Ten 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.
Develop a wish list of what you’d 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 downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 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.
Organize all the documentation a lender will need to preapprove you for a loan.
Do research to determine if you qualify for any special mortgage or downpayment assistance programs.
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.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.
Marion County Office
5860 SW 6th Place
Ocala, FL 34474
Phone: (352) 220-4355
Citrus County Office
4635 N. Carl G. Rose Hwy.
Hernando, FL 34442
Phone: (352) 726-2628
Send Us A Message
Thinking of buying or selling? Contact us today! You will be glad you did.