At Remax Team 2000, we want you to be in the best position for home ownership. It starts with choosing the right agent and our team of highly experienced professionals can make the process so much smoother.
Call today at 313-561-0900 and speak to a Team 2000 agent and lets us help you buy your next home.
Below Are 10 Tips to Help Prepare for Home Ownership
- Know what you can afford. Generally, you can afford a home equal in value up to three times your gross income.
- Create your home wish list. Then, prioritize the needs and features on your list.
- Choose where you want to live. Create a list of three or four neighborhoods you’d like to live in, being mindful of items such as schools, recreational facilities, area expansion plans, and safety.
- Make a budget and start saving. Do you have enough money for a mortgage and can you cover the down payment? You should target placing 20 percent of the purchase price as a down payment. Also, keep in mind closing costs. Closing costs — including taxes, insurance and transfer fees — average between 2 and 7 percent of the home price.
- Get your score. Get a FREE copy of your credit report to make sure it is accurate and to fix any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
- Know how much of a mortgage loan you qualify for. Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
- Pre-approved shows that your serious. Organize all the documentation required to pre-approve you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
- Other down payment sources. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers (e.g. FHA, etc). Or, if you have an 401K or IRA account, you may be able to use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
- Know the numbers. Understanding your monthly costs including include property taxes, insurance, maintenance and utilities, and association fees will help you plan.
- Contact a ReMax Team 2000 agent. Find an experienced agent who can help guide you through the process. Call at 313-561-0900 and speak to our highly trained professionals today!