Home Buying in Jackson>Question Details

Gonzoe78%40y…, Home Buyer in

My husband and I are looking to buy our first house. What do I need to do first? We are clueless.

Asked by Gonzoe78%40yahoo.com, Sat Feb 23, 2013

This question was asked from this property: http://www.trulia.com/property/3109812044-490-Meadowood-Rd-J…

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Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home.

There are many things that you have to conceder when looking for a home, the right size, right neighborhood, color and affordability. Your monthly payment trumps all when selecting a home.

Here is what consists of monthly mortgage payment:

•1. Principle & Interest

•2. Taxes on the property

•3. Mortgage Insurance... If down payment is less that 20% of purchase price

•4. Homeowners insurance

Did you know if you choose to include your taxes and insurance lenders calculate your monthly payment they will take the annual taxes and homeowners insurance and in some case MI (mortgage insurance) and break it up into 12 payments per year. If you do NOT escrow the payment you would be responsible to pay your taxes quarterly and the homeowners insurance annually.

When purchasing your home, here is what you can expect throughout the loan process once your sales contract has been accepted by the sellers.

•1. Pre Approval

•2. Hire real-estate attorney

•3. Home Inspection ("out of pocket cost" $ 300- $500) Not required by lender

•4. Complete Loan application

•5. Appraisal on home ("out of pocket" cost $ 300-$500)

•6. Under written by lender

•7. Loan Commitment, loan Approval

•8. Title Insurance

•9. Survey on property

•10. Homeowners Insurance ("out of pocket cost" 1 year up front, one week prior to closing)

Getting pre approved is your first step to owning your home. CALL NOW...

I am open for any questions.

Good luck,

Antonio Llamas allamas@westtownsb.com

1 vote Thank Flag Link Mon Feb 25, 2013
Congratulations on your decision to buy your first home. The best advice I can share with you is to connect with a buyers agent that will assist you with the entire buying process from start to finish.
The 1st step will be to determine how much you can afford and to get a preapproval from a mortgage lender before you can shop for a home..I can help you with this. I have been assisting 1st time buyers for 25 years in this area , feel free to call me or e-mail me and I will be happy to help you through the process.

Warmest regards,

Joan Congilose
RE/MAX Central
(732) 972-1000 x 364
(732) 232-5277

0 votes Thank Flag Link Fri Mar 22, 2013
Call a realtor you can trust to guide you through the whole process.
I'm available any day.

Gaye Strac
Weichert Realtors
Office 856 983 2888
Preferred Cell 609 839 6017
0 votes Thank Flag Link Fri Mar 8, 2013
First you need to know how much house you can afford. A reputable mortgage rep will evaluate your finances and let you know how much they will lend you. It might be more than you want to spend, so you will ultimately decide how much you can afford.
Then, figure out where you want to live. Go and visit the areas and see what your money will buy you there and if you'd be happy in a house in that neighborhood. Check into schools, market stability, and overall neighborhood security.
Once you've narrowed down the area and you know how much you want to spend, find a full time Realtor who you like and work with him/her.
Good luck! If your search brings you to Southern Monmouth/ Northern Ocean County, I'd love to work with you! There's nothing like the excitement of working with a first time home buyer!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Feb 25, 2013
Now more than ever, it's important that you have a professional real estate agent represent your interest. To find an experienced agent with the credentials you need, you can look right here on Trulia for an agent to service you.

Best of luck to you!
0 votes Thank Flag Link Sun Feb 24, 2013
The first thing you need to do is sit down with a mortgage professional and discuss your options on what you qualify for based on your income and personal information. You and your husband will also need to discuss how much you are comfortable paying a month for a mortgage payment. It is better to understand your budget before you fall in love with a property.

Michael Spinetta
Mortgage Loan Originator, NMLS: 124703
AnnieMac Home Mortgage
0 votes Thank Flag Link Sun Feb 24, 2013
I would absolutely recommend obtaining a mortgage pre-approval letter as it will be required by just about every agent. There are a lot of mortgage programs available to accommodate your goals. It's simply determining which one is best for YOU. If you'd like me to walk you through the process, start to finish, please contact me as I understand this is a new experience for you. Knowledge is key.

Kindest regards,

Paul Marzolla
Loan Officer
(201) 957-6768
0 votes Thank Flag Link Sun Feb 24, 2013
The first thing to do is determne what your "buying power" is. Unless you are paying cash, you will need to be pre-qualified for a mortgage that meets the banks requirements and your budget. Then you need to find a good buyer's agent to guide you through the entire process. If you would like to discuss this in detail, please don't hesitate to give me a call! Working with first time home buyers is something I take pride in. Congratulations on moving forward with such an important decision.
0 votes Thank Flag Link Sun Feb 24, 2013
CONGRATULATIONS! This is a big step in your lives. Probably the biggest investment you'll ever make too! I commend you 1st off for asking questions before making a leap. You definitely are off to a great start!

As a National Association of Realtors Accredited Buyer Representative specializing in helping 1st time homeowners, I am always excited to have an opportunity to help someone like you achieve their goals. If you ask me, I would tell you the 1st step is to make an appointment to sit down with me either in my office or at your home and have a home buyer consultation with me. During that time we will review your goals, how I intend to help you achieve them, and have a discussion with you as to what you can expect during the process of buying a home. I will walk you step by step from pre-approval, through making an offer, contract negotiations, attorney review, inspections, escrows, etc....

While I agree 100% with what both of my collegues say below about speaking with a lender before doing anything else, I disagree with their methods. I would not advise my clients to just Google mortgage pre-qualification. (You can end up in the wrong hands and really get messed up). I have experts who have proven to me over the years that they can pre-APPROVE my clients before we go out house hunting so there are no surprises down the road. (Yes there is a difference between being pre-qualified & being pre-approved).

If all of this sounds good to you I encourage you to contact me anytime at (732) 904-8403. Or at Diana@DianaBrunner.com

Thank you in advance.

Warmest Regards,

Diana Brunner, ABR
Broker Associate
Web Reference: http://www.DianaBrunner.com
0 votes Thank Flag Link Sun Feb 24, 2013
Well first let me say good luck to you and your husband. You can do a couple things at the same time. The first is to call either your local bank, or a mortgage rep so you can find out how much you can spend. The second is to use this site or others to look for property. Right now I would stay with that until you get pre-qualified. Once you know how much you can spend then you can talk with a couple of different agents to see who you connect with. Then the agent should explain everything else that needs to be done. Example home inspections, survey, title search, mortgage application, etc. I hope this helps. If you have any other questions or something I can help you with please let me know. Thank you.
0 votes Thank Flag Link Sun Feb 24, 2013

The first step is getting pre-qualified for a mortgage. You can do this online (Google "pre qualified mortgage") or you can contact a Realtor who will set you up with a mortgage professional who can get you pre-qualified.

Best of luck to you!

Brian Diehl
Prudential New Jersey Properties
0 votes Thank Flag Link Sat Feb 23, 2013
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