10 Steps to Buying Your Own Home
Step 1: You are doing it.
You are reading this post from RodwellBuildingServices.com. So if you are a subscriber or just happen to be passing by; make the best advantage of Steps 2 and 3. RodwellBuildingServices will guide you through Steps 4 through 10 on the plan.
Step 2: Determine How Much House You Can Afford
Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.
But you should make this determination based on your own financial situation. Use our Affordability Calculator to see how much house you can afford.
To help you save for your down payment, try Discover Bank’s AutoSavers Plan, which makes it easy to put aside money each month.
Step 3: Get Prequalified and Preapproved for credit for Your Mortgage
Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage bankers, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much they can lend you. This will tell you the price range of the homes you should be looking at. Later, you can get pre-approved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit.
You can Discover Steps 4 through Step 10 for the moment here
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