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February 23 2009 19:21
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Nine Steps to Buying a Home
According to the U.S. Department of Housing and Urban Development (HUD), the homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
HUD offers nine steps to buying a home:
- Step 1: Figure out how much you can afford. What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure. Use our calculator tool to get a good idea of how much home you can afford (change the table information to your situation) Click here
Consider Buying vs. Renting. Use our calculator below to compare the advantages and considerations of owning vs. renting a home Click here
Seek help. Need help with your downpayment and/or closing costs? Check homebuying programs in your state Click here.
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!. Find a housing counselor near you Click here
- Step 2: Know your rights. Research the documents below:
Fair Housing: Equal Opportunity for All - brochure
Real Estate Settlement Procedures Act (RESPA)
Borrower's rights
- Step 3. Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
Online Resources
Looking for the Best Mortgage Rate
Let FHA Loans Help You
- Step 4: Learn about homebuying programs. FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
Resource: Homebuying programs in your state
- Step 5: Shop for a home
Resources:
Choose a real estate agent
Wishlist - what features do you want?
Home-shopping checklist – take this list with you when comparing homes
Fixer-uppers" - home purchase and repair programs
Manufactured (mobile) homes
Build a home
- Step 6: Make an offer. Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
- Step 7: Get a home inspection. Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Resources:
For Your Protection Get a Home Inspection
10 Questions to ask a home inspector
- Step 8: Shop for homeowners insurance. Lenders require that you have homeowners insurance. Be sure to shop around.
Redources:
Homeowners insurance
12 ways to lower your homeowners insurance costs
- Step 9: Sign papers. You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
Resources: Settlement Costs and Helpful Information
Because we are not real estate nor financial management experts, we cannot attest to the accuracy of the information provided above. We are providing these steps to help you be more informed. We also recommend that you seek advice from real estate and mortgage financial experts.
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