An Outline Of The Home Owning Process

3 minutes read

It’s never been easier to own a home. To the bare minimum, the only things you need to own to get a home are:

a) an incomeb) a proof of this incomec) a tax information of this income

No, you do not need to be a millionaire to own a home. Nor do you need to have no debt. Or even have a credit score. Today’s real estate market is a menagerie of diversified mortgage products that cater to a variety of consumer needs and borrower types.


No credit history? No problem. Your lender can evaluate your ability to repay a loan via alternative sources (such as your rent payments). Don’t have enough down payment? There are government-insured mortgage programs with less stringent requirements. Damaged credit? The minimum credit requirement for an FHA loanis only 580 and if your score is lower, you still have a chance to qualify.

So yes, if you’re in the workforce and is earning, you can get a home. You can finally stop paying your rent and your money can go towards something you know you will have for yourself someday.

Find out today’s rates.

Start now! And the best way to get started is to plan well. To familiarize the way and avoid the stumbling blocks.

When you plan, you know what to expect, and when you know what you expect, you can calculate your moves. Perhaps even strategize and find the best possible way to achieve your goal. In this case – homeownership.


Here’s a simple outline of the homeownership process that can help guide you on your own little steps to owning a home.

Put yourself in perspective. Imagine yourself as a homeowner. What do you look for in a home? Determine how much you can afford based on the previous assessment. Ask a professional. “Am I being realistic?” “Can I find a home like this with my credit and with the current conditions in the market?” It’s comforting to have an expert opinion. Work with an agent. Find financing and get pre-approved. Compare homes based on your budget and narrow down your list. Forward your offers. Be ready to bid, if ever. Have the house inspected (if this is not waived on your deal). This will help you find out if there are important repairs that need to be done on the home and get settled before you can pay and move in. Find good, reputable movers. Finalize your mortgage. Get insurance. Shop for home warranty. This covers for the system and appliance breakdowns not covered by your insurance. Set up. Check the utilities, connections, electricals, including the nearby available shops and facilities. Take care of necessary home care services, pest control, lawn care, cleaning services, etc. Sign closing documents and get your keys. Replace locks. Set up your home and living systems. Keep your mortgage payments on time.

Indeed, they seem simple but each of these steps are also layered with their own processes. It’s one giant leap that requires a ton of calculation. After all, you’re not just buying another furniture. Buying a homeis perhaps one of the most important decisions you will ever make in your life. Make it worth the effort.

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