Here’s a great list from First Republic Bank regarding how to prepare for purchasing a home:
Buying a home can be both exciting and daunting, especially in competitive markets. But with a bit of prep work and research, the process can go smoothly. Here’s an overview of the steps to get you on your way to home ownership.
Step 1. Assemble your team
– Find a real estate broker who specializes in your specific area or neighborhood of interest
– Vet and line up a banker or mortgage broker, real estate lawyer and a home inspector
Step 2. Gather important documents
– Request your credit report from all three credit rating agencies: Experian, Equifax and TransUnion
– Assemble paperwork including tax returns, W-2 forms from the past two years, current pay stubs, bank statements from the past several months, current asset statements, and other relevant financial documents
– Apply for mortgage pre-qualification/pre-approval. This is key in competitive markets.
Step 3. Make a budget
– Learn about the down payment and closing costs associated with various property types.
– Budget for moving costs, renovations, taxes and everyday expenses
Step 4. Review mortgage options
– Weigh the pros and cons of different mortgage products. A 30-year fixed mortgage may not be ideal if you’re only planning to stay for six years.
– Get pre-qualified/pre-approved for a mortgage with terms that make sense for you
Step 5. Start house hunting
– Sort through your list of must-haves.
– Research neighborhoods.
– Look at online listings, visit open houses and private showings to find your dream home
Step 6. Submit your offer and prepare for closing
– Discuss the closing process with your real estate broker, which may vary greatly by neighborhood or region
– Keep track of deadlines for any purchase contingencies
– Arrange, complete and review the home inspection report and other disclosures
As with any big financial decision, preparation is key. Having the right team behind you will help lead you to your goal, one step at a time.
As always, please contact me with any questions regarding real estate or if you’re considering purchasing or selling your home!

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