Home Buying in Elgin>Question Details

YVETTE.LAGUN…, Renter in Elgin, IL

Im going to be a first time buyer, what are the first steps I need to take? Does the realtor search for a loan or do I have to go and ask banks?

Asked by YVETTE.LAGUNAS, Elgin, IL Tue Jun 19, 2012

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Not sure what type of home you are looking for or if you want to stay in Elgin, but I am a motivated seller in Elgin. Here's a link to the home: http://www.realtor.com/realestateandhomes-detail/208-Woodard… Please contact me at 208woodard@gmail.com if you have any questions. Thanks!
0 votes Thank Flag Link Wed Jun 27, 2012
Your first step should be to get preapproved by one lender. While you don't absolutely have to have a pre approval to begin looking at homes, getting one is the right place to start. This will help you determine the price range you should be shopping in. I can guarantee that you can always find something you like better at a higher price point, so you should know upfront how much you can comfortably afford, then stick to your budget. Also, you will need a preapproval at time of offer, so don't wait to find the perfect home & not be ready with a preapproval, only to let another buyer who is ready buy it out from under you. I have several knowledgeable lender contacts I can recommend to you. You don't have to shop the rate now, the contract allows 5 business days after you have an accepted offer until you have to actually select and apply with a lender. During that time, you can check with as many lenders as you wish and it will not affect your credit by multiple inquiries. Any other questions about the home buying process, just call me. I love working with first time buyers!
Nancy Eisele 630 776-1410
Coldwell Banker Residential Brokerage
0 votes Thank Flag Link Tue Jun 19, 2012
Yvette: Congratulations on your decision to become a home buyer. Your first step to home ownership should begin with finding an experienced mortgage professional to work with. Obtaining referrals from those that have recently closed on a mortgage, from real estate professionals (agents/brokers), from insurance agents, attorneys, home inspectors is helpful, should you not know a mortgage lender already.
Once you have chosen your mortgage lender, you will be pre-qualified for a loan ... meaning they will check your credit, ask questions regarding your employment, your savings, etc. ... to get a picture of your ability to buy and at what price of home you would qualify for purchase. I have a list I provide my clients, of those financial items that will be needed during most mortgage applications and processing. It provides a good starting point for you from which to work. It also prepares you for your financing and facilitates how quickly and smoothly the financing goes. You can find this helpful list at: http://www.genemundt.com/Required-Documents.html.
You have the ability to find and utilize any lender of your choosing/likiing for your financing. I suggest that you find someone with experience, referrals, testimonials, and a high success rate for mortgage closings.
I will also add that you received an answer from Evelyn Santiago below, a Broker that I have done multiple transactions with. You could do no better than working with Evelyn. She is a true professional, is experienced, and educated regarding the Elgin housing market, and its surrounding areas.
I would love to have the opportunity to speak to you about your mortgage lending needs, earn your trust, and your business. If I can be of assistance, please ... contact me via Trulia ... or through any means found on my website.
Best of luck to you moving forward,
Web Reference: http://www.genemundt.com
0 votes Thank Flag Link Tue Jun 19, 2012
You can start with your bank and get an idea of your credit worthiness and then you can shop around and find the best rate,However it is the FIRST step.
I am a Broker(20 years) and a Certified Appraiser,(10) years
I live in Elgin and have a new office in Lake in the Hills
Please give me a call if I may offer my assistance in your Home search.
0 votes Thank Flag Link Tue Jun 19, 2012
If you have or know a realtor that your comfortable with they can recommend an experieced loan originator with a proven record of getting a loan to the closing table. Asking for referrals from family and friends that actually have closed on a home recently is also a good idea. Due to the new lending environment it's very important to find someone that has local underwriting and a local presence so that they can move the "underwriting" process along.

Getting the pre-approval - not pre-qualification will give you a step up from other buyers. Interest rates flucuate on a daily basis so until you actual "lockin the interest rate" you are not guaranteed a particular rate.

Feel free to contact me if you need a referral to a loan originator with a solid track record of getting a loan to close with the least amount of stress!
0 votes Thank Flag Link Tue Jun 19, 2012
You have to search for a loan.

However, a Realtor can suggest the names of some loan officers and lenders. You don't have to use them, of course. Use anyone you wish. However, the ones recommended by your Realtor are likely to be professional, experienced, and proficient and getting funding.

Hope that helps.
0 votes Thank Flag Link Tue Jun 19, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
Your first step is to speak to a loan officer. One of the advantages of Baird and Warner is that we have a loan officer in our office. Give me a call and I can set an appointment to begin your exciting journey. My cell number is 847-977-5564
0 votes Thank Flag Link Tue Jun 19, 2012
You really need to talk with a licensed loan originator, first, before you contact a real estate agent to determine how the amount of a loan you would qualify for your purchase. .Look for a local reputable loan originator. Ask co-workers, friends & family who they used. Find someone you are comfortable with who will take their time with you to explain everything.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
0 votes Thank Flag Link Tue Jun 19, 2012
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