The best way to get started is to get a pre-approval for a mortgage so that you see how much you may be comfortable with spending, what will be required of you on the loan, and how much you can afford. You can go to your personal bank for this or there are any number of banks or mortgage brokers who will assist you.
Once you have established the price range which you can afford, contacting an experienced real estate agent would be advised as they can go review with you your requirements and what you may be looking for in a home and have a detailed discussion about the process.
As I am a very experienced real estate agent who does local, state-wide, national and international relocation I am certain I can help you with this. I would bed happy to have an initial conversation with you regarding the pre-approval process as well.
Please contact me at any time. Thanks.
Harriet Lewis-(201)467-5738 and (201)707-5640(Cell)
Are you a first time home buyer? Here are some helpful tips to get you started on the right path.
1. The first step before you do anything is to find out how much money you can borrow from a bank/mortgage company. Check with different lenders to see who can get you the best deal. Once you know what you can afford, then you can begin to plan.
2. Determine what you need in a home, not necessarily what you want in a home. Make a list of those needs to give to your Realtor. When you are searching for homes you will find that it is very rare to find a home that has absolutely everything you are looking for. If you stick to what you actually need, you will have better success in your search.
3. Research areas/communities that are of interest to you. Determine what things are important such as schools, proximity to shopping, restaurants, and local activities. Drive through the communities to get a feel for what they are like.
4. Learn as much as you can about the process of buying a home. Some local Realtors or lenders will offer first time home buying seminars. If you can find one in your local area it would be helpful to attend. If you cannot attend a seminar, look on the Internet for a home buyers guide such as the one at Bankrate.com â€“ http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/
5. Select a local Realtor to help you begin your search for a home. You can search Internet sites such as Realtor.com or Homes.com, but a Realtor has access to all of the homes in the local MLS. They can provide you with information on the home, the area and answer any questions you may have. A Realtor can show you properties of interest.
6. Learn about the contract and what is involved. Your Realtor can take you through step by step the process of a contract. After it is signed by buyer and seller, it is called an executed contract. Then you would want to get a home inspection. If everything is fine with the inspection, then you can go forward towards closing.
7. Know what happens at closing. Again, a Realtor can walk you through what to expect at closing. You will need to have money for closing costs such as title search, processing fees, taxes, and insurance.
Buying your first home is an exciting and overwhelming experience. So make sure you are prepared.
Tammy Hayes, Realtor
Re/Max Palm Realty
Though the best place to begin is speaking with a lender, be sure they are a reputable lending institution. Don't just pick one online. Be sure to start with the well know lenders. Once you have the financial information and the price point of homes which you are comfortable with go to the next step, where do you want to begin looking Begin by researching online communities, neighborhoods and schools. Speak with family/friends. If you still aren't sure, once you find an agent you can ask for some guidance
. Now that you have started the process, it is time full time real estate agent. Start by becoming familiar with their website. Then start the dialogue. When you find one you trust and feel comfortable with, you are on your way.
A good agent will add a great deal of value. Good luck to you!
The other resources that are mentioned are certainly needed - a good real estate attorney and inspector. You agent should be able to recommend several of each to consider if you need suggestions.
Search and connect at http://www.feenick.com
The best place to begin is by reviewing your personal finances and updating your budget before visiting several finance specialists to get pre qualified for a loan.
This process will put you in line for being able to target the correct price range home and allow you to use your time meaningfully. Happy house hunting.
Unfortunately, most people don't do this and that's how they get into trouble. What usually happens is that you meet a real estate agent and start looking at homes which is not the right approach.
OK, let's start with your budget. Remember always that your purchase budget is what you want to spend not just automatically what you qualify to spend. In other words, if you qualify for $5,000 per month but you want to spend $4,000 per month, you work with what $4,000 per month will bring you.
As for bankers, NO mortgage brokers - use only licensed mortgage banks. There is a huge difference here and you need to learn about this. If you're working with a mortgage broker and not a direct lender, your costs will be higher and you can end up at the closing table with an interest rate that wasn't at all what you thought you were getting plus all sorts of hidden fees. The word mortgage broker is like the word Kleenex so you need to understand how to discern the differences. A good banker will also educate you on the buying process from the mortgaging viewpoint.
Find a good attorney to represent you. You can get a recommendation from your real estate agent or from other folks who have recently purchased a home. Make sure the attorney is locally based and does a large volume of residential sales. You also need to be be able to communicate well over the telephone as you often don't meet in person until the closing.
In choosing a real estate agent to represent you, make sure the person is a full time professional. No question about this - this is way too complex a business for anything but a full time committment to it. The person should also be an accomplished professional and someone with whom you can establish a good rapport.
You need to learn the exact purchasing process as well as the market values and the towns you will be considering within your price range. Your attorney will go over the purchase process with you as will your agent.
When you talk to your attorney and your agent, you can ask about the home inspection and get inspector recommendations which you can check out now so that you're ready when you find your new home.
OK, you're now well qualified by a licensed banker, you've lined up your agent and your attorney, you should have a pretty good idea of how to buy a house the right way so now it's a question of getting out there with your agent to find the community and home that's right for you.
If you wish, you can look at what I have on my site below for buyers as it goes into all of this thoroughly. The bottom line is to get prepared properly so you know what you're doing and you're in control. Good luck!
I work for a direct lender here is SJ. if you need help on getting approved or just want to compare offers, i'm more than happy to assist. Just give me a shout at firstname.lastname@example.org.
Good Luck with everything!
800-795-9633 x 185
Never a charge for free advice.