- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (11)
- Wes Black
- Contributions:509
- Andy Matejka, "tejks"
- Contributions:352
Many will agree that the first thing to do is to get pre-qualified for a mortgage loan. Typically, it's a good idea to speak with a few different lenders so that you are comfortable working with one of them.
I am local in your area and would be happy to work with you if you'd like. Check my contact information or ask your Realtor about me as well.
I am local in your area and would be happy to work with you if you'd like. Check my contact information or ask your Realtor about me as well.
- Wendy Butler, "Wendy Butler"
- Contributions:4
Hi Margie,
Congratulations to you on setting some goals to move you towards homeownership! The previous answers have all offered great assistance and I agree with much of what they have shared. If you find you need the one-on-one assistance of an experienced buyers agent in the Winston-Salem area, I'd be happy to sit down and chat with you. There are some fabulous local resources here that can help guide you through your decision making process, and possibly even offer downpayment assistance or match your savings if you qualify. Feel free to message me if I can be of any help. Best of luck to you on your journey!
Congratulations to you on setting some goals to move you towards homeownership! The previous answers have all offered great assistance and I agree with much of what they have shared. If you find you need the one-on-one assistance of an experienced buyers agent in the Winston-Salem area, I'd be happy to sit down and chat with you. There are some fabulous local resources here that can help guide you through your decision making process, and possibly even offer downpayment assistance or match your savings if you qualify. Feel free to message me if I can be of any help. Best of luck to you on your journey!
- Cindy Quinton, "Cindy Quinton"
- Contributions:1321
And while you are doing all the other things recommended, go to www.annualcreditreport.com/ and PRINT out copies of all three of your credit reports. You will need to check it carefully for errors, and if there are any negative comments you will need to address them if possible. I recommend you do a little reading on www.myfico.com (especially the forums), BEFORE you try to fix or pay off anything. Your credit may be wonderful, but if you haven't checked (or borrowed lately) there could be bad suprises waiting there. You may also want to buy your credit scores (only two of them are really available for purchase). This would give you a better idea of where you fall and IF you need to do anything before having a lender pull scores.
- ConnieK_ppm
- Contributions:97
Buying is a big decision, making the financial plan is critical. It's not just a matter of running out and getting pre-approved for a loan. There are options out there to buy with little to no money down but if you do that and have no plan and need to sell in 5 years you could very easily be facing a short sale situation or a desperate situation where the cost of selling the house and the mortgage are higher than the value of the house. Determine your means, buy UNDER your means, plan on having to spend up to 3 % of your purchase price in repairs and updates on the house every year. don't buy so much house that you can't do anything except live in it. Look at how much interest you'll be paying and how small the principal will be- get educated and make the best financial decision you can make. Once you know what a smart $ amount is for you to do, then go looking for a lender and an agent.
At that point both of them can help you with the purchase details. but others are right...the more you educate yourself the better it will all go.
At that point both of them can help you with the purchase details. but others are right...the more you educate yourself the better it will all go.
- Tug of War
- Contributions:1947
The First thing you do IS NOT run out and just hire any ol Agent....
Why? Because this is a very Large Business Transaction and the Selection of an Agent is an Important one for a lot of different reasons..
Select wisely and take the time to be sure you find the Best Agent for you...Become informed..be smart with your money...if there is a good Deal be able to recognize it, if there is a Bad Deal be able to recognize it
Now here are some places to start..Check out the info, resources, options you have available to protect yourself..to find what you are looking for..Good Luck
I would suggest you give this Fed. Gov. Site a look, it has all the Current Fed Housing Loans (FHA/Vet/USDA ect.) and you search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program.....Fed Loans..Housing
I would suggest you read the 9 Steps to Homebuying on the Hud site as they are an excellent guide & Resource plus links to your Local Homebuyer Programs....
(Step 3 is interview lenders..Step 5 is interview RE Agents)..
Buying a Home
Check out all this information from the Dept. of Justice Web Site...
