Home Buying in Spokane>Question Details

Tyler, Home Buyer in Spokane, WA

Buying a home soon, what should I be doing to get ready?

Asked by Tyler, Spokane, WA Mon Aug 12, 2013

I am planning on trying to buy my first home around April of 2014. (waiting for my yearly Tax return) What Steps should I be taking other then saving money and keeping my debt at zero?

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Answers

14
One of the first steps in buying a house would be getting pre-approved for a home loan. The reason why you should get pre-approved first is so you can get an accurate idea of how much you can afford. Once you know this, you can start looking for houses in your price range. Also, offers from buyers who are already pre-approved are taken more seriously than offers without a pre-approval.

For a pre-approval a lender will review your credit files to see if you are able to qualify you for a loan. Here is a list of documents you may want to have ready when seeking a pre-approval:
- W2 forms from the past 2 years
- Pay stubs from the last 2 months
- Tax returns for the past 2 years
- Checking or savings bank statements for the past 3 months
- Statements for all your other assets like stocks, bonds, retirement accounts for the last two months
- Business tax returns if you are self-employed

These are just some basic things you'll need for the first steps in looking for a home. If you have any other questions or need a loan please contact me through the information on my profile page! Hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
12/23/2013

Tyler – hi there …are you still looking for some assistance with loan / mortgage ideas ? would you like to begin the pre approval process ? If so – drop me an email or a call

Dave Skow - WA MLO #278613
Eagle Home Mortgage
w 206 714 9745
dskow@eaglehomemortgage.com
http://www.eaglehomemortgage.com/daveskow
0 votes Thank Flag Link Mon Dec 23, 2013
Hello Tyler,
I know this may seem like an easy answer but truly the best thing you can do is start interviewing a full time REALTOR who will work with you from start to finish. The average buyer takes up to 3 months to find and close on a home. So the REALTOR you will be working with should be someone your very comfortable with. Even though you won't be buying until 2014, the REALTOR you choose can start sending you listing to your email just so you can start looking at homes that may have the same criteria you will be looking for. Also, you will start to get a feel for what area of town you may want to start your search in by researching ahead of time.

Also, as you may already know, a REALTOR can help you from start to finish with leading you in the right direction for a good loan officer who also will become part of your home search team and making sure you understand the debt to ratio and what you should or should not be doing that will help you secure a loan for your investment.

Hope this helps. P.S. I am a FULL TIME REALTOR :)
0 votes Thank Flag Link Thu Nov 21, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Wed Nov 6, 2013
1. Get pre-approved for financing or at least begin collecting information on financing

2. Identify and agent that can support your interests

3. Study your target market(s) and become an informed buyer

Happy hunting!

Bill
0 votes Thank Flag Link Wed Nov 6, 2013
I would contact a local lender to talk about the pre-approval process. Then I would contact a local Realtor to have them set you up on an auto search for properties that fit your criteria. Good luck!
0 votes Thank Flag Link Wed Nov 6, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Wed Nov 6, 2013
Dont pay off your credit cards - always leave $20 a month on the account to be paid. That will help increase your credit.

Dont open new credit cards.

Check your credit now to see if anything need to be fixed - since you have time to fix it now.

SAVE your money!!!
Dont open any lines of credit, Credit Cards, New Car Payments - Conserve!
0 votes Thank Flag Link Wed Nov 6, 2013
You could start interviewing Real Estate Agents. Please view this YouTube video about what to look for when interviewing REALTORS: http://youtu.be/k5YqXgf4zzU
Web Reference: http://youtu.be/k5YqXgf4zzU
0 votes Thank Flag Link Wed Nov 6, 2013
You should definitely make an appointment with a mortgage lender. They will be able to run a quick credit check for you and identify the areas that you should concentrate on, if any! Good luck!
0 votes Thank Flag Link Tue Oct 15, 2013
10/8/2013

Tyler

Based on the April 2014 target time frame you mnetion – this is only 6 months from now …do you need any scenarios reviewed to make sure that what you are considering is plausible and also in order to familiarize your self with the numbers and rates ?
Thanks

Dave Skow - WA MLO #278613
Eagle Home Mortgage
dskow@eaglehomemortgage.com
206 7149745
0 votes Thank Flag Link Tue Oct 8, 2013
You could start interviewing real estate agents. Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:

1. Why did you become a real estate agent?
2. Why should I work with you?
3. What do you do better than other real estate agents?
4. What process will you use to help me find the right home for my particular wants and needs?
5. What are the most common things that go wrong in a transaction and how would you handle them?
6. What are some mistakes that you think people make when buying their first home?
7. What other professionals do you suggest we work with and what are their credentials?
8. Can you provide me with references or testimonials from past clients?

Visit my Web site - http://www.BuyOrSellSpokaneHomes.com and click on BUYER RESOURCES, under MOBILE APP, in the middle of the home page, to get all the buyer resources you'll need through the home-buying process.

I would be honored to serve you through your real estate transaction, Tyler, and to keep in touch with you until your ready to start the search.

James Creviston (509) 270-4687
0 votes Thank Flag Link Sat Oct 5, 2013
Finding out about your ability to get a loan is I agree the crucial first step. Just because you can afford a certain rental payment does not necessarily mean that you can qualify for the same loan payment. Also there is home owners insurance and real estate taxes monthly amounts to be added to the mortgage payments for the total monthly outgoing. Some of the internet calculators do not include this so that can be a surprise when buyers get with a loan officer.

I find many of my First Time Buyers get more quickly along the process when they meet a loan officer face-to-face, some are very comfortable online. Find a loan officer that can offer the WA state First Time Home Buyers funds as not all can. Some Brokers also have this education and can better explain those options to their buyers
0 votes Thank Flag Link Fri Aug 16, 2013
I agree with Brian. We have local lenders here in Spokane for different scenarios.
I've seen many walk into the home purchase blindly thinking they can afford something and not qualify.

It is for this reason many agents will NOT entertain showing homes to a buyer they know has not been pre-qualified yet. In addition many sellers will not entertain an offer if it is not accompanied by a lender letter.

REMAX has a list of local lenders if you need help finding a suitable one.
0 votes Thank Flag Link Mon Aug 12, 2013
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