Home Buying in Indianapolis>Question Details

Jennifer.lei…, Home Buyer in Fort Wayne, IN

First time home buyers out of town?

Asked by Jennifer.leighh, Fort Wayne, IN Sun Mar 2, 2014

My husband and I are moving to Indianapolis in August. We are currently living 2 hours north of Indy, and we are renting. When should we start the process, and what's the first step? Do we contact mortgage brokers in Indianapolis? Will we be able to even buy a house if we don't have a 20% down payment? I don't know anything about buying a house, but our move will be permanent and I'm tired of renting!

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106
All these professionals, but no one stated the FIRST thing you need to do. The absolute FIRST thing you need to do is to get all your financials in order. You need one year's worth of documents. You need your utility bills and bank statements for ALL of your accounts. Don't leave out even one single page. If the pages are marked "page 1 of 5" make sure you have all 5, even if the last two pages are advertisements for bank services and credit cards. Speaking of which, you will need to provide your credit report, so make sure you have a good score. Print out your report and examine it closely. Fix any problems before anything else. Do not make any major purchases, such as a new car, or do anything that might make your credit score move down. Any liabilities? You'll need to report them, so keep excellent records of all your student loans, car payments, etc. This will determine what price you can afford. If you have an IRA, you can use up to 10,000 of it for a down payment without incurring penalties, but don't withdraw the money until you have closed escrow, because if the deal falls through, you cannot use it for another offer unless you do so within the next month. If you have money tied up in assets, sell now. Moving large sums of cash into your accounts will raise red flags, so document those movements so you don't look like a drug dealer.

Before you get pre-qualified, you will need all of these things, plus current ID and SSN, because your banker will want to pull up your credit report in the office from her own computer.

The second thing you should do is find your top 3 neighborhoods. Then find a banker/credit union and realtor. Realtors specialize in neighborhoods, so don't bother getting a realtor before choosing a desirable neighborhood. A good realtor has local contacts that get you off to a good start. Visit a few realty shops and ask for listings and get a feel for the agents. Think about what qualities you want. For example, I prefer a female agent with a sharp tongue and a feisty temper, but is also a perfectionist and is on a first name basis with everyone in town who matters. I don't like meek or greasy, or overly-diplomatic, but others do, so find what works for you. If you can, get a realtor who lives in the area you are interested in.

Good Luck!
4 votes Thank Flag Link Mon Mar 10, 2014
Nice post, I am in the industry and really am impressed with your explanation.
What you wrote is true. The summary, you must be willing to be detailed oriented and provide exactly what is requested of you. The example used is fabulous. After January 10th 2014, it ismore important thanever for lenders to have accurate documentation with every loan file. Banking guidelines are now law. Remeber, you may only buy a home 1 or two times in your life. If you are able to identify the right team to work with (Lender, Real Estate Agent, Insurance Agent and Home Inspector), you will have a great transaction.
I suggest working with a local Mortgage Bank.
Flag Mon Mar 10, 2014
As A First Time Buyer Specialist in Pasadena, Calif. I always do a one hour consultation and give out a Buyers Kit to my buyers. Is very important that agents educate the buyers about the buying process to avoid any buyer’s remorse so when it comes to making the hard decisions they are ready.
Here are 8 steps to the buying process and what is discussed at the consultation:

(1) First, select a Realtor you can trust to guide you through the buying process.

(2) Second, get a loan approval with a bank or broker that is familiar with different programs for First Time Buyers. Is important to know what your price range is, and how the monthly payment fits the family budget.

(3) Third, have your agent go through the Purchase Agreement with you. Make sure that he or she explains the Due Diligence Process, and the Removal of Contingencies. This is one of the most important sections of the contract. I cannot emphasize how important this is. Removal of contingencies is very serious, it can put your deposit in jeopardy if not handled properly.

(4) Fourth, who is responsible for the payment for both, the Physical Inspection, and the Appraisal? It’s always the buyer responsibility, unless otherwise specified by the bank or the seller.

(5) Fifth, Seller Disclosures and significance after they are given to the buyer for review. If it's a planned community, such as a Condo or Townhouse, have agent explain who orders the minutes & CCR’s, and who is responsible for submitting the request to the Association.

(6) Sixth, Earthquake and Hazardous Report purpose and significance.

(7) Seventh, the Importance of Title Report and purpose and significance.

