The first step is to get a pre-approval for a loan. You can contact any local bank, credit union, or mortgage broker to help you out. They will evaluate your financial situation based on your credit history, employment, and down payment amount and let you know how much they would be willing to lend to you. This process is free and no obligation. I would be happy to recommend a few lenders to you if you would like.
After you find out how much you can afford, you should contact a local real estate agent. such as myself to help you start the search for your home. The seller pays for the realtor's service if you decide to purchase a property so it is no cost to you to use a real estate agent.
Once you find a property and get your offer accepted, you can shop around and find the best rate or use any preferred lender and your real estate agent will guide you through the entire process.
Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com. I specialize in first time homebuyers and I would be happy to explain any questions about the home-buying process that you might have.
I have an in-house lender in my office that I will introduce you to. He can help you with your loan, while I explain the "ins and outs" of first time home buying.
Once you leave our meeting you will be well informed and prepared to buy.
You simply need to know your purchase capacity and be fully financially vetted in order to buy your first home.
Now, Iâ€™m not talking about using an online Mortgage Calculator; rather, I'm suggesting the process of having a Mortgage Broker/Banker provide you with a â€œTrue Pre-Approval" used to make an actual offer that provides you with a strategic advantage which you can read about here:
Having been both a Mortgage Broker/Banker I have an experience-based opinion on where you should be seeking your financing and Pre-Approval:
"Retail Banks vs. Mortgage Broker/Bankers": http://tinyurl.com/6qln6nd
(Includes useful links to "Rate Shopping - Do It Right" and "How Mortgage Rates Are Determined"
Once you have your â€œTrue Pre-Approvalâ€ you can start searching for property. This post tells you how to make sure you are seeing ALL of the properties listed on true RealtorÂ® MLS systems (by the way, Trulia is NOT a Realtor MLS).
Data Accuracy â€“ Where to search if youâ€™re â€œwithout RealtorÂ®â€: http://tinyurl.com/ctr4d44
One last very important point regarding Dual Agency ("DA"). You should really have your own dedicated RealtorÂ® representation and not use the Listing Agent. While "DA" is not illegal (in CA) you do give up one important benefit by entering into such an agreement - advantageous advice. You can read more about this here: http://tinyurl.com/ajkjpuo
Best of luck in your home search!
Second check with several lending institutions to find out how much you can borrow and thus how much house you can afford.
Once you have done both of those, the process can take from about 6 weeks to 6 months or more depending on your criteria for a home. The agent will steer you.
Just like others have stated here, your first step is to contact a local lender (bank or mortgage broker) in order to see how much house you can afford.
With that in mind, you then contact a local realtor that specializes I'm the area where you wish to buy a home. For example, if searching in the Westside, you'd contact me.
The realtor will spend a few minutes learning what your needs are, and advising you more on the area. You would then see as many homes as needed until you find the right home for you!
Now, this is where the realtor starts to work, getting the purchase offer ready, protecting you, and making sure that you're not taken advantage of.
Call me if I can be of further service.
Tel. (310) 463-8088
Coldwell Banker Residential
I must tell you that I do not work with all potential borrowers just as they do not work with me. I am straight forward and to the point. In addition to that, I treat every borrower with the same level of service that I expect for myself when making important financial decisions. I use my 13 years of experience in the mortgage industry to provide the best products available for my borrowers and their specific needs.
I would like the opportunity to have a brief conversation with you to discuss your expectations. If you feel that you would like to talk sooner, do not hesitate to call or reply at any time. I have attached an application for your convenience as well.
Our mission, at Peoples Home Equity, Inc., is to secure the best mortgage available for our clients. We will work diligently to find you the best possible terms, helping you achieve your financial goals in a friendly and professional manner. Our clients truly do come first and will be treated with the utmost respect and forthrightness. You will notice the difference from the initial consultation.
The very first thing that you need to do is to get pre-approved for a home loan with conditions. That means that you need to do the loan application with your mortgage broker and supply them all of the necessary documents to get approved. The necessary documents included 2 to 3 years of tax returns, 3 months of bank statements showing funds in the bank for your down payment and closing costs, and verification of income, like pay stubs or 1099's if your self employed.
Once you submit all of these documents to your mortgage broker, they will be able to tell you how much of a loan and purchase price you are qualified for. And hopefully, you will get a conditional loan approval, subject to identifying the property, a negotiated and accepted purchase contract signed by you and the seller of the property, clear title, appraisal and inspection report.
Once you have this, then you can go look for a property to purchase. That is where a realtor comes in. Now we can look for and identify properties that meet your criteria, write an offer, get the offer accepted and open escrow. Then you would move forward to complete a property inspection, appraisal, review and sign all of your escrow documents, negotiate any repair issues, meet and compete any items stated in the purchase contract and also for your loan and move towards closing escrow...and Voila...you become the new owner of your home!
Feel free to contact me if you have any questions or if I may be of service.
All the best,