| 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 down payment 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 pre-approve you for a loan. |
| 8. |
Do research to determine if you qualify for any special mortgage or down payment 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. |
