PF:3.11.2 Lesson: Purchasing a Home

To close the deal for a new home certain steps have to be taken. Order the following steps according to what has to be done in the correct order to finalize the purchase. 1.Have a home energy audit and radon test. 2.Determine your down payment and monthly mortgage payment. 3. Close escrow, sign all closing documents, and take possession of your new home. 4.Have a home inspection, including insect inspection, electrical wiring, and other safety tests. 5.Have the final walk through after any corrections have been made based on the home inspection to make sure any issues have been taken care of before signing the final paperwork.

1. Second or Third 2. First 3. last 4. Second or Third 5. Last

Before considering a house to buy, you should make sure you are in sound financial shape. Choose from the list below some things you should do in order to be prepared to pursue a purchase.

- be aware of your credit rating and take steps to improve your rating - shop for interest rates that are available and any pre-qualifying needed - look into special financing for first time home buyers and federally subsidized loans - be aware of your credit rating and take steps to improve your rating

When shopping for a house, there are tips you can use to help your effort be more successful. Choose all of the tips below that are effective in making your search for a new home an easier process.

- think about the future and both the needs of your family and possible income increases - give the real estate agent a detailed list of what you want (number of bedrooms, baths, levels, yard, and other specifics) - decide on areas where you would like to live and visit at different times of day to see traffic patterns and other factors - choose a good real estate agent - use online mortgage calculators and amortization schedules to help you with working out possible payments - look for houses in your price range and budget