here's a blog about first time buyers in general here.. http://blog.house-guy.com/category/buying-a-home-2/
To answer your questions regarding first-time home buying education ... Whether it be a formal course offered by a real estate professional or mortgage lender, or your own preparation to enter the home buying transaction and mortgage process, it is extremely helpful and beneficial to educate yourself. Allowing enough time prior to actual pre-qualification or viewing of homes and also to check your credit standing is important as well. I always suggest that anyone hoping to buy (esp. first-timers) allow themselves up to a year to check their credit, improve or repair credit, and place themselves in the best financial scenario possible.
Finding a mortgage lender to assist you in doing this should not be taken lightly. Ask for referrals before making this decision. Talk to real estate professionals you know, or that have been recommended to you. Talk to attorneys, insurance agents, home inspectors ... anyone that has closed a loan recently, for those referrals to a mortgage lender. You typically will start to hear a name or two multiple times from multiple people. That is a lender that you will want to talk to.
Regarding down payment: Options DO exist to buy without a down payment. That said, your options grow with the size of the down payment you have saved. Downpayment is another topic that you will be able to discuss when you speak with your lender.
My best suggestion is to contact me (testimonials and referrals available on my website and many social media sites), or a lender you have been referred to by multiple people. That way you can ask all your questions and start preparing yourself for your future purchase.
On my website you will find a list of financial documents that will be needed when you make loan application. Start gathering these documents now and it will help move your mortgage application and processing along more quickly and smoothly. I hope you find this list helpful moving forward.
I look forward to talking to you soon ... but should you decide to work with another lender, I wish you the best of luck ...
Here's the link to my document list: http://www.genemundt.com/Required-Documents.html
Whenever you go "Shopping" for anything, you need to know your budget (finances) BEFORE YOU SHOP.
FINANCES: This is done by going to a Major Lender. (Your trusted Banker). He/she will analyze PROGRAMS (How much down payment you will need) (How much payment will be comfortable for you to make and don't go higher!) (Discuss the costs for the loan) (How much your price range FOR YOU TO SHOP FOR THE PROPERTY) You will get a preapproval from the Lender! You will know how much you need for the downpayment and closing costs AND MAYBE A LITTLE EXTRA. Your lender will advise you about the downpayment and how much. Go for a fixed loan, long term.
SHOPPING FOR A HOME: Find a good BUYER'S AGENT (NOT THE LISTING AGENT AND NOT A NEW AGENT). You will need to PROVIDE (Proof of downpayment and maybe closing costs unless Seller will pay for closing costs) (also provide Loan PreApproval) WHEN MAKING AN OFFER ON THE HOUSE YOU WANT TO BUY.
YOUR AGENT WILL GUIDE YOU: (TITLE COMPANIES SOMETIMES GIVE A "BUYER'S GUIDE"- GET ONE FROM YOUR AGENT. IT WILL HELP YOU SEE THE SALES PROCESS AS YOU GO)
MAKING OFFER: ANALYZE THE COMPARABLE SALES VALUE OF THE PROPERTY B-E-F-O-R-E YOU MAKE AN OFFER. YOUR AGENT WILL HELP YOU KNOW IF THERE ARE ANY OTHER OFFERS (IF MULTIPLE OFFERS PREPARE TO GO HIGHER). CHECK THE PROPERTY HISTORY AND SOLD DATES. TAKE NOTE OF THE CONDITION OF PROPERTY. CHECK WITH SEVERAL NEIGHBORS ABOUT THE AREA. CHOOSE A SAFE NEIGHBORHOOD.
ALSO: DO NOT MAKE ANY MAJOR OR FURNITURE PURCHASES TILL AFTER CLOSE OF TRANSACTION! THIS COULD JEOPHARDIZE YOUR LOAN!
ONCE YOU GET ACCEPTED, YOUR BUYER'S GUIDE WILL COME IN HANDY BUT BE
T-I-M-E-L-Y AND GIVE YOUR AGENT WHAT SHE NEEDS (SIGNED DOCUMENTS) ASAP. TIME IS VERY IMPORTANT.
HOME INSPECTION: VERY IMPORTANT TO CHOSE A GOOD HOME INSPECTER THAT HAS INSURANCE AND CREDENTIALS. YOUR REALTOR SHOULD KNOW A FEW FOR YOU TO CHOOSE FROM.
YOUR BANK LOAN: VERY IMPORTANT TO PROVIDE IMMEDIATELY WHATEVER YOUR LOAN AGENT NEEDS. THIS COULD HOLD UP YOUR LOAN WHEN TIMING IS URGENT WHILE WAITING FOR THE FORMAL LOAN APPROVAL.
