Countdown to home ownership

Purchasing a home involves a roller coaster of emotions, a pile of paperwork and nerves of steel.

Beginning the process without a cursory course in home buying is not a wise venture.

Here are steps along the way to expect on the way to your final destination — home ownership.

Step 1: Affordability: Before you visit a real estate agent, decide on a price range.

The best way to do so is to sit down with a financial consultant or mortgage broker who will weigh your current debt against your income and savings.

Step 2: Finding a home: Finding your prospective home can be a time-consuming process. Consult with a real estate broker, who will have current listings and up-to-date information, or set out on your own search by visiting open houses.

Step 3: Making an offer: In most states, you’ll be required to make a formal offer on the house in the form of a written contract. It will state your intended offer price as well as information on a down payment and proposed closing date.

Step 4: Securing a mortgage: Now that you know your purchase price, find a lender who will agree to lend you the money. Shop around for the best offer from several financial institutions, keeping in mind the current interest rate.

Step 5: Contact an attorney: You’ll likely want to contact an attorney who will guide you through the legalities that will ensue. (The seller probably has an attorney working for him.) A lawyer can review the contract and advocate for items in your favor — like improvements that need to be made, or appliances you’d like to keep. Your attorney will also facilitate contact between the seller, so you won’t need to be involved so thoroughly in the process.

Step 6: Home inspection: A licensed professional can best assess if the home is structurally sound and built according to code.

Should anything be illegal, or just not up to par, the inspector will include it in his report.

Step 7: Walk-through: In most cases, you’ll be able to walk through the prospective home right before the closing to make sure the house is in the agreed upon condition.

Step 8: The closing:You’ll be required to sign paperwork and present fees, called closing costs. Examples of closing costs include: down payment, property taxes, attorney’s fee, points, title insurance, clerical/processing costs, proof of homeowner’s insurance

After you’ve signed what seems like a million documents, and initialed a million more, you will receive the keys to your new home. Congratulations on being a homeowner!

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