10 Steps to Buying a Home at Cony Village
Contact Cony Village
Join the mailing list and stay updated with news and special events.
Housing counselors are also available to answer any questions you
have along the way. Contact Amy MacDonald of Sprague and Curtis
Real Estate at 207-485-4789 for more information.
Education
Attend a Home Buyer
Education Class. This class is a smart investment for anyone
considering buying a home and it's now required by many
financial institutions before you can secure mortgage financing.
The class will get you thinking about the pros and cons of
homeownership and help you to evaluate your needs by looking at
your current income, debts and ratios. Visit
www.mainehomeworks.org
for a statewide schedule of classes.
Create a Budget & Include Savings
If
you are not using a budget already, now is the time to start! As
a homeowner it is important to know what your expenses will be
and budget for savings for the unexpected. Think of it as
"Managing Your Wealth & Assets". Buying a home at
Cony Village may cost you as little as $500.00 - $1,500.00 for
out of pocket expenses, about the same as rent & deposit,
but, as a homeowner, it is also important to have a little nest
egg.
Review Credit Report
Lenders would
like to see no late payments made in the last 24 months. If you
don't have data on your credit report due to not having borrowed
from a financial institution, you may still qualify for a
mortgage if you have paid utilities, rent, etc. over a period of
time with no late payments. A Homeownership Counselor can help
you to obtain and understand your credit report, call 377-2223
to schedule an appointment.
Get Pre-Approved or Pre-Qualified
Make
an appointment with your lender and ask what you should bring.
Your lender should be able to tell you how much you will be able
to borrow and discuss the most affordable options for you. Also,
contact any organization that may provide assistance money to
help you buy a home.
Design Your Home
You'll work with
the folks at Cony Village to choose the best floor plan for your
household. They will get the professional estimates needed to
determine the costs so you'll get the best value for your money.
You'll also choose interior and exterior colors, cabinet styles,
flooring and metal finishes.
Sign a Purchase & Sales Agreement
Once
a style has been selected and the building details are worked
out, you will enter into an agreement with Cony Village to have
your home built for an agreed price and time line.
Apply for Your Loan
Make another
appointment with your lender and ask what you'll need to bring.
If your lender asks for additional information, provide it as
promptly as possible, failing to do so could put your financing
at risk.
Shop for Homeowners Insurance
About
one week before closing, you will need to show your lender proof
that you have purchased your first year of Homeowners Hazard
Insurance.
Closing/Settlement
Your lender will
schedule the closing date and time with an attorney or title
agent and should keep you informed. This is when all the papers
will be signed and ownership will be transferred to you. You
will be offered Title Insurance and, if desired, you should be
prepared to purchase it that day. Your closing agent, attorney
or housing counselor can tell you about the cost and benefits.
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