BUYER'S TIPS 7 Steps to Take Before You Buy a HomeBy doing your homework before you buy, you’ll feel more comfortable when the time comes to actually purchase a home. Before starting your search, please contact a Daunno Realty Sales Associate to discuss all of your options. In the meantime, please consider these 7 tips! 1. Decide how much home you can affordGenerally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children. 2. Develop your home wish listBe honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping. 3. Select where you want to liveMake a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities. 4. Start savingHave you saved enough money to qualify for a mortgage and cover your down payment? Ideally, you should have 20% of the purchase price set aside for a down payment, but some lenders allow as little as 3.5% down. A small down payment preserves your savings for emergencies. 5. Ask about all the costs before you signA down payment is just one home buying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area—including home inspections, oil tank scans, attorneys’ fees, and transfer fees. Also, tally up any extras you’ll want to buy after you move-in, such as furniture and window coverings. 6. Get your credit in orderA credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage. 7. Get Pre-qualifiedMeet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.
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