Home Buying in Pembroke>Question Details

Marc Bigham, Home Buyer in Pembroke, MA

I am 24 and looking to buy my first house. Any good tips? Thanks.

Asked by Marc Bigham, Pembroke, MA Mon Mar 14, 2011

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Find a good realtor that you can trust and stick with her. Choose a realtor with experience and knowledge of the area. I am a 3rd generation resident of Pembroke, any questions...fire away.

Are you pre approved ? That is your first step
1 vote Thank Flag Link Mon Mar 14, 2011
Start with going to your bank or a credit union. Shop around and see what interest rates they will give you for a mortgage. Get a pre approval, it's always easier to look once you know what you can afford. Then call a REALTOR and get started looking at homes! Good luck!

For more buying and selling tips, please visit http://www.RochesterHomeLocator.com

Salafia Sold Team
0 votes Thank Flag Link Thu Mar 31, 2011
Hi Marc,

Everyone on here has given such great advice. Yes, talk to a mortgage broker and get a pre-approval so you know how much home you can afford. Remember that there are not guarantees in life and when you are figuring out how much home you can afford, factor in expenses such as gas money, groceries, child care, college funds, emergency finds, etc... Just because on paper you can afford a $2000.00 a month mortgage payment does not mean you SHOULD have a $2000.00 a month mortgage payment.

Then, start to interview Realtors in the area to find one that you are comfortable with. You may end up spending a lot of time with your Realtor, so make sure it is someone you like and feel you can trust. You will want this Realtor to be your Buyers' Agent; meaning they work with YOUR best interest in mind. They negotiate the best deal for you.

You may also want to find a Realtor first; many times they can help you find a good Mortgage Broker.

Buying your first house is an amazing experience! With a good agent working for you, it will be an exciting endeavor. Enjoy it! :) Good luck to you and your family!
0 votes Thank Flag Link Thu Mar 31, 2011
Hi Marc,
I would start my search online and not affiliate myself with anyone. Once you find a home that interests you, just do some simple research of the area. There are grat websites out there, including Trulia, That have all of the updated home sales in the past 6 months. Try to find sold homes in the area that are similar to the home you are thinking about buying. Do a drive by, and see the condition. Then, at that point, i would engage a real estate broker to show you the property and help you negociate the sale. If I can help, I'm a South Shore Broker....good luck
0 votes Thank Flag Link Wed Mar 30, 2011
Find an exceptional Realtor to work with.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Wed Mar 30, 2011
Dear Marc,

Very exciting days for you! The first thing would be to get "prequalified" for a mortgage, so that you know your price range. Then you can start looking online and interviewing realtors. Feel free to call me with any questions you may have. I have been in business for 31 years and there is no pressure or obligation here, just experience.
0 votes Thank Flag Link Wed Mar 30, 2011
Hi Marc,
When deciding to buy a home you should consult a real estate agent or broker. You should hire your own realtor, known as a buyer’s broker, to represent YOUR interests in the transaction. He or she can then help you decide on a mortgage company, in order for you to become qualified. This is benificial to you because now you will not only know what you can afford, but sellers's will view you as a strong and serious buyer. You can find helpful tips, as well as, an outline of both the buying and selling processes on my website. Good Luck to you and feel free to contact me with any of your questions.

Market Al
0 votes Thank Flag Link Tue Mar 29, 2011
Talk to a bank and get your credit score. Ask which agency it came from and if it is blended. From that you will be able to determine your strength as a buyer and in what prce range. Then get a map book and start driving in the areas you like. Use the map book to keep a record of the streets and neighborhoods that you like. You will start seeing companies and listers that work that area. Find a broker - not an agent. Brokers have more experience. Buy what you like, but remember that this is not your last house, it is your first step up. You make your money when you buy and not when you sell. So, buy "right", take care of what you buy, and enjoy the ride.
Web Reference: http://www.CapeGroup.com
0 votes Thank Flag Link Wed Mar 23, 2011
"Home Buyers Save Thousands" is a short article on my website that provides some suggestions for your consideration. From "my pages", click on the subject item. There are a few other articles that may be of interest to you as well, such as selecting a real estate agent to support your home search. Happy trails.
0 votes Thank Flag Link Wed Mar 23, 2011
First get your finances in order. Find out what/if you can afford to buy.

Hit up some open houses (even before your ready to buy) to get a feel for what your price range gets you in different areas.

Educate yourself about the process of buying as much as possible in advance. The more you know the better the experience.

Hire an exclusive buyer broker.
Web Reference: http://territory.com
0 votes Thank Flag Link Wed Mar 23, 2011
Take your time in looking for a home. The good news is there is no rush because there is inventory. If you were my son my advice would to make the process last a while. Look for at least 30 days before putting in an offer. You will be alot smarter at the end of the 30 days than at the beginning. Have passion, buy with your heart but use your head to make a good investment. Use this site to ask more questions during the process, use a local full time agent who knows the market where you want to look. Shop for the best mortage just like youare shopping for your dream home! Good Luck
0 votes Thank Flag Link Mon Mar 21, 2011
Thanks for all the advise everyone.
0 votes Thank Flag Link Mon Mar 21, 2011
Hi Marc!

Congrats on starting your search. It's always a very exciting time! I agree with earlier posts that getting pre-qualified is always the first step. It's also smart to check with different lenders because they will not only give you different price ranges but will also offer various loan products.

