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!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
This is an older posting, but the topic is a familiar one. A buyer's target date for purchasing will determine the path that that follows. Many buyers look for the home and then try to figure out how to pay for it - before someone else buys it first. Talk about stressful. However, if you reverse that order, get pre-approved first and look for the home afterward, knowing then what your lender will loan you, the ability to shop for a home with confidence is empowering. Most loan officers have online applications that get people preapproved within 24 hours, so why not address the affordability issue first?
Timing is important for another reason: Jan 10, 2014 will see changes imposed on lenders by the next phased roll-out of Dodd-Frank banking legislation. Coming rules changes will make it more challenging for buyers to get mortgage approved. Keep in mind that you can't even lock in your interest rate until you have a fully-ratified (signed by both Buyer and Seller) contract.
Having a good loan officer is as important as finding the right agent. We provide our clients with a list of proven lenders and most specialize in specific sub-areas. My ideal loan officer is experienced, responsive outside of business hours if needed, and shares my philosophy on customer-first service. Each loan type has its challenges and each buyer has unique concerns, so a cookie-cutter approach does not work.
Did you know that not all agents are RealtorsÂ®? Realtors have a separate code of ethics to which we must adhere. Most experienced Realtors would caution buyers about working with part-time agents. Part-timers have full-time jobs that don't allow them to give full attention to the client/lender/ settlement company/agent counterpart or contingency time-lines within the contract. We often end up "carrying" the other agent. When I speak with frustrated buyers who call me and ask why they chose the agent from whom they are walking away., most state that the agent was a relative or friend of a friend and virtually all indicate that it was the friendly nature of the agent that persuaded them to work with that person. However, it's not enough to be "nice" or "friendly" when someone is preparing to spend hundreds of thousands of dollars on a home; an agent must be well-trained, competent (at minimum) and sufficiently experienced to deal with the many issues that can arise during a transaction.
Well, let me wrap this longer-than-planned response. Do your research and look for an organized, full-time agent.
Congratulations on the decision to purchase your first home. This will be an exciting time for you, as well as possibly a stressful time. That's why it's important to hire a Realtor who listens to you, takes time for you, and gives you current market advice. It's also important to choose a lender for the same reasons.
There are a lot of great homes in this area - I'm sure you'll find the one that's perfect for you!
Best of luck, and please feel free to contact me if you have any questions.
Jason T Smith
Senior Loan Officer
Atlantic Mortgage Direct
13221 Woodland Park Road Suite 110
Herndon, VA 20171
1. I'll echo all the other folks, apply for a mortgage now regardless of when you think you want to buy. None of us can even begin to tell you what it takes to get a mortgage these days - plenty of money to lend but lots of documentation is required.
2. Make sure you know about renovation loans, specifically the FHA 203k. You can learn more here http://www.makeoveragent.com. Watch the short video of a home I helped a client with last year - that will really give you a good idea of what you can do with this home purchase. 203k mortgages are how I help my clients get the best possible home for the least amount of money.
3. When you choose an agent (and spend the time to research agents - they will help you find the right house) make sure they give you access to listingbook.com. You can also get a free account here http://qrealestate.listingbook.com/. Its direct access to MLS and with the speed of the market right now, hours can count in getting the best home so you need to use the best tools.
Feel free to contact me anytime if I can be of assistance in your home search. Good luck.
Also, please visit my website http://(www.JohnGintySells.com) to set up a free listing alert.
Keller Williams Capital Properties Fairfax
10300 Eaton Pl, Suite 120
Fairfax, VA 22030
Totally agree with that assessment. We would be pleased to provide a complimentary review to assist you in making your decision.
Ray Leahey 703-403-2579 serving Real Estate Needs in Northern VA.
Keller Williams Realty
Keller Williams Realty
This is a great time to buy a home. And, if you are savvy you can do it without breaking the bank! Please email me for specific complimentary information just for first time homebuyers. I have helped other first timers and would be happy to help you also.
Keller Williams Realty
6820 Elm St.
McLean, VA 22101
I have helped many first time home buyers (FTHB) with their dream of home ownership and would be excited to guide you through the process step by step and will get you in your own home. Call me to setup our first meeting where I will go over your needs and wants and will connect you to one of my best loan officers who provide can you with a comprehensive pre-approval letter which will get your offer accepted in today's market with lots of buyer. Looking forward to hearing from you and being of service!!
Faiza Alvi - RealtorÂ®
MILLION DOLLAR CLUB - PWAR 2011
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.