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 2003. All rights reserved.

Courtesy of Kate Sorrentino, REALTOR® | Click here for printer-friendly format

Contact Me

Thank you for visiting my website! Please submit your contact information below with any questions or requests you may have, and I will be in touch with you shortly!

Catherine (Kate) Sorrentino, Realtor - Atlantic Coast Realtors

Your Contact Info

First Name
Last Name
E-mail
Phone

What Are You Looking For?

Property Type
Price Range
 to 
Desirable Towns or Communities
Bedrooms
Bathrooms
Square Footage
Time Frame

Your Address

Address
City
State/Province
ZIP/Postal Code
Your Message