| Buying
a home can be a complicated process. Following these
simple guidelines before you begin can help make the experience
a pleasurable one!
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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.
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Develop a wish list of what
you'd like your home to have. Then prioritize the features on
your list. |
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Select three or four
neighborhoods you'd like to live in. Consider items such as
schools, recreational facilities, area expansion plans, and
safety.
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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.
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Determine how large a mortgage
you can qualify for. Also explore different loans options and
decide what's best for you.
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Organize all the documentation
a lender will need to preapprove you for a loan.
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Get your credit in order.
Obtain a copy of your credit report. |
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Do research to determine if you
qualify for any special mortgage or downpayment assistance
programs. |
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Calculate the costs of
homeownership, including property taxes, insurance, maintenance,
and association fees, if applicable.
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Find an experienced real estate
agent who can help you through the process.
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