(8) Eight, have your agent explain the different parts of an offer; submitting offer, dealing with multiple offers in this market, counter offers, and final acceptance. After the offer is accepted (with a full executed purchase agreement) buyer is given a three days to take the good faith deposit to escrow. A few days after Escrow will put together a Preliminary Buyers Package delineating the terms and timeline based on the purchase agreement for both the buyer and buyer’s agent.

All 8 steps should help you buy a home without any fear of losing your deposit, or without any buyer’s remorse. Before you get in a car and start looking at homes sit with your agent have him explain the buying process, you'll be glad you did.

Good luck in obtaining the American Dream, Home Ownership.

If you would like to receive a Buyers Kit please contact us for 30 minute. consultation and receive your personalized Kit visit us at http://PasadenaBeautifulHomes.com or click on the link.

Best of Luck,

Natalie Aguilar Vogie,
First Time Buyer Specialist Pasadena, Calif.
Cell: 626-379-6472
Web Reference: http://bit.ly/O9nscC
1 vote Thank Flag Link Thu Mar 13, 2014
Start the process now!! Find out how much you qualify for. That will eliminate a lot of worry. After you know what your maximum loan amount is, then you can decide how much you feel comfortable paying monthly. It is important to have a detailed discussion with a couple of realtors. Ask your friends for a referral in your current area, talk with the agent to explain what you are looking for, and how much you qualify for. The local agent will be able to match you up with an agent in Indianapolis . Depending on the price range in the area you are looking for, you may be able to purchase a house with only 3.50% down or 5% percent down, depending on the type of loan. Once you have selected an agent, that agent should start sending you properties via internet. At least you will be able to decide the area you want to live in, type of house, etc. If you plan on moving in August, then you should have a contract to purchase no later then by June! It will probably take about 45-60 days for you to go to settlement.
Good Luck!!!
1 vote Thank Flag Link Wed Mar 12, 2014
The first step is always, get Qualified for a loan! Find out exactly how much you can spend, and then you will not waste time or be disappointed if you find something over your price range. Find a lender that knows the area.. a local lender, that you feel comfortable with. Ask how much they charge to lend you the money!!! It varies from lender to lender and you should shop for the best deal.
The interest will be determined by your credit, more so than by the lender, so ask what other charges are added to get the loan!!!
You may qualify for FHA, with only 3.5% down, or if good credit, there are some 0% downs again!

After getting prequalified then you find a great buyers agent and they will help you step by step from there!
Yes, owning a home is the way to go, instead of throwing that money into the landlords pocket!

Good Luck in your adventure !
1 vote Thank Flag Link Tue Mar 11, 2014
Based upon my experience of moving into several new communities, both big city and small town, I would highly suggest you rent for the first 6 - 12 months. As well as you may think you know the area, chances are you will be disappointed by your home selection. You will find out the traffic patterns are too congested, or the daycare you picked out for your child is much too far from your new house. Or that the 'best' school for your teenager is across town. If you rent for a year, or even 6 months, your preferences for shopping and eating areas will have time to emerge which will help you decide the best neighborhood to live in. What if you make a bunch of new friends only to find out they all live on the opposite end of the city? For all of these reasons and many, many more, please try to rent first.

I know how hard moving is but it's not as hard as selling a house to relocate. Trust me, I rented on my first relocation and the home I ended up buying after 1 year is not the same home I would have bought on day 1 - thank goodness! Upon my 2nd relocation, I got a little cocky and figured I knew it all - especially since I was moving to a small city! I regretted my decision from the day I moved in until I was able to afford to sell that place 7 years later (at a huge loss!) Wrong part of town, wrong neighborhood for us, and the house had major issues I overlooked because I was so anxious to buy!

