Federal Home Loan
Bank members click here for homebuyer
education providers
ATTENTION PROSPECTIVE
HOMEBUYERS
Want to make sure you love
your home?
Attend a homebuyer workshop early in the
process.
Click on the Workshop Schedule to find a
homebuyer workshop.
Your American
Dream – Tips for Loving Your Home
There are lots of tips on the internet for
how to maneuver through the process of
selecting and financing a house. Here are
some tips
from the Oklahoma Homebuyer Education
Association on how to make sure you will be
happy with your decision for years to come.
1.
Write down what you need and
what you want. Talk it over with
your co-buyer. Determine what’s
negotiable and what isn’t. Take
your checklist with you and
compare every house to your
standards.
2 Be
realistic about what you can
afford. Housing should be about
30% of your income. Your house
payment should leave you plenty
of room to establish a reserve
account for maintenance and put
away at least 3-6 months income
in reserve to ensure against job
or medical emergencies or homeowners insurance claims. Put
money in these accounts every
month and don’t use them for
gifts, vacations or other
purchases. Can’t afford all
that? Then think twice about
homeownership.
3. Look
for information, not advice.
Homeownership is a big
commitment. Make your decisions
based on your needs not someone
else’s opinion. (Remember the
checklist!) Be especially aware
of potential conflicts of
interest. What’s in it for the
agent or loan officer can affect
what that person tells you.
4. Never
sign anything that is different
from what you were told about
the deal. The person who tells
you “it doesn’t mean that” or
“that won’t happen” isn’t the
person who will have a problem
later. The only thing that
matters is what it says in the
document you sign. Make sure you
can live with every word of it!
5. Don’t
commit to homeownership to make
your spouse happy or because
your parents think it’s time.
Homeownership doesn’t make you
responsible, it gives you
responsibilities.
Interact with other buyers who may have good
questions you haven’t even considered. Talk
to a housing professional who has
nothing to gain from your decision to buy a
home. Attend a homebuyer education workshop.
See “Workshop Schedule” at
www.HomebuyerEducation.info.
