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✅ FIRST-TIME HOMEBUYERS' CHECKLIST



In a competitive market where homes can fly off the market in a week or less, it's essential that buyers come to the table prepared. Here's a list of steps every first-time homeowner should consider in their search.



STEP 1

MAKE SURE YOU'RE READY TO MAKE THE MOVE

  • Do you have a stable job or income?

  • Do you plan to live in the same location for at least the next 2-5 years?

  • How soon do you need to move?

  • Are you prepared to accept the responsibilities of homeownership? Property tax, homeowner insurance, maintenance cost etc

  • Will anyone else be helping you make the buying process?


STEP 2

CREATE A WISH LIST

Rank what's most important to you:

  • Location: Suburbs, city or country? Any specific communities?

  • Size: How many bedrooms/bathrooms? A large yard?

  • School district and community amenities?

  • Public transportation

  • Commute distance/time

  • Will anyone else be helping you make the decision?


STEP 3

DETERMINE YOUR FINANCIAL STATUS

  • Consult with a lender. Request an emerged credit report from all THREE credit bureaus (Equifax, Experian and TransUnion). Correct any credit errors ASAP.

  • Estimate your Down Payment. A 20% down payment is ideal to avoid paying PMI (Private Mortgage Insurance). If budget is tight, check if you're qualified to a low down payment with Conventional Loan or FHA

  • Calculate approximately 3-6 months worth of emergency funds for unexpected maintenance


STEP 4

COLLECT YOUR NECESSARY DOCUMENTS FOR FINANCING

  • Gather Proof of Employment, including pay stubs and tax returns from past TWO years

  • Print Bank and Investment Account Statements from past 60 days

  • List your previous addresses of residence if at current address for less than 2 years

These necessary documents are preliminary for conventional loan and may vary from different loan program.



STEP 5

CONSULT WITH LENDER AND CHECK MORTGAGE OPTIONS

  • Gather quotes, fees and terms from lenders

  • Obtain a Pre-Qualified Letter from lender

  • Get pre-approval for a loan to show sellers that you're serious

  • Refine your price range and start budgeting for monthly payments



 





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