10 Steps to 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, transportation, 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
    or condo fees if applicable.

10. Find an experienced REALTOR® who can help you through the process.

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