First time home buyers have many questions and sometimes seem confused as to where they need to start.
First, visit your bank or a mortgage company and get pre-approved for a mortgage. This DOES NOT mean you are borrowing money at that time. You are also under no obligation to use this company when you do find a home, but if they have done a good job giving you honest information, then you might want to use that bank or company.
What getting pre-approved DOES mean is you will know how much you can afford to spend on a house and what you will need for documents and down payment money. If you have credit issues that preclude you from getting a loan, a good mortgage broker should tell you how to repair your credit and get back on track.
Your next step is to find a real estate agent you feel comfortable with and who takes time to answer your questions. Preferrably, use an agent who is also a REALTOR. REALTORs belong to national and state organizations that hold the agent to a higher standard of conduct. If you are not sure where to go for pre-approval, you might want to find an agent first who can then recommend a few financing companies or banks for you.
Take time to write down a “wish” list of all the things you want in a home. Break down the list into “must-have” and “would like to have” but can live without. Try to be realistic; your first home should be comfortable and fit within your budget. Try to plan for the unexpected. If you or your spouse/ partner should get sick or be laid off, you want to be able to cut back on expenses but still be able to pay the bills.
Your agent should be able to help you make a selection of properties that fit your needs and desires. Realize that you can only look at a maximum of three or four homes in one day. If you try to see more, you won’t have time to really look at all the features.
It’s a good idea to bring a notebook or place the data sheets from the properties on a clipboard so that you can write on the backs thus keeping all your information for each property in one place.
When you are ready to make an offer, your real estate agent should be able to explain the process, step by step so that you feel confident and informed when you go to sign those final papers.
Good luck and happy house hunting!
First, visit your bank or a mortgage company and get pre-approved for a mortgage. This DOES NOT mean you are borrowing money at that time. You are also under no obligation to use this company when you do find a home, but if they have done a good job giving you honest information, then you might want to use that bank or company.
What getting pre-approved DOES mean is you will know how much you can afford to spend on a house and what you will need for documents and down payment money. If you have credit issues that preclude you from getting a loan, a good mortgage broker should tell you how to repair your credit and get back on track.
Your next step is to find a real estate agent you feel comfortable with and who takes time to answer your questions. Preferrably, use an agent who is also a REALTOR. REALTORs belong to national and state organizations that hold the agent to a higher standard of conduct. If you are not sure where to go for pre-approval, you might want to find an agent first who can then recommend a few financing companies or banks for you.
Take time to write down a “wish” list of all the things you want in a home. Break down the list into “must-have” and “would like to have” but can live without. Try to be realistic; your first home should be comfortable and fit within your budget. Try to plan for the unexpected. If you or your spouse/ partner should get sick or be laid off, you want to be able to cut back on expenses but still be able to pay the bills.
Your agent should be able to help you make a selection of properties that fit your needs and desires. Realize that you can only look at a maximum of three or four homes in one day. If you try to see more, you won’t have time to really look at all the features.
It’s a good idea to bring a notebook or place the data sheets from the properties on a clipboard so that you can write on the backs thus keeping all your information for each property in one place.
When you are ready to make an offer, your real estate agent should be able to explain the process, step by step so that you feel confident and informed when you go to sign those final papers.
Good luck and happy house hunting!
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