For all of my buyers out there, here are 10 Steps to help you Prepare for Home Ownership:
1. Decide how much home you can afford. Generally, you can afford a home that is equal in value to about two and a half times your gross income.
2. Develop a wish list of what you'd like your home to have. Then prioritize your "Top Five Must Haves" and keep this list with you.
3. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, shopping, easy access to highways, traffic, area expansion plans, and safety.
4. Determine if you have enough saved to cover your down-payment and closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 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.
7. Organize all the documentation a lender will need to pre-approve you for a loan.
8. Do research to determine if you qualify for any special mortgage or down-payment assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. MOST IMPORTANT***Find an experienced REALTOR® who can help you through the process.
--Our goal in maintaining this blog is to provide you with valuable information, tips, and general insight for buyers, sellers and investors in the Dallas Texas real estate market. If you choose to use Exceptional Realty Services, feel free to call us anytime, we'd be honored to help. We can assist you with the process of finding a home, help with getting a loan, information for relocation, listing and selling your home, investment tips and tools, foreclosure assistance, and short sale information.