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8 Steps to Home Ownership

1. Get your credit in order. Obtain a copy of your credit report, speak with a financial lender or mortgage banker.

2. Decide your budget. How much are you comfortable paying each month toward your mortgage? Rule of thumb-Do not live above your means and remember to include any additional homeowner expenses.

3. Explore different loan options. Determine how much you qualify for and decide which rates are best for you. Do you qualify for any special mortgages or down-payment assistance programs.

4. Get qualified. Organize all the documents needed for lender to pre-approve your loan.

5. Write down all amenities you wish to have in your new home. Then prioritize the features on your list, whats most important to least important?

6. Choose your top 3 neighborhoods. Decide where would it be best for you and your family to reside. Remember to consider school districts, recreational facilities, area expansion, crime and safety.

7. Down-payment. Determine how much will be required for down-payment and closing costs. Have you saved enough or will you need down-payment assistance?

Rule of thumb-Calculate cost of home ownership, including property taxes, insurance, maintenance, and association fees, if applicable.

8. Find an experienced Real Estate Broker, like GURU REALTORS who can assist you through the home buying process.

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