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ANG | Does anyone have any tips for a first-time home buyer? |
Any tips or suggestions you may have would be appreciated. |
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*NuBCaKe*
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If you are in the PA area, go to www.aimhighrealty.net. The one agent there specializes in first-time home buyers. HIs name is Mike. Even if you are not in the area, go to the site and message him, or call him. They can help you find someone in your area! Good luck |
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Skip
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The first thing you need to know is if you are qualified to purchase a home. You will not get a contract, talk to a real estate agent or anything unless you know if you can afford to purchase a home and how much this is gonna cost.
So the first thing you should do is contact a "Mortgage Broker' you may find this animal in your local telephone book. Tell him you plan to purchase a home in the nex 6 months or so and want to get "PRE-APPROVED"
Now this person is gonna want to see lots of documents to prove certain things about you and anyone else trying to buy this home with you.
So to get you started I am gonna give you a few of the things you will need
#1 Fed income taxes for 2 yrs as well as W-2 for the same period
#2 Pay stubs covering one complete month.
#3 6 months from bank statements from all the banks you use to include any 401k plans at your place of employment.
This will get you started during your first interview. Now don't plan on a short trip to the mortgage broker's office or telephone to fill out the application. There are lots of questions as well as lots of forms to sign that are required by state and local authorities. He will even fax them to you. Make sure they are accurate as possible before returning them.
Once he has the documents signed and back in his hands, he will run a credit check thus finding out your credit score. With this credit score he can now tell you what loan programs you are qualified for. The appropriate monthly payment, how much the lender will allow you to borrow to purchase your home as well as tell you about the interest rate of your mortgage.
Once this has been discussed with you and whom ever is gonna purchase this home with you, now you are able to find a real estate agent or the mortgage broker can recommend one.At any rate you now have your "PRE-APPROVAL LETTER" and now you can look for this home you want to purchase.
Once found you go back to the mortgage broker to complete the transaction. He will order an appraisal to prove the value of the home you have selected. The real estate agent will draw up a sales contract for you and the seller to sign. He will give copies to the mortgage broker, and escrow closing agent.
Your mortgage broker might want additional items from you this is normal just find what he needs he is working on your behalf and acting as go between you and the lender..
Shortly thereafter the mortgage broker will call and set up a date for you to sign your loan docs, again plan on being there for a time. This is not a hurry up process.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Vladimir Putin
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See if you can find a Buyer's broker. Depends on your state but in Texas they can sign a binding agreement that they are only acting in your interest, and the realtors have to treat them the same as any other broker.
Get on the internet and look at lots and lots of listings.
Pick neighborhoods first, then houses. Do lots of walk-thru's, even if you're not interested in the house so you can learn what's out there. Take a digicam and a notepad or maybe a voice recorder and keep track of every one - they do tend to run together. Take your time, don't let any agents rush you into buying because "this one is perfect and you've seen enough and it won't last".
Location is more important than you think - little things like how far to the store, is there a park nearby, a school, what's the traffic like in the neighborhood, is it possible to make a left turn during rush hour, etc. When you get a "short list" candidate, try to visit during morning and evening rush hour and on a weekend.
Don't get suckered into more house than you can afford - there are lots of offers like "interest only" mortgages that will only get you into trouble later. If you can't qualify for a standard fixed 30 yr, and comfortably manage the payments + taxes + utilities etc, then the house is too expensive.
Good luck, and don't stress too much... |
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mrjrpadilla
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Read everything and don't be afraid to ask questions! A must read is the property inspection report! Also to be in a better bargaining position get pre-approved for a mortgage.If you are going to be looking at multiple house keep a list of the locations and list the pros and cons. |
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mortgage help
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Be there for the home inspection. Walk with your inspector as he goes through the property. You will learn a LOT. |
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patrickmcc55
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Get a professional real estate agent, and see a mortgage broker before you see your first house. Find out what you can afford, and get a mortgage approval letter. Make sure your real estate agent knows your maximum price. Make sure you have a home inspection before you sign a contract. And remember, home ownership is the best investment over time you can make.
Good luck. |
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?
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hire a lawyer to review all contracts before you sign anything |
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bradwoodruff
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One of the best information spots is: http://www.hud.gov/
It's a government agency and they will tell you what information that your state has for you. Including grants and special loans. |
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ScottMortgageExpert
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Get pre-approved before you do ANYTHING. Don’t even go to realtor.com to look into properties. Don’t even budget. Without knowing A) what you qualify for B) what your payments would be as different prices, then you need to stop and go back to start. Prequalifying/pre-approval is the most important process because you know nothing about what you can afford without being preapproved ahead of time.
Tips: IT is a BUYERS MARKET, you should be able to have the seller pay all your closing costs depending on if your loan allows it. You also should offer at least 10% below asking price and make sure you are working with a good realtor. I suggest always working with one when buying since the seller is paying them, not you. For sale by owner sellers usually end up listing with a realtor anyway and it is hard to be a first time buyer with no one holding your hand.
Do not forget to consider taxes and insurance and if someone tells you not to escrow, make sure you do what is right for YOU and not them
You can go into a local bank but mortgage brokers will be able to offer many different loan products (yes, a mortgage is a product, many different types) and you might be able to get that home you did not think you could afford. Be weary, interest only loans are NOT bad but be careful of the option ARM loans. Minimum payment loans aren’t even terrible if used correctly but you should beware of the monthly adjustable. Those rates are high now and possibly going up. |
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Linda M
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Have you checked with your area housing department? sometimes they have first time homebuyer's workshops and offer assistance for downpayment, etc... you never know! good luck! |
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ogrendle
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Find a Buyer Agent. They have ABR or CRS behind their name. They specialize in Buyer Representation. Be totally up front with them and they will do a great job for you. Go To: jackosullivan.net |
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