ALSO: REMEMBER TO CHECK WITH YOUR TAX ACCOUNTANT OR ATTORNEY IF CERTAIN ISSUES COME UP.. YOU MAY BE ABLE TO DEDUCT CERTAIN COSTS BEING A HOMEOWNER DURING TAX TIME.
THIS IS JUST A LITTLE OUTLINE ABOVE....BUT ONE MORE THING: MY LAST CLIENT WANTED ME TO PRAY WITH HER, FOR THE RIGHT HAPPY HOME, AND SHE IS VERY HAPPY! WE WERE THE CHOSEN BUYERS AND THERE WERE SOOOH MANY OFFERS!
Start by contacting a mortgage professional of your choice. Possibly the bank or credit union you may be using at this time. Tell them you want to get pre-approved for a loan. After that is done, contact a real estate agent of your choice to assist you in finding your dream home. You will be ahead of most buyers when you are looking at homes as you will be pre-approved with a loan subject only to the property appraising out for your purchase price. When you talk to your agent be sure to discuss buying short sales, foreclosures or regular owner occupied homes. If you need a home right away, foreclosed or owner occupied homes may be your best bet.
All the best,
Once you get pre-approved your home search can begin.
Congrats on deciding to buy a home of your own!!!
First thing you should do is get pre loan approval. I suggest you get approved by a MAJOR lender.
Once you know for sure how much you qualify for , get yourself a buyer's agent.
Tell your agent your "Wish List" for example: area, size of home, house vs condo, #of bedrooms # of baths, garage ect, and the loan approval amount.
Armed with this info your agent will begin hunting for homes for you. Providing you have a diligent professional agent and lender working together on your behave you will have little to worry about.
Best of Luck to You!
Kawain Payne, Realtor
You can sign up for a course, there are also many good books on the subject just to have an idea what is in store.
Once you know what to expect, begin to interview "Buyer Agents". An excellent Buyer agent will help you every step of the way to home ownership.
Best of Luck to you!
He's right! It's the most important step in the process, and will help set you on the right path for purchasing a home. Once you have your pre-approval, you should do some research and interview a few Realtors to find one you like. The services of a buyers' agent are free to you, but infinitely helpful in your quest for the right property.
Good luck and have fun!
Get Pre Approved!!
Get Pre Approved!!!
Before looking for a property - GET PRE APPROVED!!!!
By talking to a lender most of yoru questions will likely be answered.
Should you need any assistance, feel free to contact me.
Bill J Deligiannis
FIrst Centennial Mortgage
Leasing and Sales Consultant
Jameson Sotheby's International Realty
425 W. North Ave
Chicago, IL 60610
No first time home buyer courses neccessary...haha. The best thing I can recommend to you and all of my Buyer clients is for us to meet at my office so we can meet in person and can have a conversation with what you guys should expect throughout the home buying process, different tips and tricks to help make the home search easier, for you guys to ask any questions you may have and even for me to give you some good referrals whether it's for a mortgage lender or real estate attorney. You want to be sure to have a great team helping you throughout the process because it not only makes the home buying process a lot less stressful but everything will be super organized and there will be an easy process to everything.
At the end of our meeting we'll chat about what you're looking for, your needs versus wants and we'll set up a search for you on the MLS (a big database where everything for sale in Chicago is listed) and we'll go through some of the listings in order for you to get an idea of what to expect, what to look for and it's also great because I'll be able to get in your heads a bit and see what you really love and even what you really hate!
Let's set up a day/time that works for you and I and then move forward from there! Hope you guys have a good weekend if I don't hear from you.
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
Feel free to email all of your questions to us. We'd gladly answer them for you. Yes, I recommend having a down payment when you purchase. When you hire a good agent, you get you home buyer education.
Lucid Realty is a full service brokerage, and we also share our commission with our clients.
Check out more at: http://www.lucidrealty.com/services.php.
Whoever you select to assist you, I wish you all the best!
Once you pick your lender then you need to let them pull the reports to get approved.
Feel free to contact me at 773-220-4421 so we can speak directly or e-mail me at JGall@RealtyExecutives.com.
John Gall ABR SFR
Realty Executives SourceOne
My time is free to you, call or email at your convenience.
Email me! I can put you in touch with a phenomenal lender who can answer all of your questions! I would love to assist you with your first time purchase! I can be reached at firstname.lastname@example.org or call me at 773-294-8939
Check out my Trulia blog. There is a lot for first-time buyers there. But my best advice is get yourself a good Buyer's agent and have them help you. It doesn't cost you anything and will save you in the long run. Make sure they are service oriented. Go through Trulia agent profiles in the area you are looking and have them help you.