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10 Steps to Prepare for Home Ownership

10 Steps to Prepare for Home Ownership:

  1. 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.
  2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
  3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, 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 percent 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 preapprove 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 home ownership, including property taxes, insurance, maintenance, and association fees, if applicable.
  10. Find an experienced REALTORwho can help you through the process.
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Al Premuto

Al was born in Westchester County, NY and graduated from Mount Saint Michael Academy, Bronx, NY. After attending college, he became a Police Officer in Westchester County. Al is an avid flyfisher and is a member of the Henryville Flyfishers Club in Henryville, PA. Al is also a member of the board of directors, for the Pike/Wayne Board of Realtors.

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