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10 Steps to Prepare for Homeownership
- Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
- Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
- Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
- Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
- Get your credit in order. Obtain a copy of your credit report.
- Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
- Organize all the documentation a lender will need to preapprove you for a loan.
- Do research to determine if you qualify for any special mortgage or downpayment assistance programs.
- Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
- Find an experienced REALTOR® who can help you through the process.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2004. All rights reserved. www.REALTOR.org/realtormag
Dearborn Heights
Price: $34900
Certificate of Occupancy attained! Beautifully updated home, just needs a few personal touches!! Updated Kitchen and Baths. Large walk in storage located in 2nd floor 1/2 bath. Nice sized bedrooms and closets, plenty of storage. Finished Hardwood Floors, Fresh Paint and New Carpet! Large fenced yard with 1 1/2 car garage, large covered front porch. Lovely view from the updated windows! Move in ready! Call today to schedule an appointment!
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Detroit
Price: $12000
Well maintained home! New driveway, porch, and garage in 02. Complete tear off Roof in 99. Bonus 13x9 room upstairs (sitting room). finished hardwood floors throughout the main level and upstairs. Spacious Living Room! Partially finished basement and central air. Buyer to order city inspection and sign acr with city. All Offers Are Subject to Bank Approval!!
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