Home Buying in San Jose>Question Details

Jackeline Go…, Home Buyer in San Jose, CA

I never buy a house and i wanted know what i have to do.

Asked by Jackeline Gonzalez, San Jose, CA Sun Sep 4, 2011

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13
A lot of good advice has already been offered but I have to disagree with the most common suggestion.
I strongly believe that you should first choose a knowledgable REALTOR to be your partner in the home buying process. Then be prepared to spend the time needed for YOUR REALTOR to explain the Home Buying Process to the extend needed for you to be comfortable. Typically this is a 1 to 2 hour meeting depending on how much you wish to know.
Now it's time to start the loan process. A competent REALTOR will be able to explain how to make sure you get the best possible loan from wherever that may be found. This requires a knowledge of the many First Time Buyer programs offered by most Cities and Counties, plus State and Federal government programs. He/she will then help you find a mortgage professional able to combine these programs with the standard Bank offerings.
Now you have your Team in place and can begin the search for your new home armed with the knowledge and support needed to ensure the best possible result.
Good luck, Bill
2 votes Thank Flag Link Mon Sep 5, 2011
Jackeline:

Start with a good Realtor. Talk to friends, family, church members – anyone you trust. Ask them for references. Interview three Realtors and then choose the one you feel is the best for you. Make sure they listen carefully, are attentive to your needs and can demonstrate that they are proficient at their job.

Once you have located a competent Realtor, they will walk you through ALL the necessary steps from beginning to end. They will connect you with lenders they trust and other service providers you will need along the way. They’ll also hand you the keys at the end of the process and welcome you home!
.
0 votes Thank Flag Link Sun Sep 11, 2011
Get pre qualified, decide on the area you want to live in, canvass the open houses and interview all the agents conducting them, contract with an experienced RE professional in your area and put them to work to find you a home. The rest is history.
0 votes Thank Flag Link Mon Sep 5, 2011
Hi Jackie,
First go to your bank and speak to a person in the home loan department. They will ask you a lot of questions, and they will look at your income to see what you can afford to buy. Once you have that information, you can speak to a Real Estate Agent about exactly what type of home you would like to purchase. Your Agent will help you with everything.
Good luck!
0 votes Thank Flag Link Mon Sep 5, 2011
Good Question. The first thing that you need to do is to find out if you qualify to purchase a home based on your earnings and savings. Once you have spoken with a few lenders, ask one of those lenders to recommend a good agent that can aid you with your home search.
0 votes Thank Flag Link Mon Sep 5, 2011
Hi Jackeline,

If you do not know where to start... look on the site in the area you are intersted for a qualified local Realtor.. they can guide you through the process of searching for homes, getting a R.E. atty, a pre-approval etc. There is too much for anyone to post on a message board to help you protect the largest investment most people ever make... Getting a buyer agent does not cost you anything, and it will save you countless dollars, time and heartache.
0 votes Thank Flag Link Mon Sep 5, 2011
If you are planning on using financing, you'd want to first seek out a loan officer/mortgage broker/lender to work with, find out how much the payment is/money you'd need, the entire process from A-Z, etc. You can speak with & get pre-approved by many (do all of your "app"ing within 30 days for the sake of your credit score) but when it comes down to making your offer you want to have 1 particular loan officer in mind because you don't want to dilly daddle after your offer has been accepted.

How do you find that loan officer? That is tough, as I've read here at Trulia and everywhere else, a lot of people have problems qualifying for the loan after they've been pre-approved, or just are generally confused about the process, even at the closing table (real estate agents & loan officers at fault).

I suggest explore at least 3 options, and preferably at least 1 mortgage broker, 1 mortgage loan officer who works for a bank, and also one that would work at a smaller direct mortgage lender (not a broker, and not a bank, just a mortgage lender who arranges loans and sells them afterwards - usually to the banks)... it wouldn't be a bad idea if you had the time to interview up to 6. That way you can get a feel for how each does business, because not every mortgage broker is the same as another mortgage broker, etc.

You'll want to ask what the pre-approval process entails and how long it takes. Will the underwriter who will be allowing your loan to close be the person reviewing your file as part of that process? Will it just be the loan officer reviewing your information? Will they even ask you for documentation?

