What is the first step towards purchasing a home for a new homeowner. I do not qualify for tax credit due to cosigning for a family member?

Asked by Hugo81, 60406 Mon Oct 26, 2009

I have found a home that I believe I can afford, what should be my first step?

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5
Cecelia Marl…, Mortgage Broker Or Lender, Chicago, IL
Fri Dec 11, 2009
Hi Hugo,
We'd love to speak with you further about taking the first steps to purchasing your new home which would be complete the pre-approval process. You should always know the amount of money you are working with before shopping so you stay in your price range. We offer Free Pre-Approvals, same day. If you're interested in speaking with us further don't hesitate to give us a call. Our team of experienced Loan Consultants would love the opportunity to share valuable information with you every step of the way.

Cecelia Marlow
Pan American Mortgage, LLC
Senior Mortgage Consultant
773-782-6000 direct
0 votes
Cherrie Cata…, Agent, Chicago, IL
Tue Oct 27, 2009
You should definitely talk to a lender before anything. They can make sure you can afford the payment and if not, they can tell you what you can afford. From there, you can start looking for homes in that price range.

Then, you should talk to your agent, go over your pre-approval and start targeting areas of where you plan on living. If you do not have a buyers agent, then I strongly suggest to start looking for one. It will not cost you anything and they will help you in every step of the way.

Good luck in your search.

I would be happy to help if you need any assistance with lending or purchasing.

Cherrie Catama
cherrie@newmanrealtyillinois.com
0 votes
Wayne Beals, Agent, Chicago, IL
Tue Oct 27, 2009
Your first step in the homebuying process should be to get pre-approved with a lender. This is a crucial step in that it's next to impossible to get an offer accepted by a seller without one. For your sake, you want to know all the cost associated with buying (down payment, closing cost, monthly principal and interest, tax payments, etc.) A good lender will help you understand what your budget should be.

That said, if you've already located a property you are interested in, you should locate an agent to make sure you have someone who can help you analyze the market data and craft an offer that best protects your interest. Ask family and friends for referrals, or check in with many of the knowledgeable agents here on Trulia. It's usually the case that if you find something you like at a good price, another buyer will also be thinking the same thing, so being ready to make a move quickly is very important.

A good agent can give you a good lender referral so you can get up to speed quickly.

Best of Luck

Wayne Beals
Realtor
312-77BEALS
312-772-3257
wbeals@kw.com
0 votes
Elizabeth He…, Agent, Agawam, MA
Mon Oct 26, 2009
First, find a Buyer Agent with whom you feel comfortable working, and get preapproved for a mortgage so you know what you can afford and if this home you've found is within your budget for certain.

Good Luck!
0 votes
Chad F, , Sarasota, FL
Mon Oct 26, 2009
The first step would to get" Pre Qualified" by your lending institution of choice. This will allow you to know exactly what price range you can entertain when looking at homes to purchase. Good Luck!!

Chad Fay, QSC, TRC, ePro
Realtor
Prudential Palms Realty
941-400-2741
0 votes
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