Once you are settled into your rental unit, you can ask around for a good mortgage broker or bank. They will walk you through what you can afford and what financial goals you have to meet. And no, you don't have to have 20% down.
1 vote Thank Flag Link Tue Mar 11, 2014
100% agree
Flag Tue Mar 11, 2014
well said.
Flag Tue Mar 11, 2014
First and foremost first select neighborhoods that meet your personal needs. Examples: commute distance to work place; quality and reputation of schools if you have or plan to have children; Do you have a religious preference, if so is a church, temple or masque nearby. Where is the nearest medical facility and what public services are available if an emergency arises. Timing is all important. Investigate the local political situation - Is the area run by a city council or is it a county government with many communities to consider when making decisions. In short: buy a neighborhood first and then look for a residence in that neighborhood. You can change or alter your own residence but you cannot typically change the neighborhood. Consider the pros and cons of owning in a common interest subdivision this is a development that you are subjected to decisions of an elected board and you are obligated to pay a homeowners association fee for services which you may or may not want or agree should be part of the homeowners fee.
1 vote Thank Flag Link Tue Mar 11, 2014
Jennifer,

You've got a lot of answers here...most of them good. Yes...you should contact a couple of lenders. I usually tell my clients to contact me preferred lender and speak with someone at their own bank...at a minimum. I make sure they look at BOTH rate and closing costs.

If you don't have a 20% down payment, that's fine. Many buyers today are finding good rates on conventional loans with down payments as low as 5%. This will all depend on your credit and debt ratios. FHA loans used to be more forgiving with the debt ratio. That ratio is coming down...and FHA has upfront mortgage insurance. So, it can get a little costly. Just remember to figure in mortgage insurance into your payment if you don't have 20% down...or...some lenders will offer you two separate loans (to avoid PMI). It pays to look at all options and talk to the lender first.

From there, you know what your price range actually is. Nothing derails a home search worse than someone who believes they qualify for a 400,000 home when they really qualify for a 300,000 home. Once you've seen 400, 300 is a let down.

Get pre-approved, look at your budget and decide what you WANT to pay for housing each month...then talk to an agent and give him/her those ranges. Do it in this order and you'll save a lot of time and heartache.

Sincerely,

Ken Gerrans, Residential Broker
john greene Realtor
Trulia Pro, VIP
630-946-4688 cell/text
kengerrans@johngreenerealtor.com
1 vote Thank Flag Link Mon Mar 10, 2014
Try the Century 21 web site for free advice and a new home buyer checklist.

Good Luck
1 vote Thank Flag Link Mon Mar 10, 2014
Jennifer
You have asked the right questions.I would love the opportunity to help you with your move here to Indianapolis.I can help with all aspects of a move such as yours, including connecting with local known lenders,time frame for starting your search,movers and of course your new home.I have done such a move in the past and know how stressful it can be.Having a local realtor on your side to do the leg work for you will relieve some of that stress.Buying your first home should be a pleasant and exciting experience!Give me a call!
Thanks
Bonnie Piers
Carpenter Realtors
bpiers@callcarpenter.com
317-467-1800
1 vote Thank Flag Link Mon Mar 3, 2014
First, find a great agent on Trulia - all of the best real estate agents are here. Second, let them know your wants and dreams and ask them for a lender referral. They may have one in there office. The approval process is important. It enables agents to show you properties that are in your budget. It is OK to later shop around for rates, however, make sure you have a real approval. They will need your tax returns and financial information. Finding a home is a process. This is the first steps. Best of luck to you!
0 votes Thank Flag Link Tue Apr 1, 2014
Your first step is to find a reputable mortgage representative. Be very wary of a promise of a loan that sounds too good to be true. Your preapproval should be close to the current rate (available online or in the newspaper). There are many vehicles available including FHA loans that only require 3.5% down payment and USDA loans that are 0% down. There are certain restrictions with these loans and a licensed mortgage provider can explain them in detail. The next step is to speak to a realtor who is familiar with the area where you are moving. An Accredited Buyer Representative (or ABR) is a realtor who specializes in working with buyers. Good luck!
0 votes Thank Flag Link Tue Apr 1, 2014
Hi Jennifer,

Your best bet is to talk to and get opinions and options from 2 or 3 lenders. I like my clients to do this so that they can fel comfortable in their final decision on whom to proceed with. You should use an exoerienced lender that will lay out a variety of options and discuss the pros and cons of each with you. You should also be able to review a Good Faoth Etimate of closing costs from each one WITHOUT having each pull your credit.

