Home Buying in Madison>Question Details

Fairlight, Renter in Madison, WI

With the high rent I pay $1750/mo, owning my own home is the answer. But I don't know where to start. Suggestions please?

Asked by Fairlight, Madison, WI Thu Jan 16, 2014

Help the community by answering this question:


I work with a lot of first time homebuyers. It may be good to sit down with a Real Estate Agent and talk about the homebuying process. You also want to get pre-approved by a lender to determine what price range you can afford. Though keep in mind, buying a home entails a lot more than just what you can afford monthly. There is a lot to consider when deciding on a home and you will have to maintain the home after you buy it.

I am more than happy to answer on of your questions or recommend a great lender.
0 votes Thank Flag Link Thu May 1, 2014
Every answer excellent. Get pre-approval first by meeting with a lender. I suggest this simply because at this time of year properties (if they're good) are going fast. I've seen multiple homes get offers on their first day. So that letter will help in terms of speeding up your process. And sometimes buyers are surprised at what they can and can't afford.
0 votes Thank Flag Link Wed Apr 30, 2014
Do some research on location, market price and get some help from local real state agents.
0 votes Thank Flag Link Sat Jan 18, 2014
Wintrust (local mortgage lender) is sponsoring a free homebuyers seminar next Wednesday (1/22) at the Sheraton Hotel in Madison. This is an excellent first step. They will be offering free credit analysis, discussing all loan programs (pros/cons of each) plus other valuable information about the homebuying process. The link to this seminar is:


copy/paste this on your internet browser and the invite will appear. This is open to anyone and is free.

I hope this is helpful
0 votes Thank Flag Link Fri Jan 17, 2014
A lot of great advice here!

A simpler start would be to meet with a Realtor. An agent can walk you through the process and learn more about how to help you find the right home in the neighborhood that works best for you. Buying a home is an exciting step and can be a lot of fun.

Any of us would be happy to help you learn more!

If you have any questions, you can email me at madisonbroker@gmail.com

Congrats on your decision!

Warmest regards,
Sarah Rodriguez
0 votes Thank Flag Link Thu Jan 16, 2014
I agree with the answers that has been given to you. It is always good advice to seek a qualified lender to help you get a good start. Once you have been pre-approved for a loan, you should call a Realtor and discuss what exactly you are looking for now that you know your price range. You are welcome to give me a call when you are ready.
0 votes Thank Flag Link Thu Jan 16, 2014
I'd like to suggest that you go to http://www.HomeBuyersRoundTable.org for information about home buying. They offer a FREE First Time Home Buyer Seminar which shares invaluable information about the entire home buying process. Further, you can find out if you might qualify for down-payment assistance. Check it out! I concur with all of the prior postings about getting pre-approved and finding a great agent to help you through the process. Happy hunting!
0 votes Thank Flag Link Thu Jan 16, 2014
Start with a lender that will help you determine your qualifications and any limitations. A good lender will help you prepare your financial self for the process of getting a mortgage- that might include credit counseling, targeting down payment and reserve requirements and documentation needed, etc.

I would suggest a local lender that you can actually work with face to face if necessary. One that I use personally and often with clients is: kimtrainor.com

When you are qualified and need a good Realtor, call me anytime and I
would be happy to make a suggestion based on your needs and areas.
0 votes Thank Flag Link Thu Jan 16, 2014
I want to thank all of you for taking the time to answer my question. Your responses provide me with awesome information and a good place to start. I have only been in Madison for 18 months and don't know many people, so I may be contacting some of you for additional guidance. Again, thank you.
0 votes Thank Flag Link Thu Jan 16, 2014
All the answers you have received are good!
I work primarily with first time buyers. I suggest going to http://homebuyersroundtable.org/. They have good information and sponsor a home buyers seminar a couple times a month.
If you have any questions you can contact me at cindydiehl@c21affiliated.com
Good Luck!
0 votes Thank Flag Link Thu Jan 16, 2014
Buying a home has many rewards! First step in the process is to find out what you qualify for financially. You can talk to your own bank as they probably have a mortgage lender. I have a few connections with good reliable lenders also. Once qualified, and you have a comfort level of what you can spend, then the next step is to start looking at homes. As Realtors we can represent buyers and show any listed property. Find an experienced Realtor, and stick with one, someone you feel comfortable with.

If you would like further assistance of have any questions, feel free to contact me.
Karen Berg 608-219-8906 bergk@firstweber.com
0 votes Thank Flag Link Thu Jan 16, 2014
Christine, have you thought of a first time home buyer seminar.

You get all the info in a no pressure no obligation way.

There will be a lender and Realtor on hand to answer all your questions.

Click on the link for dates and sign up.

You will also receive a free copy of the book. "Your First Home"
0 votes Thank Flag Link Thu Jan 16, 2014
Great answers. I agree with all. I also have lenders that I know and trust and have worked with for a long time that have many different programs to choose from. Also, if you have any credit issues, they can help with that as well. Let me know if you would like me to forward that information to you.

Otherwise, wish you all the best. Come back and let us know when you have purchased your own home so we can celebrate with you.
0 votes Thank Flag Link Thu Jan 16, 2014
I'll be glad to forward a list of lenders to you. Each has programs specifically geared toward different segments of the market. I've been helping nice people move for over 30 years. When do want to get started?
0 votes Thank Flag Link Thu Jan 16, 2014
Paul, Broker, Dane County, WI
Where to start? With a lender. Get pre-qualified for a mortgage. Do the math on what you are comfortable paying each month. Then, talk to a couple of Realtors, (my preference would be one who focuses on Buyer Agency).

The purchase process will take some time so it makes sense to be comfortable with your tour guide. Local, experienced, full time, etc etc.

Maybe check out their Zillow page and read reviews from previous clients.

Feel free to call / text / email me. I am all of the above: Local, experienced, focused on helping Buyers.

Paul Anderson
Madison Buyer Agency Broker/Owner
608. 213.1352
0 votes Thank Flag Link Thu Jan 16, 2014
Oh My Heavens! You definitely need to start buying a home for yourself and not your landlord. You do need to talk to a lender and find out where your comfort level is for a payment. However, the first place you should go is to a Realtor. A Realtor works with a lot of lenders and has a good idea where you should go to be sure you are not paying excessive fees. Go to some open houses, call a few agents and find one you like and trust. You are going to be trusting their judgement in a very important purchase. Once you pick one, stick with them and they will get you through the process with very few glitches (there are always some problems and decisions that need to be made on every transaction). If you would like the names of a couple of agents I have had good experience with in and around the Madison area let me know and I will share their names with you. Good Luck in your house hunting.
0 votes Thank Flag Link Thu Jan 16, 2014
I would suggest you go to your Bank or to a Mortgage Lender and get yourself pre-approved to find out what you can afford with your income. Then find a Local Real Estate Agent.
0 votes Thank Flag Link Thu Jan 16, 2014
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