Wednesday, February 21, 2007

Preparing For Homeownership

Buying a home is a major decision for anyone, especially first-time buyers. A slower market means there are deals to be had, but you must be prepared to jump when the iron is hot.

These seven tips will help get ready to buy a home when the time is right.

1. If you are a first-time buyer, take a first-time home buyer class. The homebuying process will be less stressful if you know what to expect.

2. Be realistic. Being house poor and putting yourself in the position of only eating hot dogs and not being able to have a night out once in awhile doesn't make homeownership enjoyable.

3. Get organized. Organize documents for your loan application such as a pay stubs, W-2s, and bank and retirement account statements, etc.

4. Get pre-approved. Before starting the homebuying process, get pre-approved by at least one lender. This will avoid you falling in love with a home you really can't afford. In addition, sellers will ask for a lender letter of qualification when you make an offer.

5. Play house. Every month, bank the amount that you would have to pay if you owned a home. It's good practice and you'll be ready for the real thing.

6. Consider all the costs. There is more involved to owning a home than paying the mortgage. Repairs, assessments, and other costs of homeownership can add up quickly. Make sure you have budgeted for these items.

7. Call Karen. Call me at 425-308-3669. We will schedule a Home Buyer's counseling session in preparation for finding you the perfect home!

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