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First Time Homebuyer Checklist

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.

Tom Sheehan

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