A few great tips to prepare yourself for Home Ownership

If your thinking about home ownership and thinking ahead, here are a few good tips you could be doing to prepare yourself.

• Ask friends, family or a Realtor who they used for a mortgage company and make an appointment. Be organized with W2 forms, a couple of pay stubs, and bank statements. Generally, you can afford a home equal in value to between 2 and 3 times of your gross income.
• If you had any credit errors get them corrected immediately.
• After you determine how much you qualify for, decide what you want to spend and explore different loan options - such as 30 year or 15 year fixed or ARMS, and decide what is best for you.
• If you have not started saving for your down payment and other fees you will have, its a good idea to do it NOW. Some cost include, 5% to 20%, closing costs, taxes, attorney's fee, and transfer fee etc...There is special mortgage or down payment assistance programs that is different with each state.
• Select where you want to live and pick out 2 or 3 neighborhoods. Drive around these neighborhoods at all times of the day to see what it is like. Develop a Home wish list and put them in order of importance.
• Now your ready to Contact a Realtor to help guide you with the process and start looking at homes.

June Tassillo - Realtor/Broker - Classic GMAC in Franklin, NC 28734

Visit my web site for more information at www.JunesRealtor.com