But it certainly doesnt have to be a scary or stressful experience.
With time, care, and research, you’re able to take control of the home-buying process.
This post originally appeared onLearnVest.
But where should you start?
This helps ensure that youre not taking on a larger mortgage commitment than you could afford.
Once youve defined your budget, its time tolook at your cash reserves.
(More on that later.)
Translation: You should not be using your emergency fund to cover these costs.
Next, decide which mortgage makes the most sense for you.
There are plenty of different options to consider.
If you ever need to lower your payment in the future, youll still have that option.
So dont be seduced by their findingsand stick with the number you landed on in step one.
Things that shouldnt be on your must-have list?
Start House-Hunting, and Decide If You Need a Real-Estate Agent
Now for the fun part: house hunting!
While youre under no obligation to do so, there are several potential benefits to working with one.
Lets make an offer!
So how do you land on the ideal number?
While there are no hard-and-fast rules, a few factors can help inform your decision.
First, look at other home sales in the area.
Is the house you want priced reasonably in comparison?
Did other homes sell for less or more than the asking price?
Lastly, whats the market like in the neighborhood?
8. Review the Contract and Submit Your Mortgage software
The seller accepted your offercongrats!
After that,confirm you have all the money requiredfor the closing wired into the correct account.
Once youve signed the paperwork, youll be handed the keys… and youll officially become a homeowner!
Checklist: Im Ready for a Home!
Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice.
Image byDooder(Shutterstock).
Additional photos bySarah Reid,Marion Doss,Kristen Wheatley,David Brown, andTim Pierce(Flickr).
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