So you are considering looking to purchase a house. The most often asked question we get from first time homebuyers is, “Where do we begin?” You are on our website, so that is a good start! Here is a guide for both the first time homebuyer and those homeowners who are considering buying again:
Steps to Prepare for Home Ownership
- 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.
- Determine if you have enough downpayment to qualify for a mortgage. Ideally, you should have 20 percent of the purchase price as a downpayment.
- Consider other sources of help with a downpayment. For example, if you have an IRA account, you can use money you've saved for buying your first home without paying a penalty for early withdrawal. Also check with your state and local government on downpayment assistance programs for first-time buyers.
- Get your credit in order. Obtain a copy of your credit report.
- Determine how large a mortgage you can qualify for. Also explore different loans options and decide what's best for you.
- Organize all the documentation a lender will need to pre-approve you for a loan.
- Determine if you have to cover your closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 and 7 percent of the home price.
- Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
- Find an experienced REALTOR® who can help you through the process.
Key Advisors to a Home Buyer
1. Your Real Estate Professional and You
2. Financial Lender
3. Understanding Agency
4. An Attorney
5. Home Inspector
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