10 Steps to Prepare for Homeownership
- Discuss with a loan officer your financial situation so you know how much home you can comfortably afford.
- Decide what you are looking for in a home including absolutes and wish list items.
- Decide on a part of town that is convenient for your work commute and offers other important items such as lifestyle, schools, shopping, etc.
- Look at your down payment options while making sure to leave a cushion so you don't end up "house-poor"..
- Check, correct and update your credit report.
- Speak with more than one loan officer to assure there is competition for your business.
- Start gathering your financial documentation so you're ready to when you find a house and apply for your loan.
- Look into downpayment assistance or other options that may be available to help with your purchase.
- Budjet all costs associated with being a home owner including property taxes, insurance, maintenance reserves, and any association or special assessment fees, if required.
- Select a qualified real estate agent to assist you.
