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- 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.
- 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 and 7 percent 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 down
payment assistance programs.
- Calculate the costs of homeownership, including property taxes, insurance,
maintenance, and association fees, if applicable.
- Find an experienced REALTORŪ who can help you through the process
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