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Home Buyer Worksheet

  1. Determine How Much You Can Afford.
    • Calculate monthly income and debt.
      $_________  -  _________  =  $ ________
    • Check your FICO score and your credit report.
      FICO score  ________
    • Determine your down payment
      $  _________  Down OR %  _________  Down
  1. Pre-Approval Mortgage
    • Browse for the best interest rates and programs for you.
      Interest Rate:___________ %
      Loan Term  :___________  years
    • Seek out and speak with at least five lenders and mortgage brokers
    • Choose the mortgage that best suits your needs.
      -fixed -adjustable  -conventional
      -government -jumbo -other:______
  1. Decide what you are looking for in your home.
    • Choose the location. (rural, downtown, suburban, urban, waterfront)
    • Choose the type: (loft, condo, townhouse, single family)
    • Choose your architectural style. ______________
    • Choose your price range. $ __________ to $ __________
    • Choose the size. __________ sq. ft.
      Bedrooms ______
  1. Research Potential Neighborhoods
    • Search online for information on schools, crime rates, traffic patterns, and zoning. (Search for schools in your are at
    • Check what the commute to work would be.
    • Locate local amenities  you would want such as parks, malls, restaurants.
  2. Choose a buyer's agent that knows the neighborhood.
    • Seek referrals
    • Meet and interview with at least three agents.
    • Choose an agent with good experience and good chemistry.
  3. Search Homes in the MLS and For Sale By Owner.
    • Search listings online, including
    • Have your agent set up tours of homes that fit your wants/needs.
    • Review local newspapers for homes for sale.
    • Gather flyers and visit many open houses.
  4. Dig up information on each home you want to buy.
    • Have your agent provide comps to estimate the property's fair market value. $_______
    • Find out the reason the seller is selling their home.
    • Carefully examine the property disclosures.
    • Ask for any information about liens, easements, or any other restrictions.
  5. Make the offer and negotiate
    • Decide your purchase price. $ ________
    • Include any contingencies, whether it be financial, inspection, or purchase.
    • Clearly state any special requests/repairs you want to be included in the sale.
    • Decide on an earnest amount of money. $ ________
    • Determine a move-in date. _____/_____/_____
    • Negotiate. When both parties agree to the terms, sign the Purchase & Sale Agreement.
  6. Finalize the Deal.
    • Consider inspections for structural engineering, termites, and roof. Use this to renegotiate it necessary.
    • Choose your home insurance company.
    • Save cash on the side for closing costs and the down payment.
    • Do a walk-through inspection before closing on the home.
    • Finish the loan process with the lender you chose.
    • Have a professional do a home inspection.
      Inspector contact: ______________
    • Have the house appraised. Use this to renegotiate if necessary.
      Appraiser contact: ________________
      Appraisal amount: $ ________
  1. Close on the Home
    • Closely review the settlement document at least 3 days before closing. You will need to know how funds will be collected and distributed.
    • Be sure to get a cashier's check for the amount you need to bring to closing.
      $ ______________(includes the down payment and the closing costs)