The Road to Home Ownership
Owning a home is always thought of as “The American Dream.” But homebuyers who don’t have a plan to follow could watch their dream turn into something closer to a nightmare. Even the writers at CNBC advise it’s far from simple when they give their tips to becoming a homeowner.
RBFCU has put together four steps, each with three activities, which can serve as your guide down the road to homeownership.
Step 1: Do your ‘home’ work
GATHER your financial information (recent tax returns, financial statements and pay stubs).
DETERMINE how much home you can afford, the amount needed for a down payment and closing costs. Use our home affordability calculator to assist you with the hard numbers.
GET pre-approved. Work with a lender to obtain a pre-approval letter. This will help during the negotiation process.
Step 2: Find your dream home
RESEARCH areas and neighborhoods of interest, and all things related to the location of your potential home.
CONNECT with a real-estate agent, who will help you to search smarter, not harder.
FINALIZE the offer with all parties’ signatures and earnest money.
Step 3: From contract to home closing
ALLOW time for underwriting, title search, survey and appraisal.
SHOP for homeowners’ insurance.
PLAN your move.
Step 4: The ‘home’ stretch
SCHEDULE a final walk-through and closing.
CLOSE the transaction at the title company.
TAKE the keys. Once funding has occurred, you are now a proud homeowner.
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