Am 25 years old. I just got a divorce. Me and my little want to get a house. What is the first step in buying a home?

Asked by Britt, Las Cruces, NM Wed Jul 25, 2012

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The Kothe Team’s answer
The Kothe Te…, Agent, Goodyear, AZ
Wed Jul 25, 2012
You will need to meet with a banker. You can go to your local bank to discuss your options. You also might talk to co-workers and family to see if they have a contact for a mortgage broker they would recommend. It is important to start there so you can determine amount you will be approved for.
1 vote
Donna Bush, , Irving, TX
Wed Dec 12, 2012
Well first step is to first get pre qualified
step two get in touch with a realtor they like when you come to them after you pre qualified.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Dec 11, 2012

Considering you are the marketing director at your mortgage company, I'm guessing you understand the basic concepts as set forth in the TILA. Seems like you've posted "trigger terms" in your answer but you seem to have omitted the interest rate and APR as required by TILA.

Regulatory standards exist for a reason; we mortgage professional need to be super-sensitive to how we are perceived by our prospective clients. Adhering to regulatory standards is the best place to begin earning back the trust of the consumers.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes
Donna Bush, , Irving, TX
Mon Dec 10, 2012
Hey Britt,
The guidelines:
• 580 Platform
• 3-tradelines
• we also recognize alternative trade lines
• less overlays
• in house funding, processing and underwriting
• 620 credit on conventional
• 47% DTI ratio
• 3.5% down payment
• close the average loan for Refi /new purchase in 21 days

Donna Bush
marketing director
R.H. Lending, Inc.
6209 Colleyville BLVD
Colleyville, TX 76034
Branch NMLS: 965158
Direct line:214-935-8781
Cell/text (214)695-8883

For an immediate Pre-Qualification of potential buyers, please see LINK below to fill out an application via our Secure Website:
NOTE: Once a barrower/client is pre-approved, The letter is only good for 60 days
0 votes
Carla Pennin…, Agent, Georgetown, TX
Mon Sep 17, 2012
Before you can consider which house is right for you, you will need to be pre qualified, and you will want to begin your search for a Realtor at the same time. If you don't know a lender, your Realtor can give you some recommendations. Start by asking friends and family about who the might recommend, then Google them. See if you can learn anything else.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Jul 30, 2012
Good morning Britt,

First steps:

1. 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.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. 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.

4. 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!

Good luck!
Trevor Curran
NMLS #40140
0 votes
Jose E Garza, , El Paso County, TX
Sun Jul 29, 2012
First step would be to contact a REALTOR, he/she would guide you through all the process of getting pre qualified for your loan first, will work with you to get the best home according to your needs and capacity; finally, through the presenting of an offer your REALTOR will negotiate the best deal for you and walk you all the way to inspections and re-negotiation if needed. Finally, he/she will be with you at the closing table.
0 votes
Michael Huff…, Agent, Englewood, CO
Wed Jul 25, 2012
Working with a lender to get pre approved is always the best first step. After that contact a local Realtor to help with your home search.
0 votes
Terri Vellios, Agent, Campbell, CA
Wed Jul 25, 2012
The first step is to meet with a direct lender. Also get recommendations for a Buyer Broker. This recommendation can come from one of us here, friends, family and co-workers.

Have an amazing day!
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