Once I do pull a copy of your credit report I have access to software which enable me to run unlimited scenarios for things we could do as well as how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications to either get them qualified, or take an already qualified applicant and get them a better rate at the settlement.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Mon Mar 31, 2014
If you lived in MI Your first step would be to Sign on with me. But finding the right agent would be to work for you is the first step...
0 votes Thank Flag Link Mon Mar 31, 2014
Hi Jennifer. My name is Ryan Wohlert and I'm the Branch Manager of Meridian Mortgage Solutions. You can contact me at rwohlert@meridianmortgagesolutions.net or call me at 317-968-9500 and I'll be more than happy to answer all of your questions. You can currently buy a home with as little as 3.5% down. You can also do zero down if you're a military veteran. Together, we can go through all of your options and pick the best finance option for you.
0 votes Thank Flag Link Wed Mar 19, 2014
First, congratulations! First find your agent who is at your destination city, or area. Once that is set they will connect you with their mortgage professional to see what price range is right for you and discuss your preferences. They will either set up an automatic MLS search that is emailed to you daily, or they might do the research themselves so you have an idea of what the area has to offer. They will further discuss the home purchase process so you know exactly what to expect during the process and also caution you on what NOT to do.

Best of luck to you!~ You will be so happy when you get the keys to your new home!
0 votes Thank Flag Link Mon Mar 17, 2014
Hi Jennifer! It's great you are considering to purchase. Buying a home is a big investment and a very important one. Careful planning is crucial to secure financing. First step get your credit report and score from all credit agencies (Transunion, equifax, experian). By law each consumer is entitled to their credit report (there will be a fee). This score will assist your lender to proceed with next step to determine amount you qualify for based on analysis of income and financial history. You can try to apply for an FHA which requires 3.5% down payment plus closing costs. Please review my blog article on securing financing. In regards to when to initiate process begin right now by lowering outstanding balances, keeping all bills on time, keep existing credit cards but do not open new ones, maintain stable bank savings accounts. Applying for a pre-qualification should be done prior to initiating the home shopping. Hope this helps. Happy home shopping!

Jackie Nurse
First Service Realty Real Living
305-609-1232
nursejackiehomes@gmail.com
0 votes Thank Flag Link Sun Mar 16, 2014
Jennifer.Leighh:

You are exactly correct in thinking that your first step is to contact a Lender. They say to shop your Lender like you would shop for a car. Since you will be paying for the Loan over a long period of time, you will need your Lender to be a good fit for you and understand your needs.

As far as Loan Program Availability, there are Federally Insured Loans that can be obtained with less than 20% down. Your Lender can tell you the terms and which type of loans you may qualify for.

Please let me know if there's anyway I can help further. I grew up in Indianapolis and would be happy to give you information for qualified Lenders!
0 votes Thank Flag Link Sun Mar 16, 2014
Hi Jennifer,

I would recommend starting the process as soon as possible, in case there are some issues that need to be addressed. The first step is contacting a mortgage professional. I would ask for recommendations from trusted sources - friends, CPA, etc. You can buy with as little as 3.5% down, if you qualify. Hope that helps.

Stacie Strassberg
Sr Mortgage Advisor (CA)
NMLS #260930
0 votes Thank Flag Link Thu Mar 13, 2014
Getting pre approved is a necessary step, but not the first one. Selecting a Real Estate agent that you like and that you trust, is the first step. You see, a Real Estate Transaction is a process, and the Realtor is the person that holds it all together, much like a General Contractor holds it all together on a construction/remodeling project. He/she deals with the plumber, the electrician, the cabinet maker etc. Your Realtor will be dealing with the listing agent, the Home Inspector, the Title and Escrow company, the pool inspector, the well inspector, the septic system inspector, the roof inspector.
Your Realtor will deal with the various contractors, should you need bids for repairs. And yes, your Realtor will be dealing with your lender. Find a Realtor that you trust can handle these various activities. Find an agent who's phone call you want to take. Let your Realtor guide you through the process.

Let me speak to the issue of the relationship between your Realtor and the various people She/he recommends. First, when I recommend someone to you, MY reputation is on the line. I will not recommend an inexperienced person or someone I do not know. Please do not tell me you want to use the brother of a cousin of a guy at work. I don't know him, he doesn't know me. and I don't know if he will respect me and my responsibilities to you. I have ONE lender that I recommend. He is a friend, we ride around on Broker Tour together, we play golf together, and I have been to several of his birthday parties. But the REASON I recommend him is that he is extremely knowledgeable, client focused, and will never put you in a loan that is not right for you. Because, as I said, MY reputation is on the line. If for some reason. and there are as many reasons as people, he cannot help you, I have other people that I can recommend. And this is true of the inspectors and tradesmen as well.

