What to do before you start your home search:
DECIDE HOW MUCH HOME YOU CAN AFFORD.
Generally, you can afford a home equal in value to between two and three times your gross income.
DEVELOP A WISH LIST.
What would you like your home to have? Then, prioritize the features on your list.
SELECT THREE OR FOUR NEIGHBORHOODS YOU’D LIKE TO LIVE IN.
Consider items such as schools, recreational facilities, area expansion plans, and safety.
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 percent and 7 percent of the home price.
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.
Get together all the documentation a lender will need to pre-approve you for a loan.
DO YOUR RESEARCH.
Determine if you qualify for any special mortgage or down payment assistance programs.
CALCULATE THE COSTS OF HOMEOWNERSHIP.
Be sure to include property taxes, insurance, maintenance, and association fees, if applicable.
FIND AN EXPERIENCED REALTOR®.
And get the help you'll need throughout the process.