10 Steps to Prepare for Homeownership
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 downpayment and closing costs. Closing costs,
including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the 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 preapprove 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. Find an experienced REALTOR who can help you through the process.
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 downpayment and closing costs. Closing costs,
including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the 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 preapprove 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. Find an experienced REALTOR who can help you through the process.
| Member; North Carolina and National Association of REALTORS and Triad MLS |
James Piedad, REALTOR
Full Service Real Estate Broker
Direct: 336--413-0992
Email: james@jamespiedad.com
Full Service Real Estate Broker
Direct: 336--413-0992
Email: james@jamespiedad.com
Sellers
Pay 3.5% total broker fee
to list your home.
Pay 3.5% total broker fee
to list your home.
Buyers
Have new listings emailed to
you every morning.
Have new listings emailed to
you every morning.
- Director HPMLS, 2007
- President, Triad Multiple Listing Service, 2006
- Director, NC Association of REALTORS, 2003-2005
- President, HP Assoc. of REALTORS, 2004