funding circle requirements Road Map to Homeownership | How to Buy a Home

Thinking about buying a home? Here’s your Road Map to Homeownership. Learn everything from the first stop you’ll make on your journey to the last stop before moving in and much more. We cover the home buying process – from start to finish. Check it out now and learn how to become a homeowner today!

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Roadmap to homeownership.

First time going down this path? Don't worry. The road to homeownership is a well-traveled one. To make your trip as smooth as possible, consider stopping at these points along the way.

First stop: Prep your finances. Order full copies of all 3 of your credit reports for free and see how your credit score compares. After you get your report, check for and correct errors. Start paying down personal debt and refrain from taking on additional debt.

Let's take a rest stop and do some soul searching. What do you want in a home? Answering this question will focus you on homes in your price range. Some of the most popular features are: 3 bedrooms, laundry room, and energy efficient appliances.

Next stop: Line up the money. Start getting serious about saving toward your down payment, then schedule a visit with a loan officer to figure out how much you can afford to borrow. Some tips to saving and planning expenses are: cutting back on eating out, separate your savings from your spending account, find a side gig and stash the cash, don't give away your unwanted stuff, sell it, save your tax refund or bonus, and if you get a raise, save that extra cash, too.

If you're ready to move forward, then request a preapproval letter, which gives you potential advantage with sellers over a prequalification letter.

Recommended stop: Hire a Real Estate Agent. Focus your search. Typical homebuyers use the internet to visit 10 homes over 10 weeks before making their first offer. 87% of homebuyers used a Real Estate Agent, and 44% started their search online.

Hard Stop! Make an offer. Since homebuyers typically pay 98% of the asking price, factor this into your offer to make it more attractive to sellers. Other things you can do to win the bid: Don't ask for items like furniture to be included. Offer a larger down payment than is required, extend a month of free occupancy to the seller.

Reality check: Get a mortgage. It's time to work with a New American Funding Loan Officer to find the right financing option for you and make sure you have your down payment in order. The higher your down payment is, the lower your monthly payments will be.

Mandatory stop! Inspection. Working with an inspector gives you an important understanding of your future home's condition and how it aligns with the asking price.

5 reasons to hire a home inspector: Alerts you to issues you may have missed, enables you to ask sellers to pay for repairs, could allow you to reduce your offer, makes you aware of future maintenance requirements, gives you more confidence in your purchase price.

Final stop: Close. While costs vary by region, homebuyers should expect to pay closing fees of between 2% and 5% of their home's purchase price.

You have reached your destination! Congratulations! Time to open the door to your new home. Contact New American Funding today, and we'll guide you on the road to homeownership.

funding circle requirements Road Map to Homeownership | How to Buy a Home
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