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Kristina Dav…, Home Buyer in Rosamond, CA

being a first time home buyer what do i need to know?

Asked by Kristina Davis, Rosamond, CA Mon Apr 8, 2013

How does a First time buyer get information on obtaining a home loan?

Help the community by answering this question:


Well, to start, you should know that the current housing market is extremely competitive. Only the most well-prepared buyers are successful. So, to make sure you're one of those, start by working with a good local Realtor to guide you through the process. The first step you'll need to take is to get a pre-approval from a lender which will let you know what you can afford. Your Realtor can give you some recommendations or you can check with any of the major lenders like Wells Fargo, Citibank or BofA. Wells Fargo is currently dominating loan originations in California.
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1 vote Thank Flag Link Tue Apr 9, 2013
Going shopping for a mortgage. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy. Get my top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage.

Whether you’re, buying, or building your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives.

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!

Lowell Sterling
Mortgage Banker
NMLS# 968898
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Wed Apr 10, 2013
My advice is to work with a really good local real estate agent. Ask around for recommendations from your friends, family and workmates.

Then go find a lender to get pre-approved. Pre-approval will (1) tell you how much you can buy and (2) it will make it more likely a seller will accept your offer and (3) the closing is much quicker. There are lots of programs out there for first home buyers. Your lender can help you weigh each of these. Make sure that you calculate the long-term costs of each (including your mortgage insurance if you put down less than 20%).

Once you have this, make sure you create an honest budget to see what you can really afford including taxes, insurance, repairs, utilities. Try to purchase below your budget.
0 votes Thank Flag Link Tue Apr 9, 2013
That you need to hire a Realtor.
0 votes Thank Flag Link Tue Apr 9, 2013
The very first thing you need to do is get yourself Pre-Approved. I have an awesome program available to you out in your neck of the woods. The USDA RDL $0 Down Program is my specialty. The program offers offer easy qualifying, low rates, quick closings 35 days, and of course NO Down Payment. Please click on the link below and let me know if you have any questions.

Best of Luck!
0 votes Thank Flag Link Tue Apr 9, 2013
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