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Should first-time homebuyers work with their bank or agent first?

Asked by Trulia Las Vegas, Las Vegas, NV Mon May 6, 2013

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BEST ANSWER
The lender first. The loan offficer/lender is a critical choice. A loan officer who works for a lender that offers all of the loan types for first time home buyers. Gather up all of the information you can find before you interview a loan officer. Not all lenders offer all of the loan types or work with your State's assistance and grants. Loan officers are hired to sell the loans their lender offers. You will find an article at Your Road Home.com, Consultation Interviewing Loan Officers, that will serve you well. You will also find a number of articles on the various loan types and a link to your State's assistance and grants for first time home buyers. Be sure to read article #9 about the MCC Tax Credit for first time home buyers. Best tax credit yet !.
After you have gathered up all the objective information you will find loan officers from your area on Turlia offering their services and Trulia is a very good source of Information.
Best of Luck, Stephen Webber
Web Reference: http://Your-Road-Home.com
0 votes Thank Flag Link Mon May 6, 2013
Hello Trulia, it's recommended that first-time home-buyers primary focus is qualifying for financing, then searching for homes... however, you can connect first with a Realtor, who could guide you to a recommended lender.

Hope this helps.


http://www.nvsdr.com
2 votes Thank Flag Link Fri Apr 4, 2014
I would learn as much about buying real estate before contacting anybody. When I was a brand new investor, I visited 50 open houses on my own, asked lots of questions, took pictures, and made notes on everything I liked and didn't like. This is the biggest investment you will ever make, and I like knowing what everyone is doing to get me a great deal.

David Cooper Helping You Find Great Foreclosure Deals Since 1994
READ MORE http://www.lasvegaswinner.org
0 votes Thank Flag Link Fri Apr 4, 2014
First you need to have your lender pre approval.. It is not a good use of your time to look at property until you know your loan amount. You may drive around for months looking at properties you do not qualify for. In addition, a buyer came into town for the weekend, called me and asked to see a particular house Sunday. I showed them the house however by the time I provided all of their documents to my lender Monday, the seller had accepted another offer (an offer is not valid without proof of funds, copy of deposit and lender pre approval). Sellers may accept an offer the first day on the market.
0 votes Thank Flag Link Tue Jul 2, 2013
Consulting first with an experienced Lender works most of the time for first time home buyers.

If you first consult with a Lender, you will determine what the max amount you can get approved for based on your income, credit, financial and loan program qualification. In doing this step, it makes the process of home shopping streamlined and easier for everybody assisting you.

Working first with a Real Estate Agent on the other hand will work as well too but most Agents (not all) will suggest that you consult with a Lender and get pre-approved first to determine what your max purchase price is. It narrows down the list of properties the Agent will show you and zero in on the property that is within your purchase price.

Real Estate Agents have a list of trusted Lenders they have successfully worked with in the past. If you're not happy with the current Lender you are working with, they can suggest one or two from their list who I'm sure can get the loan done one way or the other.

Eugene Prospero
Mortgage Consultant
702.324.2377
Eugene@LasVegasLoanSite.com
0 votes Thank Flag Link Tue May 21, 2013
An experienced agent will have suggestions on which lenders work best with your unique situation. From there, there’s not a whole lot an agent can do for you until you have an understanding of what your payments are at a given price range. There’s no harm in shopping multiple lenders within a short window, so be open to looking at several options.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Sat May 18, 2013
A first time home buyer starting with their lender is a mistake. I agree that getting approved is one of the first steps but there are many things a realtor can tell a first time buyer about lenders. Knowledge is power and if you go directly to a lender blindly you lose that power and are prone to mistakes. Realtors have a vested interest to see you succeed & Realtors want their clients pre-approved but educated first.


