Ten Steps to Prepare 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.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.

Click here for printer-friendly format

Contact us!

Please send us your inquiry. We will reply promptly.

First Name Last Name

Email

Phone

Message

I expressly consent to be contacted for real estate services by Silverbridge Realty, Robin Rogers, Broker-Owner, REALTOR®, and authorized representatives by phone, text message, and email, including automated calls, texts, and calls using prerecorded or artificial voices, even if my number is on a federal or state Do Not Call list. Consent is not a condition of purchase. Msg/data rates may apply. Msg frequency varies. Reply STOP to texts, HELP for assistance, or click the unsubscribe link in emails to opt out. I agree to the Terms of Use and Privacy Policy.