So first step...find a Realtor that you Trust. It will make all the difference.
0 votes Thank Flag Link Wed Mar 12, 2014
Jennifer,

You should start the process by contacting mortgage lenders. This first step will answer a lot of questions for you. We advise our clients to stay away from the big banks (Bank of America, Chase, Wells Fargo, etc...) and to find local lenders that have in house underwriters. The local lenders will offer mortgage products that easily compete with the big banks but they will also treat you like a person and not just an account number at a call center.

I have written a Blog titled -
What You Need To Know About A Mortgage… BEFORE You Get One!!! Use this link to read it http://wp.me/p2OdyL-gM

There are several other articles that may help you understand the home buying process also.

Once you know how much you want to spend on a house, (Not how much the lender says you will qualify for but how much you want to spend... those two are different.) let me know what area you are looking to buy in and I will call up to Indianapolis and find out who the leading Realtors are in the areas that you are interested in. If you just call real estate offices you will get whoever is assigned to answer phones that day and they are usually newer Realtors that are still building up their business. They may work fine for you but may not be the best option for a first time home buyer.

We're looking forward to hearing from you and are excited to help you find the right expert for the areas that you are interested in.

Scott & Amie Johnson
FireBoss Realty
469-269-0911

http://www.FireBossRealty.com
http://www.NortheastDFWHomes.com - Property Search Site
http://www.FireBossRealtyAroundTown.com - Blog
Web Reference: http://FireBossRealty.com
0 votes Thank Flag Link Wed Mar 12, 2014
Hi Jennifer:
First step is to get a pre-approval, this way you know how much you can afford to spend. Then start your search for a buyer's agent in the area where you would like to purchase your new home. You can search right here in Trulia for qualified agents. Your agent should be able to guide you through the whole buying process from a-z.
At the end of the day, pick one agent you will trust to guide you through your life's most major purchase and stick with her/him.
If you need a referral of an agent who can assist you, feel free to call or email me. There are many wonderful agents in the area you are looking to move to. Good luck in your search, it is a great time to buy.
Jeannette (Jenny) Plaza
License Real Estate Salesperson
Keller Williams Realty Group
Scarsdale, New York 10583
email: jennyplaza@kw.com
Office: (914) 902-3204
0 votes Thank Flag Link Wed Mar 12, 2014
Hi Jennifer,

Thanks for your question!

I think you will find this article I wrote on my website helpful. It goes over what 1st time home buyers should consider, and the steps to purchasing a home. You should also check out the About Me and Reviews pages on the website to find out why I became a Realtor, and to see what past clients thought of my service to them.

http://www.soldbyavery.net/general/first-time-home-buyers-wh…

Helping people purchase their first home is the best part about my job! I would love to have the opportunity to work with you guys.

Shoot me an email and let's set up a time to talk about what you are looking for in a home, and answer all questions you have.


Thank you.

Avery Garrett, Realtor
317-721-2274
SoldByAvery@gmail.com
http://www.SoldByAvery.net
0 votes Thank Flag Link Wed Mar 12, 2014
The first thing to do is to contact a mortgage lender for a mortgage pre-approval. You need to know how much financing you are approved for to establish your price range. Then you can start looking at houses within your price range. start with going to some open houses in the areas you are considering moving to to get a feel for the area and to meet some realtors.
0 votes Thank Flag Link Wed Mar 12, 2014
First step is a pre approval from a local lender-no on line lenders please! I have a very good long time friend and Realtor I can refer you too! I live in South Bend, IN so can't help with the house hunt but my friend and colleague does. E mail me if you want her name and contact-pam@pamproctor.com.
0 votes Thank Flag Link Wed Mar 12, 2014
First find out how much you can afford. Select a mortgage lender to help you get a pr-approval letter.
I live in Columbus, south of Indy. I can give you the names of some excellent realtors. Realtors will listen & help you about the location requirement and other matters. E-mail me if you need help molly.george@realliving.com
0 votes Thank Flag Link Tue Mar 11, 2014
I would suggest finding a local lender in Indianapolis that has a good track record of helping buyers purchase residential homes in the area. Too many Buyers seem to include a lender far far too late into the plan to buy a home, they should be seen as a asset to tap into along with your Realtor who knows that market. Many of the loan officers have the ability to work with you through the internet on applications and fielding questions. Having the details pinned down ahead of time as to if you are trying to get approved in a certain loan program will really help your Realtor suggest the homes with features needed to be approved for FHA, USDA, VA, First Time Home Buyers ect....
Realtors love to work with clients that have been previewed by a lender and have talked about closing costs and funds needed for downpayment with a lender and know their credit score.
0 votes Thank Flag Link Tue Mar 11, 2014
The first step is to get pre-approved for a loan. The lender does not have to be in the state where you are making the purchase though. Most buyers will ask a realtor they trust for several recommendations and then contact those mortgage brokers.
0 votes Thank Flag Link Tue Mar 11, 2014
I would suggest starting by searching for an agent. If you have one in your area now that you trust, see if they have a referral base and 2-3 they can recommend. If not, go to sites such as Realtor.com and read through agent's profiles. Pick 2-3 of them to interview. You want to work with someone you will trust and be comfortable with. They are applying for YOUR business, not the other way around, so get what you want from an agent. See if they have a preferred lender or two that they can recommend so you have a strong team. The mortgage person will be able to tell you about what you qualify for, but there are loans for 3.5% down (if you qualify)...once again - that is something your mortgage person will help you with.

