Home Buying in 63042>Question Details

Tiara Redus, Home Buyer in Saint Charles, MO

My husband and I would like to start looking for our first house. What steps should we take first?

Asked by Tiara Redus, Saint Charles, MO Sun Aug 4, 2013

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I recommend starting with a home buyer consultation. I often do mine in conjunction with a reputable lender. We explain the home buying process, how to read and understand real estate reports and real estate short hand, the different types of loans and what it takes to qualify for them, negotiating the contract, building inspections and negotiating them, special financing, the steps that you go through to process your loan, the steps you go through to purchase a home and more. We answer all your questions and guide you through the process
0 votes Thank Flag Link Sun Aug 4, 2013
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
Exclusive Buyer Broker
0 votes Thank Flag Link Sun Aug 4, 2013
Hi, Tiara:

I agree with Alain . . . you need to get pre-approved with a good, trustworthy lender first. That's assuming you will be getting a loan. Once you have chosen a lender, then you need to find a local, experienced agent with whom you feel comfortable with. Ask the lender about his/her programs & rates. I can recommend several honest, knowledgeable lenders who've I've used, know & trust, if you need recommendations. The next step would be to choose a realtor. I've been a St. Charles realtor for almost 17 years and would be happy to meet with you to introduce myself and go over the process, if you'd like.

Once I know the amount you're pre-approved for and have your criteria (style of home, # bdrms, # baths, # garages, etc.), I can set up a search for you which will send both of us the results. Then after you select some you're interested in, we can go take a look at them to see what you think.

I'd be happy to help you & your husband with your new home search. Let me know if you have any questions.

Best regards,
Patsy Androlewicz
Prudential Alliance, Realtors
cell/text: 314-369-6622
direct: 636-970-3548
email: pandrolewicz@pruall.com
0 votes Thank Flag Link Sun Aug 4, 2013
Tiara,

I have a great new home buyers guide and would be happy to share it with you. A very important first step is to get pre-qualified for your mortgage. I can also give you the name of an excellent mortgage banker. So give me a call so I can help you! I love helping first time home buyers.

Debbie Dutton
Coldwell Banker Gundaker
314-398-4909
0 votes Thank Flag Link Sun Aug 4, 2013
Sorry about the double vision in that last reply. My trigger finger got the best of me before I reread my message. I wanted it to make sense.

Amy
0 votes Thank Flag Link Sun Aug 4, 2013
1. If you don't have a stash of cash, you should check with a local, reputable lender to go over loan options considering your current situation. This is the first place to start no matter if you are a first time buyer or not. Stick with local lenders who are not mortgage brokers. It is a safer bet working with a loan officer that works directly for the bank and not a mortgage broke if at all possible. Although loan regulations are getting more and more stringent, there are still predatory lenders out there so it is best to stick with a reputable bank. Do not discount the smaller, community banks though, especially in rural settings.

Tell them you are a first time buyer. Ask about first time buyer programs. There is one called Beyond Housing, here in St. Louis that currently offers down payment assistance to first time buyers in St. Charles. Here is a link to their site so you can see for yourself. The funds go quick because there is a limited supply and there are income limits and other stipulations but it is a great program if you do qualify. http://www.beyondhousing.org/programs/homeownership-center/

1 a. It is very important to make sure you are completely up front with the loan officer, do not be embarrassed to state your situation if you think you have credit issues. If you are serious about purchasing a home you will need to get all of the credit issues out of the way and a good loan officer will offer direction. Let them know you are looking to purchase a home and want to get a preapproved/prequalified so you can start shopping.

Tell them you are a first time buyer. Ask about first time buyer programs. There is one called Beyond Housing, here in St. Louis that currently offers down payment assistance and they do it by county. Right now they do have funds for St. Charles. Here is a link to their site so you can see for yourself. The funds go quick because there is a limited supply. http://www.beyondhousing.org/programs/homeownership-center/

Once you have identified a piece of property, a good lender will provide you with a good faith estimate of closing costs so you will have a ballpark figure of how much cash you need to bring to the closing table.

2. Once you get a valid pre approval in hand, then you can confidently contact a real estate agent and set up a time to meet to go over your house hunting goals. One important thing to remember--and do not be afraid to be up front with your agent about it either--is to try to avoid maxing your purchase price beyond your comfort zone. Do not make yourself house poor. 120k is at the high end of your preapproval, try to stick with a purchase price under that to keep things comfortable and allow for unexpected homeowner expenses.

While home ownership is great, you still want to make sure you have some dispensable income to go out on the town now and then...or buy cool things for your new space.

Good luck! Hope this was helpful!

Amy
0 votes Thank Flag Link Sun Aug 4, 2013
Assuming that you will be financing at least some of the purchase, the first thing that I would suggest is to talk to a few lenders and get pre-approved. Find out what rates and terms they are offering before you choose your lender. Once your lender lets you know how much of a loan you will qualify for then I would talk to some local real estate agents and choose one that you want to work with and let them start helping you find your new home. Having your own Real Estate Agent is very important in my opinion. Your own Agent will only have your interests in mind and most of the time you won't have to pay for their service. Good Luck!
0 votes Thank Flag Link Sun Aug 4, 2013
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