Think of your realtor as your Quarterback. Start with him/her. They can be very helpful in recommending the positives and negatives with just about every facet of the home purchase. Realtors work with lenders on a daily basis and they understand the process well. Since first time buyers are new to the whole process they are more likely to make mistakes all along the way. Lucky for them choosing a lender could be that first mistake. Many times I have inherited someone with a lender who in the end fails to get the loan completed. This happens way more often when the buyer already start with a lender before I help them find their dream home.

Not every lender is equal and if one lender can not do the loan that doesn't mean that you can not get a loan. This is a very sensitive market. If you are a perfect loan, " 'A' paper", then it only matters the details of the loan that could make you choose one lender over another. IE: Higher interest, lower fees, points or no points etc... But not every buyer conforms to A paper loans. Your realtor should be a fountain of knowledge and only have your best interest in mind. Often they will want you to use their preferred lender as there is a perceived value of "realtor influence over the lender" due to the likelihood of the realtor offering more business to that lender in the future.
http://WWW.LAS-Vegas-REAL-ESTATE-HOME.COM

Regards,

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
0 votes Thank Flag Link Mon May 13, 2013
They should inform their Realtor that they are working with the bank to get pre-approved or inform the agent that we are already pre-approved and they would prefer working with their bank.

The realtor should be working with the buyer and move forward to locate a property that best suits their needs.

The buyer needs to address this issue and be honest with whoever is representing them.

Obviously, the first step is to confirm that the buyer is well qualified to purchase a property in their price range.

The buyer should be working with the lender and the realtor at the same time in order to purchase a home that is within their price range.
0 votes Thank Flag Link Mon May 13, 2013
Good afternoon,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon May 13, 2013
Think of your realtor as your Quarterback. Start with him/her. They can be very helpful in recommending the positives and negatives with just about every facet of the home purchase. Realtors work with lenders on a daily basis and they understand the process well. Since first time buyers are new to the whole process they are more likely to make mistakes all along the way. Lucky for them choosing a lender could be that first mistake. Many times I have inherited someone with a lender who in the end fails to get the loan completed. This happens way more often when the buyer already start with a lender before I help them find their dream home.

Not every lender is equal and if one lender can not do the loan that doesn't mean that you can not get a loan. This is a very sensitive market. If you are a perfect loan, " 'A' paper", then it only matters the details of the loan that could make you choose one lender over another. IE: Higher interest, lower fees, points or no points etc... But not every buyer conforms to A paper loans. Your realtor should be a fountain of knowledge and only have your best interest in mind. Often they will want you to use their preferred lender as there is a perceived value of "realtor influence over the lender" due to the likelihood of the realtor offering more business to that lender in the future.

http://WWW.LAS-Vegas-REAL-ESTATE-HOME.COM

Regards,

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
0 votes Thank Flag Link Sun May 12, 2013
This will depend own your credit. Most times mortgage brokers have better programs and lower interest rates
0 votes Thank Flag Link Tue May 7, 2013
I prefer finding a trusted real estate agent first and then using the lender/banker they recommend. There are a lot of questyions and paperwork to qualify for a loan, and the team approach of llender and agent makes everything go smoother.



