Chapter 3. First time home buyer - The search process

Rest assured, if you are a first time home buyer, you will be faced with challenges, successes, and failures throughout the process, in spite of all preparation. There are financial steps you can take to equip yourself with the knowledge and skills to get a house and feel empowered with making the right decisions overall. Many steps have to be completed prior to embarking on the search process, others can be done simultaneously, and the remaining can be done once you are settled in your new home.

 

To help you out, we broke the process into 3 distinct sections with plenty to do in each to guarantee that your strategy will succeed in getting a mortgage you can afford, for a house of your choice. Always remember that lenders are watchful of the amount of debt you are carrying, your ability to make your payments on time, and your sources of income. Let's look at Section I first, which is the list of the steps that you would do prior to beginning the search for a house.  

 

 

How to

Section I: Before the search

 

 

Practice

Now that you have a good idea of financially related steps you have to take prior to searching for a home, can you think of additional ideas to add to your list? Think of paying it forward and discuss your list with a friend or a family member.

 

Congratulations! You can move on to Chapter 4. Ways to improve your chances of getting a good mortgage

To review the full module on Mortgage, click here.