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Ron Hall's Blog

By Ron Hall | Mortgage Broker
or Lender in Goodyear, AZ

What it takes to buy your first home

The daunting process of buying your first home can be challenging to say the least. I mean lets take a look at this: You decide, I am going to buy a home I mean how hard could this be?

You hop on the internet and start your search;

Almost immediately you are bombarded with information, what kind of house do you want, how many bedrooms, bathrooms, a big yard, a pool, the list goes on and on...

You muddle through that get your list together and hop in your car to cruise the neighborhood, and find THE house.

You swear you can hear trumpets in the background.

So you decide to call the person on the sign and ......

Then it starts you call the agent off of the sign and you get questioned to death and all you wanted was to see the house. Yes, this process can be daunting and extremely frustrating from all sides, and what is worse is you are the customer, in an effort to help you keep your sanity. Here is some useful information that all first time home buyers should be armed.

Get a Realtor;

Licensed real estate agents offer much more than access to the MLS (multiple listing service) and the best part is they happen to be a free resource to the buyer. Here are some of the benefits

They know the neighborhood

They know whether or not the home is priced fairly

They negotiate on your behalf

They have a fiduciary responsibility to you and you alone

They can guide you through one of the most stressful purchases of your life

There are so many other advantages to using an agent I could spend hours on this part alone. The point is hire an expert

Get Pre-qualified (This is where I come in)

A good lender can recommend several lending programs, explain terms, pros and cons of more down payment, less down payment , FHA, VA, conv, on and on.

I can tell you what you qualify for

I can tell you what loan amount you can get with what you have allowed for a monthly payment in your budget.

I can save you hours of looking at homes that you can’t afford or have you spending hours looking at homes that you didn't think you could afford but can.

The point is hire an expert.

Again, I could spend hours about the does and don'ts.

Understand the process; you are not buying a car. You are buying a piece of real property and as a result the laws are very different, they are there for your protection. These laws result in an enormous amount of paperwork and time. The average person has no idea of how many people actually touch a real estate transaction. So here is a general list.

Buyer

Buyers Agent

Seller

Listing Agent

The bank we are paying off (if there was an existing loan)

Loan Officer

Loan Processor

Underwriter

Funder

Title Officer

Escrow Officer

Escrow Assistant

County Recorder


That is the short list and believe me when I say that everyone has to do their job perfectly in order for there not to be any problems. Needless to say there are problems, most of which get solved without you the first time home buyer ever being made aware that there was a problem. The best part of this, and believe me when I say this;


That army of people are ALL working towards the same goal, getting you your first home.

As always I can be reached at 623.293.6970


Ron Hall



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