The Road to Home Ownership

Owning a home is always thought of as “The American Dream.” But homebuyers who don’t have a plan to follow could watch their dream turn into something closer to a nightmare. Even the writers at CNBC advise it’s far from simple when they give their tips to becoming a home owner.

RBFCU has put together four steps, each with three activities, which can serve as your guide down the road to home ownership.

Step 1: Do your ‘home’ work

GATHER your financial information (recent tax returns, financial statements and pay stubs).

DETERMINE how much home you can afford, amount needed for a down payment and closing costs. Find a useful calculator to assist you with the hard numbers.

GET preapproved. Work with a lender to obtain a preapproval letter. This will help during the negotiation process.

Step 2: Find your dream home

RESEARCH areas and neighborhoods of interest, and all things related to the location of your potential home.

CONNECT with a real-estate agent, who will help you to search smarter, not harder.

FINALIZE the offer with all parties’ signatures and earnest money.

Step 3: From contract to home closing

ALLOW time for underwriting, title search, survey and appraisal.

SHOP for homeowners’ insurance.

PLAN your move.

Step 4: The ‘home’ stretch

SCHEDULE a final walk-through and closing.

CLOSE the transaction at the title company.

TAKE the keys. Once funding has occurred, you are now a proud homeowner.