Competing Models of Real Estate Brokerage
Consumers Can Save Thousands of Dollars in Commissions
Competition and Real Estate... Real Estate Laws in Your State
You could also make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options
Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link
Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link
For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory
You have options .. become familiar with them..Protect yourself
Why? Because this is a very Large Business Transaction and the Selection of an Agent is an Important one for a lot of different reasons..
Select wisely and take the time to be sure you find the Best Agent for you...Become informed..be smart with your money...if there is a good Deal be able to recognize it, if there is a Bad Deal be able to recognize it
Now here are some places to start..Check out the info, resources, options you have available to protect yourself..to find what you are looking for..Good Luck
I would suggest you give this Fed. Gov. Site a look, it has all the Current Fed Housing Loans (FHA/Vet/USDA ect.) and you search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program.....Fed Loans..Housing
I would suggest you read the 9 Steps to Homebuying on the Hud site as they are an excellent guide & Resource plus links to your Local Homebuyer Programs....
(Step 3 is interview lenders..Step 5 is interview RE Agents)..
Buying a Home
Check out all this information from the Dept. of Justice Web Site...
Competing Models of Real Estate Brokerage
Consumers Can Save Thousands of Dollars in Commissions
Competition and Real Estate... Real Estate Laws in Your State
You could also make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options
Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link
Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link
For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory
You have options .. become familiar with them..Protect yourself
- SoCal_Engr
- Contributions:5663
cont...
It may seem overwhelming at first, but take the time to educate yourself. It doesn't need to be a long time, and you don't have to become an expert. But, buying a house is a significant transaction and one that you should own as a consumer. That means that others (i.e., lenders, REAs) should not be making decisions for you, nor should you rely on them as your sole source of information.
There is a lot of information on the web about both the home buying process, as well as mortgage loans. The more you know about both, the better equipped you will be to interview/select the right lender/REA for your needs.
Also, always remember that this is your transaction. The lender and REA are there to assist, to provide information, to make sure that "details" are taken care of. They should never be the ones making decisions, or telling you what you "should" do. What you "could" do? Yes. What they recommend? Yes, after all, that's why you hired them.
It may seem overwhelming at first, but take the time to educate yourself. It doesn't need to be a long time, and you don't have to become an expert. But, buying a house is a significant transaction and one that you should own as a consumer. That means that others (i.e., lenders, REAs) should not be making decisions for you, nor should you rely on them as your sole source of information.
There is a lot of information on the web about both the home buying process, as well as mortgage loans. The more you know about both, the better equipped you will be to interview/select the right lender/REA for your needs.
Also, always remember that this is your transaction. The lender and REA are there to assist, to provide information, to make sure that "details" are taken care of. They should never be the ones making decisions, or telling you what you "should" do. What you "could" do? Yes. What they recommend? Yes, after all, that's why you hired them.
- SoCal_Engr
- Contributions:5663
Margie...
Most of the answers actually will have you starting in the middle of the process (i.e., "find a lender", "find a REA"). If you want to be in control of the process (and, home buying is a process) and making informed decisions...
1. Read up about home buying and mortgages. You don't have to become an expert, but understand about contingencies, inspections, CMAs, rates, terms, DTI (debt-to-income ratios), points, fixed-v-ARMs, etc. This will help you later on, when you are talking to RE pros.
2. If you haven't already, make a financial plan. It doesn't have to be super detailed, but it should be a road map on how you want to manage your finances over the long haul, how much finances you realistically expect to have, and what your end goals are.
3. Determine how much of a house payment you are comfortable with in your budget, and how much house that will buy. Also, determine how much of a down payment you will need (vice "have"), and how to save that down payment. Please note that most lenders will qualify you for more house than you may be comfortable with, so know your limits/goals going in.
4. If possible, practice making the payments. If they are more than your current rent, put the extra into a "extras" account. Bottom line, it helps to know (vice "hope") you are comfortable with the payments.
5. Start looking at different areas. Attend some open houses to see what's around. Check out school districts, tax districts/rates, etc. In other words, educate yourself where you want to be - and why. Similarly, use this time to identify what you do/don't like in homes (i.e. layout, style, size, etc.).
6. When you feel like you have a good handle on the process, what you want, and what you can afford (often, two different animals), interview a few lenders. Find a loan officer (i.e., person) you are comfortable with and trust. One who listens.
