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Because you’re highest ranking personal investment is most likely buying a home, your decision making should be done with a plan.  If you have a plan, you will have ease in the home buying process.  When you are organized and in control, you are more likely to get the best possible deal with the least amount of stress.  To successfully achieve your housing goal, anticipate your steps. Then, build a plan of action that gets you there.

When you are ready to build a plan of action, you should take the time to lay the groundwork for your decision-making process.  There are a couple steps to follow.

First, ask yourself how much you can afford to pay for a home. If you’re not sure on the price range, you can find a lender and get pre-approved.  After pre-approval, you will know how much you can afford and can look for homes in your price range. Pre-approval also helps you alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate.  You know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect but are not in your price range.

Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:

  • convenience for all family members
  • proximity to work, school
  • crime rate of neighborhood
  • local transportation
  • types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.
Before you can build a plan of action, take the time to lay the ground work