The Steps to your Dream House

The process of buying a house may seem intricate and time-consuming. But if you know the right steps to take, then holding the keys to your very own home will happen in no time at all.

There are 9 important steps that lead to your brand new front door. Just read through and you’ll learn that the process of owning a house isn’t really that complicated after all.

1.    Affordability – It’s important that you’ll know before-hand how much you can afford, so you can start to budget your finances. This will depend greatly on your income, your present monthly expenses, credit rating, house equity and interest rate. A calculator can aid you with your computation but to be on the safer side, consult with a lender or an accountant to help you come up with a reasonable figure. You can also tap a housing counselor to help you come up with plans to manage or pay off your debts and start saving money for a down payment. There are also homebuying programs available that can help you with your down payment or closing costs.

2.    Exercising your rights – When it comes to home ownership, it pays to know your rights. Keep in mind that you can’t be denied home ownership based on your race, nationality, color, religion, familial status, sex or handicap. If you have disability, you have the right to be exempted from building policies that will hamper you from living a normal life. Example, if a building has a "no pets policy", a visually impaired tenant should be allowed to keep a guide dog, regardless of the policy.

3.    Loan wisely – Don’t make a loan at the first lender you encounter. Research thoroughly before getting a loan. Meet with several lenders, compare costs, compare interest rates, and always do some negotiating to achieve the best deal possible. You can always ask the assistance of the Federal Housing Administration. Your down payment can be 3% of the total purchase price. For more info on FHA, this site maybe of help to you:  http://www.hud.gov/fha/loans.cfm

4.    Local Homebuying Programs – Check out homebuying programs that are sponsored by your state or local government. Other organizations can do this too. On this site you can find a state with a homebuying program that may interest you: http://www.hud.gov/buying/localbuying.cfm

5.    Shopping for a Home – This is the fun part for most home-buyers. But before you start driving around looking for that perfect home, make sure you have guidelines that will help you pick the best from the lot. Choose a good real estate agent, list all the features you want from a house, come up with a home shopping checklist: http://www.hud.gov/buying/checklist.pdf.

6.    Making an offer – As soon as you decide on the house that you like best, it’s time to make an offer. Make sure that you discuss the whole procedure with your realtor.