7. Same with a REA. If this is your first experience buying, a REA can likely be helpful. Also, most houses are listed with a traditional listing agreement, so you are paying for the REA whether you use them or not. But, again, interview them. Do they listen to you? Are they trying to get into your financials (they don't need this info, just what you and the lender agreed to as a target loan amount)? Are they "telling you" what you want, or "asking you"? Will they answer all of your questions, and do those answers agree with your research? If there's a discrepancy, will they take the time to explain?
Good luck.
Most of the answers actually will have you starting in the middle of the process (i.e., "find a lender", "find a REA"). If you want to be in control of the process (and, home buying is a process) and making informed decisions...
1. Read up about home buying and mortgages. You don't have to become an expert, but understand about contingencies, inspections, CMAs, rates, terms, DTI (debt-to-income ratios), points, fixed-v-ARMs, etc. This will help you later on, when you are talking to RE pros.
2. If you haven't already, make a financial plan. It doesn't have to be super detailed, but it should be a road map on how you want to manage your finances over the long haul, how much finances you realistically expect to have, and what your end goals are.
3. Determine how much of a house payment you are comfortable with in your budget, and how much house that will buy. Also, determine how much of a down payment you will need (vice "have"), and how to save that down payment. Please note that most lenders will qualify you for more house than you may be comfortable with, so know your limits/goals going in.
4. If possible, practice making the payments. If they are more than your current rent, put the extra into a "extras" account. Bottom line, it helps to know (vice "hope") you are comfortable with the payments.
5. Start looking at different areas. Attend some open houses to see what's around. Check out school districts, tax districts/rates, etc. In other words, educate yourself where you want to be - and why. Similarly, use this time to identify what you do/don't like in homes (i.e. layout, style, size, etc.).
6. When you feel like you have a good handle on the process, what you want, and what you can afford (often, two different animals), interview a few lenders. Find a loan officer (i.e., person) you are comfortable with and trust. One who listens.
7. Same with a REA. If this is your first experience buying, a REA can likely be helpful. Also, most houses are listed with a traditional listing agreement, so you are paying for the REA whether you use them or not. But, again, interview them. Do they listen to you? Are they trying to get into your financials (they don't need this info, just what you and the lender agreed to as a target loan amount)? Are they "telling you" what you want, or "asking you"? Will they answer all of your questions, and do those answers agree with your research? If there's a discrepancy, will they take the time to explain?
Good luck.
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
Thanks for your question "MargieAvecias".
I would recommend going to your bank for a pre-approval but not limit yourself to just your bank. Your bank only offers 1 product, theirs.
You can search for an agent in your area here on Zillow then read client reviews of that agent from previous clients. Great way to "pre-interview" a buyer's agent. I have been interviewed before by buyers that have interviewed 3 different buyer's agents as if we were going for a listing! The agent you select will more than likely have a few lenders they can recommend.
Good luck, hope this helps!
I would recommend going to your bank for a pre-approval but not limit yourself to just your bank. Your bank only offers 1 product, theirs.
You can search for an agent in your area here on Zillow then read client reviews of that agent from previous clients. Great way to "pre-interview" a buyer's agent. I have been interviewed before by buyers that have interviewed 3 different buyer's agents as if we were going for a listing! The agent you select will more than likely have a few lenders they can recommend.
Good luck, hope this helps!
- Jeanne Feenick, "TopNJAgent"
- Contributions:149
Hi Margie, I agree with Pat. Find yourself a very good buyer's agent - particularly as a first time buyer, the guidance and support you will receive will be especially important. Your agent will also be able to provide you with mortgage reps that can provide a preapproval - this is an important first step as it will help to set a budget and determine your readiness to buy.
Good luck to you!
Good luck to you!
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
You should retain a Buyer's Agent to assist you with the purchase of your home. A Buyer's Agent represents your interests in the entire purchase process, but their services are at no charge. The Seller will pay your commission. The Buyer's Agent will answer questions you have, including meeting with a lender of your choice to obtain a loan pre-approval.
Can some one help on what are the steps I have to take for I can purchase my first home.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.