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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 a 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 pre-approve you for a loan.

8- Do research to determine if you qualify for any special mortgage or downpayment-assistance programs.

9- Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10- Talk to Dave Mansur, who can help you through the process.

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