Could somebody please give me any advice for buying a house. I would really love to have a home for our family but im not sure where to start.

Asked by Kristen Paquette, Arlington, TX Thu Jan 9, 2014

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19
Erin Evans, Agent, Schenectady, NY
Thu Jan 9, 2014
First step is to speak with a local bank and get yourself pre qualified. This way you know you if are financially stable enough to obtain a mortgage and you know what price range to begin looking in. Once you do that contact a local agent to represent you as a buyer's agent. They can help you begin the process of searching for and viewing properties, answering any other questions you may have along the way.
2 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 9, 2014
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 begin by visiting with any licensed loan officer; also choose an agent to work with, he/she will be your best guide.
1 vote
Susie Kay, Agent, Dallas, TX
Thu Mar 13, 2014
Kristen,

If you still need advice then give me a call at 469-371-2899. As a general rule, if you need a loan to purchase a home then you need to contact a lender or two and get your financial ready. Then you start working with a realtor.

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net
http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes
Brock Lee, , New York, NY
Wed Mar 12, 2014
A few months ago my husband and I sold our home in Colorado and it was a bit difficult getting the HOA documents needed for our buyer. A family friend referred us to http://www.associationonline.com. They were a huge help in making sure we had all the right documents and the information met the state disclosure requirements. I was able to get the whole package together easily by the contract deadline. I don’t think the process could get much easier than the software and service provided by Association Online. You should visit their website or call (970)-226-1324. They’re a great help for homeowners nationwide.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Sat Feb 22, 2014
If you are just starting out, then you need to think about location for your home. Once you have a few areas in mind the next step would be to connect with a local Buyer Agent, who can walk you through the process of home buying. An excellent buyer agent will help you every step of the way!
0 votes
Zyre Sullivan, Agent, Arlington, TX
Sat Feb 22, 2014
First thing I would recommend would be to contact my loan officer so that he can get the necessary information to get you preapproved for a mortgage. I can get you into a home with a FHA loan with scores as low as a 580. Once you have that preapproval letter (which usually only takes 1 to 3 business days) you will know the exact amount that you are approved for and can begin to submit offers on properties that you may be interested in. I would send properties to your email, negotiate with the listing agents and write up the terms of the contract based on your needs and wants. Feel free to contact me if you have any further questions or concerns.
0 votes
Brock Lee, , New York, NY
Mon Feb 3, 2014
A few months ago my husband and I sold our home in Colorado and it was a bit difficult getting the HOA documents needed for our buyer. A family friend referred us to http://www.associationonline.com. They were a huge help in making sure we had all the right documents and the information met the state disclosure requirements. I was able to get the whole package together easily by the contract deadline. I don’t think the process could get much easier than the software and service provided by Association Online. You should visit their website or call (970)-226-1324. They’re a great help for homeowners nationwide.
0 votes
Joe & Stepha…, Agent, Arlington, TX
Mon Feb 3, 2014
Buying your first home can be both exciting and overwhelming. Speaking with a local REALTORⓇ is a great place to start. During your initial consultation they can answer your questions and outline the steps to purchasing a home. If you are planning on financing, your buyer’s agent can get you in touch with great local lenders to get you pre-approved. Wish you the best! Feel free to contact me with any additional questions.

Stephanie Norman | Keller Williams Realty | 817.504.6644 | StephanieNorman@kw.com | For More Information Visit http://www.StephanieNorman.com
0 votes
Daniel Mirea, Agent, chicago, IL
Thu Jan 16, 2014
Buying a home is a big job, but there is no reason to feel overwhelmed. Everyone starts from square one. You have to find an experienced real estate agent to serve as your guide, but still it’s important to educate yourself.
Make sure that you understand the basics about such key issues as price negotiation, mortgage loans, escrow, closing costs, insurance, home inspections and homeowner association fees.

Good Luck To you Kirsten
0 votes
Ron Rovtar, Agent, Boulder, CO
Fri Jan 10, 2014
Hi Kristen:

You are correct that it probably will be financially better to own than to rent if you make the transition now. Let me emphasize the word "probably."

But this depends on a number of factors that a good mortgage broker and a good real estate agent can help you with. I would not rule out the possibility of buying until you have looked at all the numbers, including the length of time you plan to stay in a home, tax advantages, monthly payments, monthly utilities, maintenance, etc. You also should look at the stability of your families income.

Buying is a big decision, and getting a handle on how it might work out for you takes a little time. But, it is not rocket science either and there are people who can really help you figure it out.

Best,
Ron
0 votes
Kristen Paqu…, Renter, Arlington, TX
Thu Jan 9, 2014
Thank you all very much for all of your input. I think I just might wait a few years until we are financially ready. It just seems like a hard decision because it seems that it would be cheaper buying a house in the long run rather than renting.
0 votes
John Straub, Agent, Fort Worth, TX
Thu Jan 9, 2014
Good Evening Kristen
I hope this finds you well and not overwhelmed. There is some great information in the responses below, however, I think that every one is missing the most important thing.... YOU. Someone needs to sit down with you and your family and talk with you about your plan. Based on that discussion you and your agent can make a smart decision about what the next steps you should take are. Best of luck to you in your search and please feel free to contact me if I can be of any help to you at all.

John Straub
Keller Williams Realty
817-729-4281
john@dfwfamilyrealty.com

http://www.dfwfamilyrealty.com
0 votes
Rosalind Boo…, , Arlington, TX
Thu Jan 9, 2014
Kristen, there are 5 steps to the homebuying process in which 80 things must happen. We simplify the process. The very first step is to be prequalified for your mortgage loan. If I could connect you with a lender to qualify you by the end of the day, would you speak with them? 972-679-9311
0 votes
Britta Hinze, Agent, Fort Worth, TX
Thu Jan 9, 2014
Hi Kristen,

Here is some information that will help you get started. If you have any questions, please give me a call at 817-422-2945. I live in Arlington and would be happy to assist you and your family with your home search.

It is crucial that you have saved enough money to support a down payment in addition to your other debts. You will need a minimum of 3.5% down payment for a FHA loan or 5% down payment for a conventional loan plus closing costs, property taxes, insurance and possibly homeowners association dues. Of course, you must have job stability and steady income.

How long do you plan to live in your home?
If you are not able to commit to at least 3 years, then I would not suggest purchasing a home. Like all long-term investments, a property may not increase substantially in value in a short amount of time.

What are the costs of owning your home?
Be realistic about the need to budget for repairs, routine maintenance, heating and cooling, other utilities, yard and pool care. I recommend saving 3% of your home’s value in an emergency fund to tackle routine maintenance, eventual repair expenses, or funds to cover a homeowner’s insurance deductible.

If you think you are ready, what’s your next step?
You need to evaluate your personal finances by making a budget to see what you can comfortably afford for your lifestyle. A mortgage lender will qualify you for a mortgage loan amount and that is your borrowing limit. It does not mean you should borrow the full amount.

After you have determined what you can comfortably afford from your personal budget for your house payment, the next step is to contact a mortgage lender to get pre-qualified for a home loan. You can choose any lender you prefer. I recommend SWBC Mortgage in Fort Worth, and have worked for them for over 7 years. Check out http://www.lindamister.com

Britta Hinze, Realtor®
817-422-2945
Alexander Chandler Realty, LLC
http://www.alexanderchandler.com
6336 Camp Bowie Blvd.
Fort Worth, TX 76116
brittahinze@gmail.com

*C.P.R.E.S. Certified Probate Real Estate Specialist
*Preferred Real Estate Professional with the Veterans Land Board (VLB)
*2012 Alexander Chandler Executive Club Production Award Winner
*Seen on HGTV's House Hunters!
0 votes
Jordan Davis, Agent, Arlington, TX
Thu Jan 9, 2014
Hey Kristen,

That's a great question and many of my first time home buyers are just like you and aren't sure where to start!

I recommend meeting with a local real estate agent first. You can have an initial consultation with no strings attached and they can explain to you the home purchasing process.

Also, agents have relationships with mortgage companies and can put you in touch with someone who will help you get pre-qualified and understand your buying power, as well as how much you can afford in a monthly mortgage, interest and taxes included. I, personally, only work with lenders who are as passionate about educating their customers as I am.

I'd be happy to help you understand the process and like I said, have a no strings attached consultation on the home buying process. Feel free to give me a call if this sounds like something that would be helpful!

--
Jordan Davis
Keller Williams - Arlington
817-313-7973
Jordan@jordandavisproperties.com
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Jan 9, 2014
I work with a GREAT mortgage broker to assist you .

Lenders search for
2 years with same employer
3.5% or more of purchase price for downpayment
Money for inspection & appraisal approx. $300 - $400 each
Closing costs

My website is updated daily therefore saves you time search accurate information
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Lynn911 Dallas Realtor & Consultant
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0 votes
Simon Campbe…, Agent, Miami Beach, FL
Thu Jan 9, 2014
Another step is to make sure that you have saved money for a down payment. The larger the down payment the better will be your loan options and terms. Typically banks are interested in having a down payment of 20% of the purchase price. There are loans out there that require less but the terms are much less attractive.

Another option is to look for a property that is being sold on a land contract or a lease to own. These purchase arrangements do not require much of a down payment and neither do they require a bank loan up front. Typically you will have 3 - 5 years of payments to the property owner and then you will need to get a mortgage.
0 votes
Tamika Goree, Agent, Arlingon, TX
Thu Jan 9, 2014
Good Afternoon Kristen,

Talking to a lender is your first step! I'll be more than happy to email you a few lender referrals! Please feel free to contact me at your convenience. I look forward to hearing from you!

Make it a Great Day!

Tamika A. Goree
Broker | Owner
The DFW Property Shop
Direct: (972) 697-1178
Fax: (972) 665-7148
Email: tamika.goree21@gmail.com
0 votes
Ron Rovtar, Agent, Boulder, CO
Thu Jan 9, 2014
As others have noted, talking to a mortgage broker is a key early step in the process. It helps you understand what you can purchase and good mortgage brokers can offer advice about improving your credit scores so you can get the best possible interest rate when the time comes to lock in your loan.

But you also should start by taking to a few real estate agents. Sit down with them, tell them what you need in a house, ask a lot of questions, and if you hit it off with one of the agents, go see a few houses just to see what might be available to you.

Since this appears to be your first attempt at home ownership, don't sign anything with any agent until you are sure you are comfortable with that person. And don't let anyone pressure you into signing an agreement before you are ready. When you do get ready to sign, keep your first agreement period short (no more than 3 months) or insist on an escape or no-fault termination clause in case the relationship does not work out. This is important because you will be learning a lot during the initial period and you may find that the person you start with is not best for you.

Kind regards,
Ron Rovtar
Berkshire Hathaway HomeServices
Boulder, CO
0 votes
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