Home Buying in Los Angeles>Question Details

Lisa Fine, Renter in G.L. Lowery Industrial...

HOW DO YOU GO ABOUT GETTING LOAN AND BUYING FIRST HOME?

Asked by Lisa Fine, G.L. Lowery Industrial Park, Groveport, OH Mon Oct 21, 2013

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18
Hi Lisa,

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.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
http://www.JamieTian.com
BRE #01920120
Web Reference: http://www.jamietian.com
2 votes Thank Flag Link Mon Oct 21, 2013
Hi Lisa,
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.
1 vote Thank Flag Link Mon Oct 21, 2013
Hi Lisa,

You simply need to know your purchase capacity and be fully financially vetted in order to buy your first home.

Now, I’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 “True Pre-Approval" used to make an actual offer that provides you with a strategic advantage which you can read about here:
http://www.Steven-Anthony.com/GettingStarted

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 “True Pre-Approval” you can start searching for property. This post tells you how to make sure you are seeing ALL of the properties listed on true Realtor® MLS systems (by the way, Trulia is NOT a Realtor MLS).
Data Accuracy – Where to search if you’re “without Realtor®”: http://tinyurl.com/ctr4d44


One last very important point regarding Dual Agency ("DA"). You should really have your own dedicated Realtor® 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!

-Steve
1 vote Thank Flag Link Mon Oct 21, 2013
Thank you so much for the information I hope you don't mind me contacting you with my question
Flag Tue Oct 22, 2013
Get a recommendation from a trusted source for a few different lenders to talk to. Maybe pick a credit union, a large bank and a mortgage broker. Call them and talk to them about your scenario. Feel free to call I would love to assist.
1 vote Thank Flag Link Mon Oct 21, 2013
First and foremost work with an Agent
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.
1 vote Thank Flag Link Mon Oct 21, 2013
Lisa,

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.

Douglas Lagos
Tel. (310) 463-8088
Coldwell Banker Residential
Douglas@douglaslagos.com
1 vote Thank Flag Link Mon Oct 21, 2013
Talk to a local agent to help you find a good lender in your area. From there you can find out what you can afford and then the agent can help you start your search for your first home. Good luck!
0 votes Thank Flag Link Wed Mar 19, 2014
Excellent question! First off, if you haven't been pre-approved yet I recommend this be the first thing you do. So speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
You can talk to a couple of agents on Trulia in the area that you are looking in , they should have a Great working relationship with a few lenders .You should find an agent & a lender you feel comfortable working with . Good Luck !
0 votes Thank Flag Link Sat Oct 26, 2013
I reccomend a apartment or a single family home
0 votes Thank Flag Link Thu Oct 24, 2013
It is not clear where you are buying, OH or CA. If it is CA you should give me a call.
0 votes Thank Flag Link Thu Oct 24, 2013
Always employ a realtor to work for you. Tell them what you are looking for and they will come up with a number of options for you to look at
0 votes Thank Flag Link Wed Oct 23, 2013
My name is Leonard Pollard, and I am the person that is going to help you accomplish your mortgage needs. You just recently made a mortgage inquiry and that is why I am writing to you now. When dealing with potential borrowers over the internet, I typically introduce myself first via email. I will try to call you within 24 hours unless you prefer a different time or place for me to contact you.

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.

Best Regards,

lpollard@peopleshomeequity.com


(630)401-9495

Leonard
0 votes Thank Flag Link Mon Oct 21, 2013
Hi Lisa:

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,

Kat
(323) 819-4760
0 votes Thank Flag Link Mon Oct 21, 2013
Oh...and by the way... I do not charge buyers for my service...it is TOTALLY FREE!!!
Flag Mon Oct 21, 2013
I can help you out. You can call or email me anytime.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Mon Oct 21, 2013
Good advice so far. It will not cost you anything to meet with a loan officer or a Realtor.
Good luck
0 votes Thank Flag Link Mon Oct 21, 2013
Find a good realtor to work with who specializes in first time home buyers. Then find a good local lender who will tell you what you need in terms of a down payment and closing costs and can tell you whether you qualify for a mortgage and, if so, how much you can afford to spend based on your income and expenses. Listen to your realtor and loan officer. If you do that you will find a home in no time.
0 votes Thank Flag Link Mon Oct 21, 2013
Meet with a LOCAL and trusted loan officer who can pre-qualify you for usually no cost. they can guide you with what mortgages may be available, what you can afford and what the costs are. if you can get a mortgage now, the difference between good and bad is a good loan officer will assist you in what you need to do in order to get a mortgage,.
0 votes Thank Flag Link Mon Oct 21, 2013
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