Preparing to Buy a Home

I WILL HELP YOU ACROSS EVERY STEP AND TOPIC BELOW!!!

Getting Ready to Buy

Before touring homes, get clear on your must-haves vs. nice-to-haves—it’s easy to get distracted by cool design and forget what you actually need.

Write down why you're buying:

  • Tired of renting? Want to build equity?
  • Need more space? Moving for work?

Make two lists:

  1. Must-haves (bedrooms, location, etc.)
  2. Nice-to-haves (upgrades, yard, etc.)

Your needs might change as you look—that’s normal!

First-Time Buyers: 

Buying a home can feel overwhelming, but here’s the key:
โœ… You can do this—it’s not as complicated as it seems.
โœ… You’re in control—agents, lenders, and sellers work for YOU!

Plan ahead, stay confident, and make informed decisions.

Steps to Buying a Home

  1. Rent or buy? Decide what’s best for you.
  2. Set your budget.
  3. Find a real estate agent.
  4. Get pre-approved for a mortgage.
  5. Define what you want in a home.
  6. Pick the right neighborhood.
  7. Start house hunting.
  8. Tour homes.
  9. Make an offer.
  10. Apply for a loan.
  11. Schedule inspections.
  12. Close the deal.
  13. Move in! ๐ŸŽ‰

Renting vs. Owning

Why buy?
๐Ÿก Build equity instead of paying rent.
๐Ÿ’ฐ Tax benefits (mortgage interest & property tax deductions).
๐Ÿ“ˆ Home values usually go up over time.
๐Ÿ”‘ Freedom to customize your space.

Downsides?

  • Upfront costs (down payment, closing fees).
  • Maintenance is on you.

Owning isn’t for everyone, but if you’re ready, it’s a solid long-term investment.

How Much Do I Need?

Lenders often cover 80-95% of the home price—you cover the rest.

๐Ÿ’ก More down = lower payments (but 0-10% down options exist).
๐Ÿ’ก Less than 20% down? You’ll likely need PMI (private mortgage insurance).

Also, factor in closing costs (3-6% of loan amount)—sometimes negotiable with the seller.

What Can I Afford?

Quick estimate:
๐Ÿ  Home price = 3.5x your annual income
๐Ÿ’ฐ Monthly housing costs ≤ 28% of your income
๐Ÿ’ณ Total debt (house + other loans) ≤ 36% of your income

A bigger down payment or a good credit score can increase your buying power!

Getting Pre-Approved

Before house hunting, get pre-approved to know your budget and make stronger offers.

๐Ÿ“Œ Pre-approval > Pre-qualification (it’s a real commitment from the lender).
๐Ÿ“Œ Shows sellers you’re serious.
๐Ÿ“Œ Speeds up the buying process.

A lender will review your income, credit, and debt to determine your loan amount—so you can shop with confidence!

 

Preapproval gives you a very good indication of:

How much down payment you’ll need

Your closing costs

Your monthly payment (including PITI: principal, interest, taxes and insurance)

The type of loan for which you qualify and which best suits your needs; and,

Special programs for which you may be qualified, including those for veterans, first-time buyers, teachers, etc.

To become preapproved you will need to provide a lender with the following:

Your employment and income history (including recent pay stubs)

Your monthly debts

The amount and source of cash available for the down payment and closing costs

 

Preapproval letters are not binding on the lender, they are subject to an appraisal of the home you want to purchase and are time sensitive. If your financial situation changes, interest rates rise or a pre-determined date passes, the lender will review your situation and recalculate your maximum mortgage amount accordingly. You can research lenders yourself and ask them to preapprove you.

I will help to provide you with additional information on areas that are attractive to you, as well as schedule times for you to preview any properties that may be of interest.

Theodore Pearsall

United Real Estate Gallery


Office:
8380 Baymeadows Road, Suite 17, Jacksonville, FL, 32256
www.UnitedRealEstateGallery.com
(904) 500-3948
Agent:
theodorepearsall@gmail.com
(239) 209-6787
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This content last updated on Saturday, May 10, 2025 2:15 AM from RealMLS.

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