10 Steps to Prepare for Home Ownership
So you think you're ready to buy a home? Start your journey off right by following these 10 steps to prepare yourself for home ownership.
1. Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income.
2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Find an experienced REALTOR® who can help you through the process.
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The information provided in this site is believed to be accurate, but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of NORMLS. Real estate listings held by brokerage firms other than Prudential Karam & Simon are noted and include the name of the listing brokers. The materials contained within this page may not be reproduced without the express written consent of this broker. The information contained within this page is for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but is not guaranteed and should be verified by personal inspection or with the appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified.