For a first time home buyer (that has no idea where to start), any suggestions on what would be the first steps?

Asked by Vima, Newport, RI Mon Jun 17, 2013

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Jay Rezendes, Agent, Cranston, RI
Mon Jun 17, 2013
Hi Vima,

I would suggest speaking to a Realtor and setting an appointment with him/her to go over the steps, answer any questions and have you speak to a loan officer to get pre-approved for a mortgage.
1 vote
Ginny Gorman, Agent, North Kingstown, RI
Mon Jun 17, 2013
The first step is to see a good mortgage broker and find out what you are qualified to buy and what you are comfortable affording in a home. Two different things. Understand that the mortgage monthly payment will also have private mortgage insurance added on to it (unless you put 20%+ down for a down payment), homeowners insurance and real estate taxes too.
Find a good local Newport agent, if that is where you are looking, who knows their local real estate. If you need to find one, Let me know I will refer one in Newport that will work with you as a first time home buyer. A good real estate agent will take you through the steps in the process of home buying. It is a wonderful journey!

Ginny Gorman
1 vote
Allison Bern…, Agent, Cranston, RI
Mon Aug 24, 2015
Take a look at these properties and give me a call so I can do a buyer consultation with you and see how I can help you 401-533-6916.…
0 votes
sbd000@apaol…, Home Owner, North Kingstown, RI
Sun Mar 22, 2015
Before you start looking, meet with your accountant or banker and see what you can actually afford. There's no use looking at an $800,000 property, if you can only afford $225,000.

Save yourself, and your realtor alot of wasted time and frustration. Spend some time on Zillow, Realtor, Trulia touring homes online, so you can get a feel for what is out there in your budget--- and in the area you desire.

Next make a list of non negotiables: school system, public transportation, drive time to work,
number of bedrooms/ baths--- whatever you cannot compromise on. In Rhode Island, real
estate taxes are a huge consideration, as they are very high compared to other states.

There a plenty of honest, reliable realtors out there, ask someone you trust for a recommendation, and interview them. Make sure you feel comfortable with them. Personally, we like dealing with
the listing agent---we've bought 4 homes in Rhode Island---that way, there is no mis-communicaiton bewtween agents. All the agents out there will hate me for recommending this. It's worked for us.
0 votes
Dennis DelGi…, Agent, Wickford Village, RI
Mon Nov 4, 2013
You need to research real estate companies and agents! Find a person who you think will work hard for you, and listen to what you want. Once you have done that everything will hopefully fall into place. It's a process and you need someone you'll get along with that will HELP you through it.

Good Luck!
0 votes
Deborah OLea…, Agent, Westerly, RI
Sat Jun 22, 2013
Hi Vima,

Purchasing your first home can be a wonderful experience.

Before you begin your search for a home to purchase, review your credit report to check for any errors. Next, visit the mortgage department at your bank or credit union for a mortgage pre-approval. Once you have established your budget, or while you are doing so, interview Realtors who work in your area. You can ask friends and family for recommendations or choose an agent right here on Trulia.

An agent can help you find a home which meets your needs and your budget, negotiate the purchase and sales agreement, walk you through the home inspection process, appraisals, and prepare for the closing.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Jun 18, 2013
Good afternoon Vima,

First steps:

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.

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.

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!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Mark Oltedale, Agent, Warwick, RI
Mon Jun 17, 2013

Your financial condition and future is very important and should be a priority with the agent you chose. I suggest you contact a reputable mortgage loan officer for a complete credit based review of your buying power and eligibility. Once you know your buying power and comfort point, you can start looking at the right priced homes. Feel free to contact me for referrals and advice. Thanks - Mark Oltedale 401-527-6719
0 votes
Ryan Rossi, Agent, Smithfield, RI
Mon Jun 17, 2013
It's a process of getting preapproved, finding the right Areas in your price point. Learning about what is a "good buy", so you don't get in over your head. Too many factors too mention. Hiring a realtor is free to you, so why would you go it Alone? Feel free to call me and I can get you into homeownership if your ready. 486-0157. Ty
0 votes
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