I am a first time buyer. Where do I began?

Asked by Angela Adger, Lynchburg, VA Thu Dec 20, 2012

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Polly Wooldr…, Agent, Lynchburg, VA
Mon Mar 18, 2013
Hi Angela,
You've already gotten some good advice I can see from reading the other responses. Step one is to get preapproved for a mortgage loan. Check with Tim Doss at Stellar One about a new loan they are offering that can be up to 100% of the value (no downpayment) if your credit is good enough. Carrington Edmunds at BBandT also has a similar loan. Neither of these loans has PMI which is an additional cost you will want to avoid if possible. Be sure to ask about the monthly payment when they talk with you. After that get connected with a good Realtor. Ask your friends, family and work associates who they recommend.
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Wengair, Home Owner, Lynchburg, VA
Tue Feb 5, 2013
I'd love for you to consider buying my house in Bedford, VA, It's a one-level ranch with a garage. I'm trying to sell it myself.
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Kenny Turner, Agent, Forest, VA
Thu Dec 20, 2012
Hello Angela,

The first step is to get pre-approved, by doing this you take all the guess work out it. As a first time buyer there are many loans that would suite your needs.

The best person you could call for this is Debbie Grishaw with Mortage Atlantic at 434-239-1850. She has assisted several clients of mine over the last few months and most have purchased homes with less that $250 out of pocket.

If you need any further assistance please feel free to call me.

Best of luck,

Kenny Turner 434-444-5556
Realtor, Dawson Ford Garbee
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Scott Foglem…, Agent, Forest, VA
Thu Dec 20, 2012
Hello Angela,

You are on the right path to growing long term wealth. The first place to start is with a mortgage broker. Sometimes you may want to talk to a couple just to get a feel for them and their products. Not all banks and mortgage brokers are equal- they have different fees and rates. Once you select a mortgage broker, they will get you pre- approved for a home loan. This will let you know how much you can spend and how much the payment will be per month.

The next step is find a REALTOR you like! You want one that will listen to your needs, knows the area,and has a proven tract record of sales. Your REALTOR will help you find the best home for your needs and budget!

I am happy to introduce you to a couple mortgage brokers to help you get started. If you have any questions at all. give me a call 434941-8847 or send me an email scott@scottfogleman.com

Thank you,
Scott Fogleman
Witt Fogleman Team of Keller Williams
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Joshua & Mic…, Agent, Lynchburg, VA
Thu Dec 20, 2012
Hi Angela!

Consider this:
Be picky but don’t be unrealistic. There is no “perfect” home.
Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs.
Don’t wait to get a loan. Talk to a lender and get pre-approved for a mortgage.
Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
Decide when you can move. When is your lease up?
Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy or what type of mortgage terms suit you best.
Don’t let yourself be “house-poor”! If you max yourself out to buy the biggest home you can afford, you’ll have no money for other financial goals. You want your home to be a blessing not a curse!
Don’t be naïve. Insist on a home inspection and, if possible, get a home warranty from the seller to cover defects within the first year.
Get Help. Consider hiring a Realtor as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s representatives are paid out of the seller’s commission payment.

Let me know if I can help!

Michelle Talley
Realtor, Dawson Ford Garbee
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