You'll also want to ask what types of programs they offer, and once your documentation has been thoroughly examined you'd want to get what options would then apply to you, as well as ask what your loan officer thinks would be the best loan program for your situation. Ask about the other program that would be 2nd best (as if the first one didn't exist), so you can realize why the loan you are being suggested would be the best.

You'll want to ask what type of fees & costs you could expect to incur along the way (credit report, earnest money deposit, home inspection, appraisal fee, lender & 3rd party closing costs, etc.), how much those costs are estimated to be, and when they are expected to be paid (at the time the service is performed, at closing, etc). You'll want to ask how much of a down payment you'll need, and if you have to provide it or if a family member or relative can gift it to you. You'll want to know how much extra money you would need to have beyond those costs & down payment, which are called "reserves" (ie. 2 months of reserves = 2 times your proposed housing payment), some programs don't need them but a lot do. You should also consider yourself how much you want to have on hand after you close on the home, it will vary depending on your comfort level but personally I feel at least 6 times the proposed housing payment is a safe plan.

You'll also want to ask what type of loan terms can they offer you if you were to lock in your interest rate today (you should ask all lenders you are considering this question on the same day so you can have an exact comparison, as interest rates fluctuate day-to-date and even can be intraday).

You should also ask when & how they will be available - are you someone who likes to discuss things after the normal work hours on the phone? In person on a Saturday? Through email? Someone where or not where you live?

There are more variables to think of, some will have greater importance to you and others will not, however I truly believe that you will have a feeling of pure comfort inside of you when you have found the loan officer who will be the perfect fit. You will leave the conversation having a full understanding of the road ahead and what is expected of you, as well as you'll feel the loan officer has left no stone unturned when going over your situation, listening to and addressing your needs.
0 votes Thank Flag Link Mon Sep 5, 2011
I recommend that you start by interviewing 3 or 4 REALTORS to find a buyer's agent to represent your best interests.

Select one of the REALTORS to act as your buyer's agent..

The REALTOR that you select to act as your buyer's agent will recommend one or more lenders or mortgage brokers who will get you the best interst rates, the best service and who will preapprove you for financing.

Thank you,
Charles Butterfield
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
0 votes Thank Flag Link Sun Sep 4, 2011
Hi Jackeline, I would agree that you need to speak with a lender or mortgage professional first. This will give you a good baseline on what you qualify for. Then you can reach out and find a buyers agent to help you with your search.

Best of luck!
Web Reference: http://www.ajsocalteam.com
0 votes Thank Flag Link Sun Sep 4, 2011
Hi Jackeline, as you can see, almost everybody suggest that you seek a lender first to find how much you qualify for. If you need help choosing one, just let me know.
0 votes Thank Flag Link Sun Sep 4, 2011
It depends if you are going to buy the mobile home or a single family home. You will need to talk with a lender and qualified to purchase the type of home you seek to purchase.

I suggest you sit down with a local qualified real estate agent/broker and let them consult you on what you can do and what each step is.

All the best to you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sun Sep 4, 2011
Hi Home Buying in San Jose - Congratuations on the decision to buy a home. I would suggest first speaking with a mortgage professional to see what program is best for your individual needs and goals right now as you purchase. To also see if there are any programs to take advantage of home buying benefits. After you have done so, interview several realtors and choose one that is knowledgeable, professional, accessible and experienced. I would suggest talking to at least three and then seeing who you feel would be best to help you reach your goals. After choosing an agent, start looking online and writing down your lists of needs, wants and would love to haves...jot down the MLS numbers for any house that interests you to give your agent a strong idea on where to start your home search. Good luck to you.
Web Reference: http://www.JoeAndCindy.com
0 votes Thank Flag Link Sun Sep 4, 2011
First talk to a lender who will talk to you about the available programs. If you do not have a alender, your Realtor can give names of lender's that are the best for you. The lender will tell you the amount of money you will qualify for. Contact a Realtor in your area to help you with the selection of properties on the market. Your Realtor will provide you with all the information needed to guide you through as you go on selecting the right property for you and your financial situation. Good luck.
0 votes Thank Flag Link Sun Sep 4, 2011
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