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

2. 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:______

3. 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 ______
  Bathrooms______

4. Research Potential Neighborhoods
• Search online for information on schools, crime rates, traffic patterns, and zoning. (Search for schools in your are at Flatfee.com)
• Check what the commute to work would be.
• Locate local amenities  you would want such as parks, malls, restaurants.
5. 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.
6. Search Homes in the MLS and For Sale By Owner.
• Search listings online, including FlatFee.com
• 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.
7. 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.
8. 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.
9. 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: $ ________

10. 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)

BACK TO HOME