Developing an Action Plan to Buy a Home

Successful home buying is not an event that comes naturally to some people and not to others because of chance or luck. Successful home buying can become easier if you have a plan. The action plan outlined below will start you in the direction of buying success.

Personal Financial Inventory

Assets Liabilities Cash available Credit Capacity (income & debt) Budget

Wants and Needs Assessment

Description of home Location Schools Recreation Shopping Transportation Church Resale potential Employment access

Home Buying Objectives

Understand your rights as a consumer Protect your equity Understand the role of the lender Use property inspections to your advantage Understand the appraisal process Anticipate closing surprises Know your legal and tax planning needs Accept marketplace realities Prepare for your next role as a seller

Obtain Financial Pre-Approval

Shop for a mortgage planner Hire the mortgage planner that will protect your interest Contract for mortgage services Qualify for home loan Wholesale interest rates Loan application and package Pre-qualification Pre-approval letter

Develop a negotiating strategy - Smart Home Buying Tactics Inspect available product (homes)supply Obtain independent appraisal Conduct necessary home inspections Re-negotiate important contract terms Preview closing documents Close when satisfied

BUYING A HOME SITE...helpful links

Buying (loan preapproval, funding, making an offer...) - Realtor.com Buying A Home (tips, guides, financial analysis & planning tools...) - Mortgage Bankers Association Buying An Unbuilt Home - The BBB Resource Library Condo & Home Interior Inspection Checklist - Axioms & Quotations On Life Home Buyer's Survival Kit - Kiplinger.com How To Buy A House - Michael Bluejay Looking to buy? Don't do these 7 things - Home Buyers Guide Back to Buying Tips & Tricks