Home Buying in 36582>Question Details

Debrika John…, Home Buyer in Theodore, AL

what do i need to do before i buy a house?

Asked by Debrika Johnson, Theodore, AL Thu Feb 2, 2012

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Robert Spinosa’s answer

I created a short video about how to get started with the mortgage pre-approval process and you can find it at the link below.

Best of luck!

Rob Spinosa
1 vote Thank Flag Link Thu Feb 2, 2012
The first thing you want to do is talk to a lender and see what your mortgage options are. Port City Realty's office is right there in Tillman's Corner in Andrew's Plaza right next to Dick Russell's BBQ. If you would like to stop in we can help you get with a lender, give you some good home buying information, and look up some properties for you to look at.
1 vote Thank Flag Link Thu Feb 2, 2012
Getting Pre-Qualified for financing is the first step. That will let you know what your parameters will be for your purchase.
0 votes Thank Flag Link Sat Feb 4, 2012
Talking to a mortgage lender is ALWAYS at the top of the list! Once you have done this, everything else just falls into place! After speaking to a lender and getting pre-qualified, you will know:

How much house you can buy
What your approx payment will be
What type of financing would be best to utilize
How much cash you may need for closing/down payment

These are just a few, but very important things to know BEFORE you start shopping, it makes it much easier!
Please let me know if I can assist in any way, I'd love to earn your business!

Patrice Smith, Realtor
EXIT Allstar Realty
4456-A Old Shell Rd
Mobile, Al 36608
Web Reference: http://www.patricesmith.com
0 votes Thank Flag Link Thu Feb 2, 2012
Getting Pre-Qualified for financing is the first step. That will let you know what your parameters will be for your purchase. You can submit a Pre-Qualification request online at http://www.rodneymason.com.

When it comes time for selecting the home, Julie Martin is a great choice for a real estate agent. She works with buyers in addition listing REO properties.

Please let me know if you have any quesitons.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Thu Feb 2, 2012
There are a couple of key things to know when you begin the buying process.

Your Credit Score I recommend that my team players pull their own and we assess what they can do to maximize their score before they talk to a lender. If there are "dinks" on it they can be cleared up before the lender is engaged.

Your Debt To Income Ratio also known in the industry as DTI. This ratio is important to lenders. When you know what yours is you will be able to get information on loan pricing much easier and without a lender running your credit report, which lowers your scores. That conversation would go something like this. I am Debrika and I am shopping for a home loan. My Credit score is XXX and my DTI is XXX. How much closing cost would be incurred and how much down payment would I need and what type of loan can you offer that will allow me to have a payment of X on a home that costs X. Then call the next lender and SHOP for your loan.

Knowing how much down payment you need to get the home payment to the price that works for you is critical because it plays a big role in the home buying process and determining how much PMI you pay monthly. Not having or lowering you PMI is very helpful in increasing your buying power!

Also know the key factors that are important in the home you buy which could be any preference that you choose.

Among a few are school district, bedrooms, baths, how many stories, how far away from where you work.

Once you have done the leg work on the loan I suggest that you then engage a real estate professional to help you find the home that fist the criteria that works for you.

There are several reports at the link below that will be helpful to you on how to do these first steps!

Be Blessed,

0 votes Thank Flag Link Thu Feb 2, 2012
If purchasing with a mortgage be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer to determine qualification; also choose an agent to work with, he/she will be your best guide.
0 votes Thank Flag Link Thu Feb 2, 2012
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