David Cooper. Investing in Las Vegas since 1994
http://www.lasvegaswinner.org FREE REO Foreclosure List
702.499.7037 FREE consulatation
0 votes Thank Flag Link Tue May 7, 2013
Choose a non profit organization to work with who is a neutral party first . It is important that you receive education and counseling before you even think about purchasing a home . It is best to talk to someone who is not motivated by a commission check . They are truly looking out for your best interest and preparing you for homeownership . You can choose a HUD approved housing counseling agency t Http://www.hud.gov . These agencies work with approved real estate professionals who know how to work with with payment assistance programs . These are specialized programs hat require knowledge and experience. That is the best way to start . You have a better chance of maintaining and sustaining a home if you receive education prior to working with anyone. .
0 votes Thank Flag Link Mon May 6, 2013
Choose a non profit organization to work with who is a neutral party first . It is important that you receive education and counseling before you even think about purchasing a home . It is best to talk to someone who is not motivated by a commission check . They are truly looking out for your best interest and preparing you for homeownership . You can choose a HUD approved housing counseling agency t Http://www.hud.gov . These agencies work with approved real estate professionals who know how to work with with payment assistance programs . These are specialized programs hat require knowledge and experience. That is the best way to start . You have a better chance of maintaining and sustaining a home if you receive education prior to working with anyone. .
0 votes Thank Flag Link Mon May 6, 2013
BANK. The first step is to get pre-approved for your loan. You can't go shopping until you know what money you have in your purse!
0 votes Thank Flag Link Mon May 6, 2013
I always like to have first time buyers work with their lender to find out how much the can afford to buy and have the qualification process done. Then we can establish how much of a monthly payment the buyer will be comfortable with. I love first time home buyers. That is how I started my business over 15 years ago here in Las Vegas Nevada.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
http://www.LasVegasRealEstators.com
0 votes Thank Flag Link Mon May 6, 2013
Either way works.

Generally, buyers should be qualified for a loan before they start shopping for a house and a good start will be a professional and experienced real estate agent.
Most real estate agents work with lenders and can refer buyers
to preferred lender.
When I receive calls from first time home buyers that are not pre-qualified by a lender,
I always ask them questions over the phone and base on their answers it gives me an
Idea if the buyer is qualified for a loan and the amount of purchase.
One of my preferred lender than contact them as soon as possible and set up an appointment.
In some cases, I had to save deals in the last minute and move the buyers to my preferred lender since the previous lender could not deliver what was promised.

Rena Levy
Broker/Associate
Certified International Property Specialist
Realty Executives of Nevada
702-612-7099
cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Mon May 6, 2013
They need to be pre approved. Simply stated, make your agent aware that you have been approved or pre approved by your bank. You will need to know this information to begin the process.
0 votes Thank Flag Link Mon May 6, 2013
All home buyers, first buyers or otherwise, should have the home inspected. Myself and my inspectors will not only inspect the house, we will educate you and provide information on safety and the continued maintenance on your home.
Lee Taylor
Valley Property Inspections, LLC
http://www.LasVegasInspector.com
702-616-6775 (Mobile)
0 votes Thank Flag Link Mon May 6, 2013
I would suggest you meet with an experienced agent/s like myself and my wife as soon as possible and taking your bank is fine. We would also suggest that you meet with one or both of our lenders so you can get the best deal on a loan. We then can walk you through every step you're going to go through and answer all your questions so we're all on the same page. The buying process is a partnership between, You, Lender and Realtor but your Realtor should be able to make sure you're getting the best deal from Bank and Inspectors and negotiate the best deal for your home and protect your interests. Thanks, Kim and matt. 702.501.0973
0 votes Thank Flag Link Mon May 6, 2013
The very first step in buying a house is to find out how much you can afford. I would suggest you talk with your bank first and then different mortgage brokers to find out more about the process and what works for you. Find the person that you feel comfortable with as buying a house is a process that can take several months.
After you are qualified for a loan, then you can contact an agent to find properties that fit your budget, what you need in a home, and area.

I would be happy to refer you to several mortgage brokers that I work with. And I have great financial advisors that can help you plan your first home purchase as well.

Let me know if I can help you in any way


James Battaglia
702-361-6994
Realtor, Property Manager
lvhomeproperties.com
Elite Realty
8625 S Eastern Ave
Las Vegas, NV 89123
0 votes Thank Flag Link Mon May 6, 2013
Contacting an agent first may be the best step to take. The agent will have many lenders in the area that can provide the service needed to help close the home of your dreams.

When an agent is selling in an area they work very closely with the lenders in the area to provide the best service for their clients. But before looking you need to have the lenders information and a pre-qual letter so you can have the best offer written.
Jan
0 votes Thank Flag Link Mon May 6, 2013
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