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1. 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.
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
percent 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. |
