Home Buying in Old Saybrook>Question Details

Robyn Plancon, Renter in 06475

Buying a house. First step?

Asked by Robyn Plancon, 06475 Fri Jul 12, 2013

How do I find out what I need to do to get approved for a liam to buy a house?

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Answers

12
Here are some helpful tips to get you started on the right path.

1. The first step before you do anything is to find out how much money you can borrow from a bank/mortgage company. Check with different lenders to see who can get you the best deal. Once you know what you can afford, then you can begin to plan.

2. Determine what you need in a home, not necessarily what you want in a home. Make a list of those needs to give to your Realtor. When you are searching for homes you will find that it is very rare to find a home that has absolutely everything you are looking for. If you stick to what you actually need, you will have better success in your search.

3. Research areas/communities that are of interest to you. Determine what things are important such as schools, proximity to shopping, restaurants, and local activities. Drive through the communities to get a feel for what they are like.

4. Learn as much as you can about the process of buying a home. Some local Realtors or lenders will offer first time home buying seminars. If you can find one in your local area it would be helpful to attend. If you cannot attend a seminar, look on the Internet for a home buyers guide such as the one at Bankrate.com – http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/…

5. Select a local Realtor to help you begin your search for a home. You can search Internet sites such as Realtor.com or Homes.com, but a Realtor has access to all of the homes in the local MLS. They can provide you with information on the home, the area and answer any questions you may have. A Realtor can show you properties of interest.

6. Learn about the contract and what is involved. Your Realtor can take you through step by step the process of a contract. After it is signed by buyer and seller, it is called an executed contract. Then you would want to get a home inspection. If everything is fine with the inspection, then you can go forward towards closing.

7. Know what happens at closing. Again, a Realtor can walk you through what to expect at closing. You will need to have money for closing costs such as title search, processing fees, taxes, and insurance.

Buying your first home is an exciting and overwhelming experience. So make sure you are prepared.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remax-florida.com/
0 votes Thank Flag Link Mon Jul 15, 2013
First of all you should deal with a licensed and experienced mortgage person in you area that you can call any time and visit if you have to. The person that has all of those qualifications is Joann Flanagan. With over 25 years of experience in the mortgage industry and she is with a company located in Connecticut. Google her name and find her contact information.
0 votes Thank Flag Link Mon Jul 15, 2013
A mortgage officer will ask you for some information regarding an inquiry for obtaining a report on your credit history, employment history etc., and then determine your the type of mortgage loan and amount you may be pre qualified..

I would be more than happy to assist you as your buyer's agent.
0 votes Thank Flag Link Sun Jul 14, 2013
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.
0 votes Thank Flag Link Sat Jul 13, 2013
0 votes Thank Flag Link Sat Jul 13, 2013
Hi Robyn,

I am a CT licensed Mortgage Loan Officer NMLS#1046297 associated with Cross County Funding out of White Plains, NY. I reside in CT. Please feel free to reach out to me if I can assist you with determining and qualification so when you are looking at potential properties you will know the appropriate price points and also be in a good position as a qualified buyer when you find that perfect opportunity.

It would be my pleasure to help you during this exciting time.

All the best,

Pete Kulka
0 votes Thank Flag Link Sat Jul 13, 2013
I totally disagree - with all due respect. Your local banker, in my experience over hundreds and hundreds of closings, is at the end of my list of places to go for a loan. Even more so since the recession. Additionally, the tolerance, standard and interests for the different types of banks will vary from bank to bank and area to area (some do construction, some portfolio, etc), but ALL will try to convince you to do the deal at THEIR bank, no matter if it is best for you. Unless you have challenging circumstances, when they will move you right to the "pay no mind" list. Ask a good local agent, one who is active and experienced, because I assure you he makes his living knowing who the lenders to work with are, or else s/he would be broke. Online route is good for research but can devolve into an utter disaster, and the distance between your local real estate representatives at all levels (attorneys, appraisers, agent, etc) and some distant online broker in some other state is asking for a nightmare. Ask around. Ask those who actually do business, because 20% of your local brokers do 80% of the real business, and they know who has the goods and who doesn't. You have to get your hands dirty, meet two or three to make sure they are the right lender for YOUR deal, someone you can work with, and someone who will step when the inevitable ripple comes up. Find that guy, and a good, experienced agent to lead the process and all its varied challenges who will put your interests as their priority at all times, and you will achieve success. I know it is a lot, but that is the only way to avoid the all to common real estate nightmare. It is a people business, and lots of people talk the talk...find the ones that walk the walk
0 votes Thank Flag Link Fri Jul 12, 2013
You may want to sit down with a mortgage professional who'll help you determine if and how much you can qualify for.

