Salem, MAHIGH 51°F
LOW 43°F
Salem, MAHIGH 51°F
LOW 43°F
Financing Your Home: What to Expect
The 10 Steps to Owning
- Get organized. Do you save your pay stubs? Do you have your last two years of taxes and W-2s? Do you have your last three months of bank statements?
- Do the research. Do your homework and find the neighborhood of your choice. Look at schools, shopping, transportation, parking, places of worship and prices of homes for sale. Check out the area both in daylight and at night. Talk to people who live there about their living experience.
- Talk to a homeownership counselor.
- Get prequalified, then preapproved. Your homeownership counselor will help you through this process.
- Find a property you like.
- Apply for the mortgage.
- Consult with a real estate lawyer. In some states, you need a lawyer to finalize the home buying process, especially for closing costs.
- Get the house inspected. Use an accredited home inspector who is a member of the American Society of Home Inspectors (ASHI). Check with your homeownership counselor to make sure you chose the right person.
- Wait for approval.
- Take care of closing costs.