Good luck finding the perfect home and having a smooth transaction!!
0 votes Thank Flag Link Tue Mar 11, 2014
Definitely get prequalified by a lender. You can contact a reputable agent in the area you are moving to. Look for an agent on Trulia and read their recommendations. Most agents have a a list of lender names for you to contact. That way once you are prequalified you know what price range in which to search and don't end up wasting your time falling in love with houses you cannot afford. Good luck with your move!
0 votes Thank Flag Link Tue Mar 11, 2014
First step is always to contact a lender. Do not let them run your credit so you can contact t multiple lenders. When you borrow money it costs you. So find a lender who's terms and costs more reflect what you want to do.
0 votes Thank Flag Link Tue Mar 11, 2014
This is inaccurate advice.

1. As long as the inquiries are for the same type of financing (e.g. an auto loan or a mortgage) and confined to within a ~4wk period, they will all appear as separate inquiries however they will only count 1 time against the score.

2. Always let the lender run your credit. Otherwise a) they are not working with complete and accurate information and b) they cannot provide you with a pre-approval.
Flag Wed Mar 12, 2014
"The Insiders Guide to Buying a Home", I have written a book that will help you. You can get it free if you go to my website at http://www.RichRealEstateDummies.com. This will cover all the aspects, from finding an agent, a suitable property, the escrow process, closing, financing and more.
0 votes Thank Flag Link Tue Mar 11, 2014
Yes, you need to contact a mortgage broker in order to find out your purchase price range and interest rate. Also, your credit score is very important as well. If you are purchasing with an FHA loan, FHA requires the buyer have a down payment of 3.5% of the sales price. ie: If you purchase a home at $100,000.00 your down payment will be $3,500.00 and your closing costs are lender's and title company fees added together. The only time you would place 20% down is if your purchasing as a non occupant buyer, ie: investor
0 votes Thank Flag Link Tue Mar 11, 2014
Congratulations on the decision to purchase a home. You might start by asking friends and relatives for referrals to lenders who have been helpful to them, particularly if they are in the Indianapolis area. I would use a local mortgage broker in the area where you are going. Local brokers tend to have better contacts with appraisal management companies who service their areas and you should get better appraisal quality from someone who knows the area. Depending upon your individual circumstances, there are many loan products available. It is best to use a mortgage broker rather than a bank so that the loan can be tailored to your needs.
0 votes Thank Flag Link Tue Mar 11, 2014
Hi Jennifer,

Thanks for your question!

I think you will find this article I wrote on my website helpful. It goes over what 1st time home buyers should consider, and the steps to purchasing a home. You should also check out the About Me and Reviews pages on the website to find out why I became a Realtor, and to see what past clients thought of my service to them.

http://www.soldbyavery.net/general/first-time-home-buyers-wh…

Helping people purchase their first home is the best part about my job! I would love to have the opportunity to work with you guys.

Shoot me an email and let's set up a time to talk about what you are looking for in a home, and answer all questions you have.


Thank you.

