What are some tips for first-time home buyers?

Asked by Trulia, San Francisco, CA Sun Mar 4, 2012

Can you share some of your top advice or tips for home buyers?

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Olga C Suarez…, Agent, Miami, FL
Wed Mar 7, 2012
To be pre qualified is the most important thing to obtain a property, you have to be sure you can get a mortgage for your future purchase, then to look for a realtor that you feel good with. Look for a property in a neighborhood you like it. If you have kids look for schools near your home and have the down payment required and cost of closing cost, that normally is 7% of the loan amount, this process takes time and you should be prepared for it. For assistance call lme at 305-794-8435 I am a broker working the Miami area for over 20 years.
0 votes
Elias Patsal…, Agent, miami, FL
Mon Mar 5, 2012
As my colleagues mentioned earlier my advice would be to get per-qualified before anything else. That is to have realistic expectations and be able to choose the right property for you.

I will be happy to assist you looking for a property. My information is attached.

Thank you,

Elias Patsalos
Web Reference:  http://www.youaremiami.com
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Jim Carter, Mortgage Broker Or Lender, West Palm Beach, FL
Mon Mar 5, 2012
Good day. As Tracy has stated, the first step is to determine what you can buy and afford. That is where I can be of benefit to you. There are several criterion to determine your finance status, or, do you plan to pay cash?

If you would like to discuss the pre-qualification process, what is needed, and how to proceed, please give me a call at 305-525-6742. I've also included a link about the buying process. Let me know if I can be of help to you.
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Tracy Galya, Agent, Miami Beach, FL
Sun Mar 4, 2012
9 Ways to Prepare for Home Ownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. 2. Develop your home wish list. Then, prioritize the features on your list. 3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety. 4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. 5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. 6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you. 7. Get pre-approved. Organize all the documentation a lender will need to pre-approve you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable. Source: Real Estate Checklists and Systems, http://www.realestatechecklists.com

10. Contact me, Tracy Galya to lead you through the process and assist in searching for your home. tracyriangalya@gmail.com , http://www.RealtorOfFlorida.com
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