If you're eligible, your mortgage broker/lender should also help you find out what mortgage programs you should apply for.

If credit problems prevent you from getting pre-qualified, you should look into credit repair.

In some cases, you may have to get a co-signer. There are also home sellers who are willing to offer owner financing.

Feel free to give us a call or visit our web site: http://www.WestchesterRES.com. We help home buyers and sellers navigate the real estate maze.

Take care,

George Stroud

Westchester Real Estate Services
http://www.WestchesterRES.com

914-595-2634
0 votes Thank Flag Link Fri Jul 12, 2013
The "KEY" to the arguement between Dave and Greg, is that you should get more than one quote for something that important, and variable!

Federal Law requires lenders to give you a GFE, (good faith estimate), which will allow you to compare the number.
Do it! Get it!
0 votes Thank Flag Link Fri Jul 12, 2013
Robyn,

I have to disagree with Dave's response since your question was "first step" and I don't see anything wrong with talking with a banker that you've got a relationship with about what you can afford. That's fine and doesn't mean that you will get your mortgage from them, it's just a start.

Buy the money before you buy the house is key as you need to set a budget based on rock solid information on what you can afford. I DO agree with David that finding a Buyer's agent that you are a good match with will be the key to a successful purchase. They can provide you with additional lending sources which can be compared to your banker's program. Dave also makes a good point about keeping it local: Agent, Attorney, Home Inspector, Mortgage originator. Trust me, there's no shortage of professionals that want your business. It's your job to select the best qualified pros to give you excellent service and you will end up in good hands. Online research will help you narrow your candidates quickly.

Hope this helps.

Greg Hanner, Broker, REALTOR, e-PRO
http://www.GardenRealty.com
0 votes Thank Flag Link Fri Jul 12, 2013
I totally disagree - with all due respect. Your local banker, in my experience over hundreds and hundreds of closings, is at the end of my list of places to go for a loan. Even more so since the recession. Additionally, the tolerance, standard and interests for the different types of banks will vary from bank to bank and area to area (some do construction, some portfolio, etc), but ALL will try to convince you to do the deal at THEIR bank, no matter if it is best for you. Unless you have challenging circumstances, when they will move you right to the "pay no mind" list. Ask a good local agent, one who is active and experienced, because I assure you he makes his living knowing who the lenders to work with are, or else s/he would be broke. Online route is good for research but can devolve into an utter disaster, and the distance between your local real estate representatives at all levels (attorneys, appraisers, agent, etc) and some distant online broker in some other state is asking for a nightmare. Ask around. Ask those who actually do business, because 20% of your local brokers do 80% of the real business, and they know who has the goods and who doesn't. You have to get your hands dirty, meet two or three to make sure they are the right lender for YOUR deal, someone you can work with, and someone who will step when the inevitable ripple comes up. Find that guy, and a good, experienced agent to lead the process and all its varied challenges who will put your interests as their priority at all times, and you will achieve success. I know it is a lot, but that is the only way to avoid the all to common real estate nightmare. It is a people business, and lots of people talk the talk...find the ones that walk the walk
0 votes Thank Flag Link Fri Jul 12, 2013
I agree...to a degree. First time home buyers may NOT want to contact a realtor first. That's why I mention to hit your bank first - just to get an idea of the process. They DO NOT need to go with that person and I would highly recommend to shop around. Everyone wants your biz. And.....depending on your situation you may HAVE to go with a highly specialized loan product.
Flag Fri Jul 12, 2013
Speak to someone at your bank about getting a home loan or look online for a loan officer in your area. They will take a look at your situation and inform you of all that's needed.
0 votes Thank Flag Link Fri Jul 12, 2013
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