Home Buying in 27520>Question Details

Keeladawn, Other/Just Looking in 27520

Young couple needing advise about all information on buying a first time house.

Asked by Keeladawn, 27520 Thu Apr 29, 2010

My boyfriend and I are looking for a house. Nothing fancy and around the price range of 50,000-90,000. How do loans work and what all do I need toknow on how to buy my first house?

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Hey!! Buying a home can be such a fun and exciting venture :) First things first, contact a lender/mortgage broker and tell them you are wanting to buy a home, tell them what the maximum amount in monthly payments you feel comfortable with, and they will pre-qualify you by asking for information and even getting you to fill out an application. Request a GOOD-FAITH ESTIMATE from them, which will show how much your montly payments would be based on a certain price home, as well as closing costs, and then the current interest rate they could give you. It's also best to contact a few more mortgage brokers from different competing companies to see which scenario will work best for you including a total package of the lowest monthly payment, lowest interest rate, best loan program, and lowest amount of closing costs. In the mean time, you should contact a realtor locally that you trust and feel comfortable with, let them know you are getting pre-qualed, and ask any questions you have about the home buying process. After you get pre-qualified (which should take a few minues to a few hours), your real estate agent can email you all the homes on the market that fit your needs & your budget, and then you can schedule times to go and view homes with your realtor. Keep in mind that it's usually free to have a realtor represent you, b/c the seller pays a realtor to sell their home, and buyers agents get paid from the listing broker/seller. You find one you like, your realtor will help you write up an offer, negotiate on your behalf, and get you under contract on a home once you come to acceptable terms and conditions. Then it's paperwork , inspections, loan process, sellers making repairs if applicable, and then boom finally you are sitting in an attorneys office and signing papers to take ownership of your new home :) I hope this has helped you. Please feel free to contact me via email, phone, or text msg if you have further questions, or would like to talk with me about helping you find a home. I'd love to assist you :) Thanks so much and have a blessed day! -Christina D.E. Land (broker/realtor) , Keller Williams Realty Cary 919-333-1338 christinaland@kw.com
1 vote Thank Flag Link Fri Apr 30, 2010
Ah, what an exciting time to you! And what an opportunity as well - with relaxed prices and amazingly low borrowing rates - it's a good time to be a buye.

The resources you choose to work with will make a huge difference to the success of your home buying process. As a first time buy, you'll be well served to align yourself with an agent that has strong market and inventory knowledge and the patience to educate and guide you. She will likely be able to recommend a like-minded mortgage pro.

A good way to start is to sit down with your agent for a buyer consulation - she can review the process and introduce you to a trusted mortgage pro who can qualify your budget to ensure that you looking in the right range and positioned to act when you find the right home.

Good luck and have fun!
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Fri Jun 1, 2012
Please feel free to contact me. You are on the right track, get in touch with a lender first. I can help. Find out what price range they will loan to, then I will do the rest. I cost you nothing. Call or email me anytime. 919-633-2891 daveflack@hotmail.com
0 votes Thank Flag Link Fri Jun 1, 2012
Welcome to the home buying process!! I recommend you start this process by asking your friends or family for a referral to a Realtor. If they have no recommendations search online and find one you think appeals to you. Contact them and ask them for a recommendation on a bank in your area, or go to your bank. Sitting down with a mortgage officer will help you decide where you are comfortable with payments. A home is a big purchase, you never want to become "house poor" for a home. Next ask your realtor to meet with you about the buying process. I love to meet with my buyers and go thru the process so they understand what happens and feed comfortable with it!!

Enjoy finding your first home!!!
Web Reference: http://www.RealtorKB.com
0 votes Thank Flag Link Wed Aug 25, 2010
Keeladawn, I am a Mortgage specialist and know several realtors that can help you along with my experience.
It is a good idea to be prequalified before you start your journey , so if you would like for me to assist you on this feel free to give me a call. Its a free service.
Darrell Futrell
0 votes Thank Flag Link Wed Aug 25, 2010
You are smart for seeking advice. I wish that I can tell you everything you need to know in this message, but it is impossible. One way to simplify things and jumpstart your search is to attend one of our free homebuying seminars where information will be presented plainly and where you can ask questions specific to your search. Visit http://www.PleaseReserveMySeat.com for our agenda topics and registration details.

Also, check back often to learn about our foreclosure tour dates.
0 votes Thank Flag Link Sat May 8, 2010
Keela, congratulations on starting to look for you first home. Looking for the right loan officer to work with is a great place to start. I suggest you speak to friends or family members who have purchased a home recently and ask for recommendations. If they were happy with their loan officer, you probably will be too, and at the very least, you will know that you will get someone honest and trustworthy to represent you in this very important process. They most likely will not give you a true Good Faith Estimate now, as since January 1st there are new regulations that bind someone to the fees disclosed, but they should definitely be able to give you the numbers that you need to figure out what your closing costs will be. As far as the interest rate goes, if someone knows that you have not found a house yet, they can really quote you whatever they want because they know they are not locking you in anyway. See if there are any lenders who have afforable housing programs in your state that will give you a lower interest rate if you qualify. Sometimes this is a state program, sometimes there are local banks that offer this. Hopefully you will find the right person. It might be difficult, because on smaller loan amounts some companies don't want to work with you.
0 votes Thank Flag Link Fri Apr 30, 2010
Good afternoon
Looking for your first home can be a challenge but if you follow a few simple steps it can be made easier.
First, if you have not talked to a banker about being pre-qualified, then you must do that. They will let you know what you can borrow and then you will know that when you look at a house you can actually buy it.
HUD, has several booklets that will help you. Buying your home booklet is very informative. Here is a link to it.
If you do not know any bankers to talk to I can give you the names of several in the area and you can talk to one or all of them.
Finding a local agent is also something you should do.
0 votes Thank Flag Link Thu Apr 29, 2010
You really need to visit with any qualified loan officer(s) first, see what your budget can handle and check your credit score--their scoring is different--lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations--after your mortgage pre-qualification/approval is done, interview agents and choose the one you like best.
0 votes Thank Flag Link Thu Apr 29, 2010
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