I see that you're a carpenter trying to make your house a home, and if you mean that literally you may want to check into 203k loans! It's a great program where borrowers can add $35,000 financing to their loan in order to pay for energy efficient improvements. Feel free to e-mail me at dayle@phoenixmortgage.biz or give me a call on my direct line at (978)-944-6671 if you want some information. I'd also be happy to check with my five different lenders and give you a free pre-qualification.

Looking forward to helping you,
0 votes Thank Flag Link Mon Mar 21, 2011
You need to make sure you can afford everything. Here is a blog to help you.

Also a blog on financing.

best of luck.
0 votes Thank Flag Link Tue Mar 15, 2011
Hello Marc!

I agree with most of the advice given, you should contact 3 Realtors in the area that work Real Estate full time and know the area well. Having your own buyer agent is a no brainer since the agent works for you and your best interest and not the Seller's and you do not have to pay for their services, the seller actually does. So it's like getting FREE guidance and advice from a professional. Meet them in person and see who has an fantastic sales track record and who do you get along with.

For more information you can also check out the buyers resource of my website @ http://www.agentmurphy.com

Best of luck and congrats in advance, buying your 1st home is a wonderful experience :)

Susana Murphy
Web Reference: http://www.agentmurphy.com
0 votes Thank Flag Link Tue Mar 15, 2011
Select your target neighborhood and check home prices within it. This will allow you to see if you are in the ballpark with your expectations. From there find your agent and get pre-approval.

Hope this helps!
0 votes Thank Flag Link Tue Mar 15, 2011
Talk to a mortgage broker that works with first time home buyers. Find someone that works with several different banks and knows all the products. Once you work with someone that can show you the whole landscape in financing you'll have a much better picture of what you can afford and how the process works.
Web Reference: http://www.GreenwichCT.com
0 votes Thank Flag Link Tue Mar 15, 2011
It's best to start at a bank and know what you're qualified for. It makes finding a home so much easier and less disappointing! You could always contact a Realtor first, they will have banks they work with and can refer you to one. Good luck and enjoy the process!

For more buying and selling tips, please visit http://www.RochesterHomeLocator.com

Salafia Sold Team
0 votes Thank Flag Link Tue Mar 15, 2011
Go to the bank first. Get Pre Qulaified. Then fdind a Realtor to be your buyer's agent.
0 votes Thank Flag Link Tue Mar 15, 2011
My best advise is, pre-approval, Buyers Agent, take your time, don't compromise too much and best of luck!!
0 votes Thank Flag Link Tue Mar 15, 2011
Hey Mark,

The first thing you should do is speak to a good lender regarding financing. This is likely the largest purchase you will make in your lifetime and you should do what you can to get the most favorable terms. I always recommend this as a first step even if you are not going to by for quite a while as a good lender will speak to you about your credit rating and discuss ways to improve. Most of us have something we can improve in this area and even a small change can make a big difference over the course of a loan! I know some great lenders if you need a recommendation.

Then I would interview and work with a Realtor that is knowledgeable in your area and that you connect with. Buying a home can be a pretty stressful experience and you want to be sure you find someone you can trust and that you are extremely comfortable with.

In today's world most people begin with an internet search. I may be biased, but I think ZipRealty has the best site with the most features. Take a look here: http://www.ziprealty.com?referredByAgent=shcormier .

Good Luck. Now is a great time to buy, there are some great deals out there on homes and financing is still quite low!

Please let me know if I can be of assistance in any way

Shane Cormier

0 votes Thank Flag Link Tue Mar 15, 2011
Remember that your house is a financial liability. All the mortgage interest, closing cost, home insurance, maintenance, new flowers, new carpet, new furnishing, new appliances, HOA fees, taxes, etc.... are expenses that add up. A lot of the cost you never recoup. A home is expensive.

Save a 20% down payment. Don't buy the most expensive house you can afford. Live below your means. Wait a couple of years to save more money. You are only 24 years old.

Find how much you can comfortable afford every month for a house payment. Then get a 15 year loan. You will get a less expensive house, but you will be in a better financial position in 5 or 7 or 10 or 15 years compared to a 30 year mortgage.

Always remember about resale. Schools and location a very important. If this will be your first home you will likely sell in the future.

Good luck.
0 votes Thank Flag Link Mon Mar 14, 2011
You're buying your first house, but have you any experience with others buying a house?

Talking to some lenders (yes, more than one) to get a good idea what your shopping range is would be a good start. Browsing the tax guidelines or talking with an accountant about how being a homeowner will affect your tax filing would be a good idea too.

It would also be a good idea to interview some Realtors. You may find one that you want to hire, or you may decide to go it alone, but you should talk to at least 2-3 real estate agents before making that decision. I highly recommend talking to one who carries the Realtor designation (held to a higher standard).

If I can be of any service, don't hesitate to call or write. My contact information can be found on my website.
0 votes Thank Flag Link Mon Mar 14, 2011
You should find a buyers agent to help you through the process and answer questions as you go along. Find an agent who fits what you need, make sure they communicate with you (send you new listings, explain the home buying process, step by step what is needed) and know the areas you are looking to buy in. You should also talk to a lender to have an idea of what you can afford, so you know which areas to look in, size, finishes, etc.

Good luck!
0 votes Thank Flag Link Mon Mar 14, 2011
Choosing the right realtor and mortgage consultant is very important. Ask around for referrals or interview a few agents from this site. Any mortgage related questions I would be happy to help.
0 votes Thank Flag Link Mon Mar 14, 2011
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