualification is a quick estimate based on self-reported financial information. Pre-approval is more rigorous - a lender verifies your credit, income, and assets, then commits to lending you a specific amount. Sellers take pre-approval much more seriously, especially in competitive markets.

It depends on your timeline and finances. Generally, buying makes sense if you plan to stay 5+ years, have stable income, and can afford the down payment and maintenance costs. Renting offers more flexibility and fewer upfront costs but doesn't build equity.

Typically 30-45 days from offer acceptance to closing. Cash deals can close faster (1-2 weeks), while deals with complications like appraisal issues, inspection negotiations, or financing delays can take 60+ days. Your agent and lender can help keep things on track.