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10 Ways to Prepare for Home Ownership

January 23, 2012 by Corbett 2 Corbett Real Estate

1. Decide What You Can Afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop Your Home Wish List. Then, prioritize the features on your list. For example, if you want to enhance the security of your home, then install some security cameras or change the locks of your doors with the help of a professional locksmith. You can also checkout Low Rate Locksmith San Francisco for the best locksmiths in town! 

3. Select Where You Want to Live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start Saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in 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 to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine Your Mortgage Qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get Preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh Other Sources of Help With a Down Payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the Costs of Homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable. You’ll want to take into account installing some form of home security system as well, as you never know whose attention you are drawing by moving in to the neighborhood. Additionally, you’ll want to stay as safe as possible when at home.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

Information provided by RealtorMag.org the Official Magazine of the National Association of Realtors.

Additional Resources:
Why You Should You Work With a Realtor?

7 Reasons to Own Your Home

Tax Benefits of Homeownership

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Corbett2Corbett TeamThe C2C Team actively searches to provide you with answers to today's real estate market's questions. They work to put you in front of investment property or the perfect family home. C2C knows real estate. Click here for recent history & recommendations at Realtor.com.

Ed Corbett, team lead, has 18 years of sales and marketing experience. He specializes in the North Georgia area and has a keen understanding for maintaining constant communication with vital links in order to close the sales cycle. He is ready to assist you today. Contact Ed today and put the C2C Team to work for you.

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About Ed Corbett

Ed, of The Corbett 2 Corbett Team, is a Licensed Georgia REALTOR®. Experienced with both buy & sale cycles of Residential Real Estate.
He is also BPO certified.

The Corbett 2 Corbett Team Keller Williams Realty First Atlanta
cell: 404.909.2299
office ph: 404.531.5700 (ext.3225)
Fax: 404.531.5708 Email: edcorbett@kw.com

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