Prepare For Home Ownership

Buying a home will most likely be one of the biggest financial transactions you will transact, Buyer’s must do their due diligence. We have listed some of the more obvious topics for which a Buyer should be prepared:

  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. Our website www.FirstFairwayRealty.net provides demographics for the City of Menifee.
  4. Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, escrow and title fees, 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. Get preapproved before you start your Menifee real estate search.
  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 down payment-assistance programs. You lender can be of assistance.
  9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable. Also take into consideration income tax saving that will be realized with home ownership.
  10. Find an experienced REALTOR® who can help you through the process.