10 Steps to Home Ownership
while a repeat purchaser (someone who has bought a
home before) with more equity (money invested in the
home) might want to get a 15-year loan and the lower
overall interest costs it represents. Typically, first-time
buyers opt for the traditional 30-year loan, with either
a floating interest rate or a fixed rate of interest over
the life of the loan.
- Look at Homes
Consider such things as pricing, location, size, amenities
(extras such as a pool or extra-large kitchen) and
design (one floor or two, colonial or modern, etc.).
Next, it’s important to consider your
priorities. If you can’t get a
It is important to consider your priorities.
home at
your price with all the features you
want, then what features are most
important? For instance, would you
trade fewer bedrooms for a larger
kitchen? A longer commute for a
bigger lot and lower cost?
It’s important
to consider
your
priorities.
- Choose a Home
As a buyer, here’s what actually happens. A home has
been placed on the market for which the seller has established
an asking price as well as other terms. In effect,
this is an offer. At this point, you have three choices:
accept the seller’s offer and create a contract; reject it and
not make an offer; or suggest different terms and make
a counter-offer. If you choose this last option, the seller
may accept, reject or make a counter-offer.
Is it THE house?
A house is shelter, but a home is far more. It’s where
you live, relax, entertain friends, raise families, and
work. A home is where you spend much of your life,
and so choosing a house is an enormous decision.
- Get Funding
How do you get a loan?
To obtain a loan you must complete a written loan
application and provide supporting documentation.
Specific documents include recent pay stubs, rental
checks and tax returns for the past two or three years
if you are self-employed. During the prequalification
procedure, the loan officer will describe the type of
paperwork required.

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