Avery Garrett, Realtor
317-721-2274
SoldByAvery@gmail.com
http://www.SoldByAvery.net
0 votes Thank Flag Link Tue Mar 11, 2014
Obtain a pre-approval from a lender so you know exactly what your budget will be. A pre-approval is a necessary document, required with any offer. Most lenders can supply a pre-approval within a few days, it's best to speak with several lenders (or mortgage broker), so that compare services and fees. You can discuss FHA and VA loans (VA if you were/are in the military) for lower down payments.

A Realtor may be able to assist with lender contacts in your area if you don't know who to reach out to.
0 votes Thank Flag Link Tue Mar 11, 2014
Good Morning Ms. Leighh,

While my work is here in Miami Florida, I do have two good friends in the Indy area that I would imagine would be able to provide me the contact information of a reliable and knowledgeable Realtor that you can work with. With that said, as has already been stated here, your very first step will be to get a loan pre-approval so that you know how much home you would qualify for, and what related costs and downpayment you can expect.

As to when to commence the actual search for a home, well that would depend on how much active inventory there is in the areas of Indy you are looking at. Here in Miami, our active inventory is rather low for the amount of buyers so finding a home for my buyers is quite the task as we are competing with numerous other offers. So once you get that loan pre-approval, contact a local agent and explain your search needs and they will be able to send you propperty information that will give you an idea of what is currently available for sale, and as your move date gets closer you will then know how to proceed. Good luck with your search and feel free to contact me regarding a local agent.

Lila Lopez, CRS, CDPE, e-Pro
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
0 votes Thank Flag Link Tue Mar 11, 2014
Hi Jennifer,
The first step is getting fully pre-approved. Too many lenders do not work hard enough for you upfront resulting in issues or delays down the road. Work with an experienced lender that fully reviews and approves you with an underwriter ahead of time. It is ok to also start with a realtor while you are working with the lender, or if you wish, I could refer you to trusted ones in your area that I have worked with for you to choose from.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Tue Mar 11, 2014
The first step is to contact a mortgage company. I would suggest you get a pre approval and not only a pre qualification. A pre qualification is more in depth and will let you know if there may be anything to hold up the closing process. This way you will also know the amount you are approved for and approximately what your notes will be. Good Luck and please feel free to contact me with any other questions. I can also help you find a realtor in the area you will be looking to purchase in.

Thanks,
Tina Sharp
Realtor
309-550-8228
0 votes Thank Flag Link Tue Mar 11, 2014
First thing is to get pre approved for a mortgage so you will know what priced homes to search for. Your real estate agent can help you with finding the right mortgage representive for your needs. You do not need 20% dow if you finance with FHA. If either of you hVe served in the military you may have VA benefits. With a V A mortgage you have no down payment or PMI insurance. I suggest finding a realtor who can make the process much easier. Good luck.
Delores battinelli Realtor
Watson realty corp.
Jacksonville, florida
904 704 381dbattinelli@watsonrealtycorp.com
0 votes Thank Flag Link Tue Mar 11, 2014
Find a realtor who works in the area that you are interested in. Have him/her refer you to a lender to see if you qualify for the home that you are looking to buy. Also, make sure you do your due diligence with respect to the area that you have an interest in. There are many site available on line with respect to schools, income levels, etc. etc. Good luck in your endeavor.
0 votes Thank Flag Link Tue Mar 11, 2014
find a CRS Realtor first.....they can then guide you to the best lenders available.....and then
help you with the whole process....step by step......if you need a name of a CRS agent with
experience in your new area, you can call me and I will refer one to you...
Ann Sartain, French and Co. Realtors , Amarillo, Texas 806-678-0376
0 votes Thank Flag Link Tue Mar 11, 2014
There are really two ultimately important steps in beginning your home buying search:

1) Find out how much you qualify for and get pre-approved by a lender. The pre-approval letter is typically valid for 90 days.

2) Select a buyer's representative as your real estate agent. This way you have a knowledgeable professional representing your side of the transaction. Their compensation is almost always paid by the seller. So, you are essentially getting nearly free representation in this important decision.

There are many programs that will allow you to buy with less than 20% down. Conventional mortgages can be obtained for 5% down (and sometimes less), FHA requires 3.5% down, and DVA offers as little as 0% down for veterans.

Good Luck in your home search!


