Buying Your First Home: A Reality Checklist

Buying Your First Home: A reality checklist

How’s your credit?
With home loans harder to get than ever, good credit is a must. The higher your credit score, the better chance you have of getting a good loan at a competitive rate.
Go to annualcreditreport.com to see your report
Spring for the inexpensive FICO score to see where you rank
Shoot for a credit rating of 740 or higher
Can you buy a home with bad credit?
Analyze your credit report before going for a mortgage loan
Five ways to improve your credit

Do you have the money?
Check your funds. Not only do you have to have a down payment that’s been in your account for 60 days, you’re going to need reserves.
Run the numbers to see how much you can afford, including closing costs, insurance, utilities, taxes and unforeseen emergencies
Pay down your credit card debt
Be realistic about what you can afford
Are you prepared for the cost of buying your first home?
Down payment saving strategies
How much will buying a home cost me?

Get pre-approved for a loan
Until you know how much a lender says you can afford -- and is willing to loan you -- your dream of owning a home is just a dream.
Get your paperwork in order – you’ll need canceled checks, bank statements, recent pay stubs, W2s and identification
Maintain your credit profile once you’re approved… that is, don’t take on any additional debt
Begin shopping for a home – and don’t fall in love with any house that’s over the amount your lender says you qualify for
Get on the road to prequalification
The top 10 questions to expect from your mortgage lender Get p requalifed with Mortgage Match’s PreQual Plus

Find a REALTOR®
Let your REALTOR® help you find the best home for your lifestyle and budget.
Go to Realtor.com and find a Realtor in your area
Ask friends and neighbors for a referral
Interview at least three agents, get references and ask a lot of questions
Why choose a Realtor over a real estate agent?
Choose the real estate agent who represents you best
Find a Realtor®

Go house hunting
You have everything all lined up… an agent, financing, and the motivation to own your own home.
Download Realtor.com’s Real Estate Search App for iPhone , Android or Windows 7
Create a wish list of features you have to have
Bring a camera so that you remember all the important details
Get what you want when buying a house Shopping for the right home
Home shopping tips for serious home buyers

Find the right loan
Time to apply for the loan. Do you want the stability of a 30-year fixed rate loan or the initial lower payments but potential volatility of an adjustable rate mortgage?
Mortgage lengths vary but are typically 15 to 30 years
Fixed rate loans mean you pay the same every month for the length of the loan
Adjustable rates may have a low introductory period but can increase once that ends
Compare the lender’s terms against your needs
Decide between an ARM and a fixed rate mortgage
Should you consider an FHA loan?

Make an offer
Here’s where the rubber meets the road… when you make an offer to the sellers for the house and it’s either accepted or countered.
Bargain from strength – you’re pre-approved for a loan and you know what the house is worth
Understand what home-buying purchase contract contingencies are – they can be your safety net
Know when to walk away
Handling real estate counter offers
How to submit a winning bid despite multiple home offers
My offer is accepted – now what?

Get insurance
Your lender will insist that you carry homeowners’ insurance in the event anything goes wrong with your new home. And you need to know whether specialty insurances are needed, such as for floods or earthquakes.
Figure out your needs with an insurance agent
Save money by raising the deductible and seeking available discounts
Compare policies to get the best rates
Insurance tips for homeowners
Save money on homeowners’ insurance
Buying homeowners insurance

It’s closing time
It’s all come down to this… sign a huge stack of papers, write out a check for the closing costs, then congratulate yourself -- the keys to your new home are yours.
Give yourself time to read the documents
Don’t be shy about asking questions
Double check all fees to make sure they’re correct and reasonable
Avoid closing-day glitches
Five hurdles to closing escrow
Dealing with paperwork in closing

Enjoy your new home!
Every step you’ve needed to take to become a homeowner, you’ve taken. Congratulations! The house is yours.
Keep all paperwork related to your purchase in a safe place so you are ready for tax filing
Expect the home to be “broom clean,” meaning ready to be painted and cleaned
Create a moving day checklist and know what you want your movers to take and what you should keep with you
You’re a homeowner! Now what?
Things to buy after moving in
Tips for hassle-free home remodeling

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Buying Your First Home: A Reality Checklist

by Audie Chamberlain on Mar 09, 2011

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