First Time Homebuyer Checklist
1. Make Sure You Are Ready
- You have stable employment
- You are at a point in your life where you can see yourself in the same City/Town/Area for years
- You understand the maintenance responsibilities of homeownership
2. Create Home Wish List
- Determine what your “Must Haves” and “Nice to Haves” are
- Determine what type of home you are interested in (condo? house? style?)
- Determine what different areas you’d be willing to live in
3. Determine How Much You Can Afford to Spend
- Reach out to reliable mortgage loan officer and see how much a bank will lend you for the purchase of your new home
- Determine how much your costs would be in addition to your mortgage and interest (insurance? taxes?)
- Determine what you should have for a new emergency fund
4. Gather Necessary Documents
- Collect the documents needed to apply for a loan: paystubs, past tax filings, bank statements
5. Obtain A Mortgage Preapproval
- After having discussions about your options, obtain a loan preapproval from a mortgage lender
6. Assemble Your Team
- Find a real estate agent that listens to your goals, communicates well and who you can trust!
- Determine if this agent has trusted options for inspectors, loan officers, and attorneys.
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