Ellison
Realty Services
Home Buyer Checklist
Your Guide to a Smooth Purchase
Part 1: The Home Buyer Road-Map
Step 1: Make Sure You Are Ready
- Review emotional readiness
- Analyze income and expenses
- Assess living situation
- Consider homeownership responsibilities
Step 2: Get Your Finance in Order
- Review all current debts
- Calculate affordability
- Research HOA fees
- Gather financial documents
Step 3: Save for a Down Payment
- Aim for 20% down payment
- Budget for closing costs (2-5%)
- Set aside moving funds
- Consider repair costs
Step 4: Find Right Mortgage for You
- Understand mortgage types (conventional, FHA, VA)
- Compare rates from multiple lenders
- Review loan requirements
- Factor in mortgage insurance
Step 5: Get Preapproved for Mortgage
- Shop with multiple lenders
- Compare loan estimates
- Gather approval documentation
- Obtain pre-approval letter
Part 2: Closing Documents Checklist
- Property Deed
- Property Survey
- Title Insurance Policy
- Mortgage Payoff Statement
- Transfer Tax Declarations
- HOA Documents
- Property Tax Statement
- Final Walkthrough Checklist