Buying A House

• Before you buy a home you need to ask yourself why you want to buy a house and set some goals. Goal setting is one of the most important steps in the progression towards home ownership. You will need to have enough money to cover the down payment and closing costs. The down payment is generally 3 to 20 percent of the property. Plan on $2,500 to $3,500 for closing costs. This means that if you are buying an $80,000 house with 5% down, you will need to have saved, or received as gifts $6,500 to $7,500.
• You need to shop for a mortgage lender, but before you begin shopping you need to check your credit report and correct any errors that appear on it. You need to request a copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and Trans Union).
• To learn more about being a homeowner attend one of the free seminars conducted by Consumer Credit Counseling Service of West Florida