Gary Kelemen

Labelle Real Estate Group
Gary Kelemen Homes
Phone: 651-207-8985
Text: 610-730-0312

http://www.MNHomeGK.com
0 votes Thank Flag Link Tue Mar 11, 2014
Find a good buyers agent as they will know the market well in your target area and be able to get you out at the right time to find your new home. They will also be able to provide suggested lenders for you to interview and figure out what the best loan option is for you and your family. It is customary for the seller's to offer a commission percentage to a buyers agent, so the best part of being a buyer, is that you get professional assistance free! Choose a buyers agent that you trust and are comfortable with and stick with them. One of the biggest mistakes a buyer can make is being un-loyal to their buyers agent.
0 votes Thank Flag Link Tue Mar 11, 2014
You should start by calling a Mortgage Broker for a Prequal Letter. He will be able to explain all local financing options available to you.
I would recommend Matthew Lewis @ Guaranteed Rate (774) 294-2947
Web Reference: http://www.buyfallriver.com
0 votes Thank Flag Link Tue Mar 11, 2014
Jennifer,

You are getting a ton of great answers and hoping you are getting some ideas. Frankly I believe the process should begin with finding an agent to work with who you trust and know will have your best interests at heart. This is not an easy task but well worth the effort expended. Contacting a lender is extremely important but the right agent will also know the right lenders and save you a lot of headaches as the loan filed is full of bombs as the underwriting process becomes more and more cumbersome.

I would be happy to send you a referral for an excellent agent in your area to add to your interview list. I also think asking questions on sites like Trulia seeking an agent can help give you some very qualified candidates. Be precise in your unique individual needs when stating any questions and ask them to answer two questions;

1) Why when their are hundreds of local agents in your area should I make the decision to work with you?

2) If I did not decide to work with you who is the one agent in your market area you would recommend I consider as my representative.

Since you are just starting out on your home buying process you are doing the best thing by doing some up front research. Our new book on the home buying process that we authored with a few other real estate experts from around the country has just been published and may be the best $19 you could invest. You can learn more at his link;

http://www.trulia.com/blog/tompriester/2014/02/local_real_es…

The very best of luck to you and if you need help finding the "right" agent in your area please feel free to contact me as I can find you a great seasoned pro to add to your interview list.


Fins up.........


Tom Priester
Principal Broker

Paradise Sharks Real Estate
Direct Line 561 308-0175
tom@tompriester.com

http://www.paradisesharks.com
0 votes Thank Flag Link Tue Mar 11, 2014
Get pre-approved so you know how much you can afford
0 votes Thank Flag Link Tue Mar 11, 2014
See a lender - It is critical that you know how much you can afford, and get your approval letter. Then hire an agent. They will help you locate the right property and get you to the closing table.
0 votes Thank Flag Link Tue Mar 11, 2014
Sometimes buyers are so excited and find their dream home online, go to the open house, fall in love with something that they don't qualify for and thus raise their expectations. I always say the easy part is for me to sit you in my car , show you houses and write an offer. The most important part is the to understand the market conditions, prepare yourself financially (understand the approval process), set a realistic expectation and find a good realtor who is a successful negotiator and who is on your side. Thereafter being in good hands, gives you the confidence to move forward and purchase the home of your dreams. Good luck.
0 votes Thank Flag Link Tue Mar 11, 2014
As important as getting your financing/credit in order and mortgage preapproval is, I firmly believe the first step you should make once you start contemplating purchasing a home is to find a diverse Realtor that can help you through the whole process. If your realtor has mortgage knowledge/experience it can save you a lot of heartache from the get-go if you sit down with her and go over your plans and any issues you may have. That realtor will also be able to reasonably tell you quickly how much you can afford. Your Realtor will be able to point you in the right direction...avoiding disappointment and frustration by getting it right the first time.
0 votes Thank Flag Link Mon Mar 10, 2014
GET PRE-APPROVED FIRST!!! This way you know exactly how much home you can afford, and this also gives you the ability to make a quick offer. This of it as if you had house with no keys to open the front door. The pre-approval process is simple, quick and painless.

Second, talk to your lender about all the types of loans that are available to you. They can range any where from 0 down to 20%. So don't be so worried about that down payment.

Let me congratulate you on choice to become part of the American Dream. Home ownership truly has it's advantages with building equity, tax relief and the ability to call it MINE, Best of Luck to you and yours in your future new Home!!
0 votes Thank Flag Link Mon Mar 10, 2014
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