10 Steps to Prepare for Homeownership : Okoboji Area Real Estate News

Okoboji Area Real Estate News

Mar. 23, 2006 - 10 Steps to Prepare for Homeownership

Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
Develop a wish list of what youd like your home to have. Then prioritize the features on your list.
Select three or four neighborhoods youd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorneys fee, and transfer fees average between 2 percent and 7 percent of the home price.
Get your credit in order. Obtain a copy of your credit report.
Determine how large a mortgage you can qualify for. Also explore different loans options and decide whats best for you.
Organize all the documentation a lender will need to preapprove you for a loan.
Do research to determine if you qualify for any special mortgage or downpayment-assistance programs.
Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
Find an experienced REALTOR who can help you through the process.

Reprinted from REALTORŽ Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSŽ

Copyright 2005. All rights reserved. www.REALTOR.org/realtormag

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DAWN LEFEVRE Serving the Iowa Great Lakes Area. Here you will find various topics of discussion as well as a variety of information regarding the Iowa Great Lakes Area. Stop by often and please feel free to leave your comments.................... DOWDEN-HINN REALTORS Broker-Associate, e-Pro Certified Spirit Lake, IA 51360 800.373.1241 x49 Cell: 712.330.2221