Five Easy Steps to Owning Your Own Home

Buying your own home is one of the largest purchases you will ever make. What should you do to get ready?

The key to a successful home purchase is making your choice through your finances, not your emotions. This takes research and patience. Here are five steps that can help you make a good decision.

1. Decide how much you can afford.

You should look at your finances in order to determine how much you can afford to spend on a home. Look at your income, assets and current debt level. You aren't looking at what percentage the lender says you can afford, you are looking at what your finances dictate. If your lender says you can spend $1,200 a month, but you know you are struggling with a rental of $1,000 a month, you probably know that you don't need any more than you already have.

You should also consider the down payment and closing costs. Lenders are usually looking for a 5% to 20% down payment.

Don't overlook other expenses, such as property taxes and homeowners insurance. Your total interest, principal, taxes and insurance payment should not exceed 28 percent of your gross monthly income according to lenders. Your total monthly debt, including your mortgage, autos, student loans and credit cards should be under 36% of your gross income.

You don't have to have a house in mind before you apply for a mortgage. It is a good idea to be pre-approved when you are looking for a home It will give you the security of knowing that you have funding and the buyer will know you mean business.

2. Look for what you want.

Spend the time to find the home you want. Find a professional realtor that can help guide you through the home search. Start by checking out neighborhoods and then narrow it down to a house. You should consider the schools, parks, commuting times and availability of public transportation.

When choosing between homes, look at the size, number of bedrooms and baths, design and amenities. Decide what your "must haves" are and what the "nice to haves" are. For example, you might be willing to trade a large kitchen for a swimming pool.

3. Negotiate for the right price.

Once you have the funding in place and have found a nice home, make an offer. Your realtor will help you in submitting your purchase contract. This will include the offer price and any contingencies, such as home inspection and appraisal.

The seller will either accept your offer, reject it or make a counter-offer. Negotiations can go back and forth until both parties are satisfied. Don't get caught up in having to get the home and loose sight of how much you can afford. You don't want to pay more for the home than it is worth.

4. Pick out of mortgage.

There are many types of mortgages to choose from. The basic two are fixed rate and adjustable rate. Fixed-rate mortgages have interest and monthly payments that remain the same throughout the life of the mortgage, which is usually 30 years or less.

Adjustable-rate mortgages are also called ARMs. They come with a lower initial rate than fixed rate mortgages, but the rate and payment amount can move up and down with the financial index. This can happen as often as twice a year.

5. Close on your home.

The closing, or settlement, is the point at which you finalize the transaction. You walk in with a check and out with your keys and the property's title. You can expect to pay between 2% and 5% of the purchase price towards closing costs. These costs include fees, services and points paid.

After closing, you can settle in to your home and enjoy all of your hard work. Five simple steps and the house you dreamed of is yours.



Posted by Joy Bily on December 13, 2008 at 12:00 AM

About Joy Bily
Joy Bily is affliated with RE/MAX Realty One, which is located in Crystal River, FL. For further assistance please use the contact information located on the right.



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Local Information for Crystal River, FL

Latitude: 28.90067 -- Longitude: -82.593699


ZIP Codes for Crystal River, Florida 34423  34428  34429 
Area Code for Crystal River, Florida 352
Time zone for Crystal River, Florida EST



Other Area Cities:   Crystal River, FL  Beverly Hills, FL  Homosassa Springs, FL  Dunnellon, FL  Hernando, FL  Inverness, FL  Homosassa, FL 

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Crystal River is a city in Citrus County, Florida, United States. The population was 3,485 at the 2000 census.(4,044 in 1990). According to the U.S Census estimates of 2005, the city had a population of 3,600. [1] The city was incorporated in 1903 and is the self professed "Home of the Manatee". Crystal River is located on the Crystal River and is home to a nuclear power plant, the Crystal River 3 Nuclear Generating Station. -- Source: Wikipedia.com




Florida 2000 Census Population Profile Map

Crystal River Florida United States
Population 3,485 15,982,378 281,421,906
Median age 48.5 38.7 35.3
Median age for Male 47 37.3 34
Median age for Female 50 40.1 36.5
Households 1,498 6,337,929 105,480,101
Household population 3,234 15,593,433 273,643,273
Average household size 2.16 2.46 2.59
Families 928 4,210,760 71,787,347
Average family size 2.68 2.98 3.14
Housing units 1,956 7,302,947 115,904,641
Occupied units 1,498 6,337,929 105,480,101
Vacant units 458 965,018 10,424,540

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Joy Bily - RE/MAX Realty One
Joy Bily
RE/MAX Realty One


730 N Suncoast Blvd.
Crystal River, FL 34429

VOICE: 352-795-2441

TOLL FREE:
888-850-8645



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