www.FindAzProperties.com - Steps to Prepare for Home Ownership

• Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income.

• Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.

• Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.

• Be certain you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney’s fees, and transfer fees average between 2-7% 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 what’s best for you.

• Organize all the documentation a lender will need to pre-approve 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.

• Obtain an experienced REALTOR® who can help you through the process.

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