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First time buyer?

I , like many renters, am tired of renting.  Wanted to know what do i know what I need to pre-qualify for a loan?
  • February 13 - US
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Answers (6)

1)Get a great real estate agent! If they are good at what they do, they would be able to provide you with great insight to the financial aspect of the real estate process!? 2) Get a really good loan agent (preferably from a direct lender--major bank). They will be able to walk you through the different scenarios of the loan process. Getting a pre-approval letter and the documentation required! Good Luck!
  • February 13
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sgbanding all in a row. Then meet with three good lenders that will help you walk you through the process. The more information you can give the lender when they hand you their list, the easier it will be. Also, ask for a pre-approval letter ASAP. This will help you and your agent begin shopping for a home. I always ask for the letter by the second meeting. It helps all of us when you are ready to make that offer. 
Good luck. 
Nancy Bergman

Realtor - Cal BRE #01893550
website - [Removed by Zillow Moderator. Please see our Good Neighbor Policy.]
  • February 13
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Profile picture for wetdawgs
Here's a link to Zillow's "buyer's roadmap".   It will help you know what it takes to get ready and qualified.

When you are ready to contact professionals, be aware that you may wish to interview several to find a good one for you.
  • February 13
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Just like the others have said, meet with a reputable lender.  One great way to get a lender referral is with a real estate agent that has worked with them many times.  The lender's fees vary wildly so be sure to get what is called a "good faith estimate" that shows all the costs of the loan.  

If for some reason the lender is too busy to answer questions or you don't feel a connection, get a new one! In Utah the mortgage brokers usually have better rates and service than the banks.

Good luck!  It is a terrific step to buy a new home.
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Your first step is to contact a lender to get preapproved for a mortgage loan.  They will walk you thru the preapproval process and review your credit, income, assets and liabilities to determine what loan program would best fit your needs. Obtaining a preapproval will give you the information you need to determine your potential price range for your home search based on your budget and loan/payment options.  
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It's not a difficult process....simply reach out to a reputable Mortgage Professional, and/or your bank who you bank with, and ask to be pre-approved.  If your in Colorado, I'm more than happy to answer any further questions regarding getting pre-approved.

Also, if your a first-time buyer, be sure to check into a Mortagage Credit Certificate, which is a yearly tax credit that can add up to thousands and thousands of dollars in extra refunds from the IRS, just for owning a home....here's some further info on this very valuable tax credit:  http://www.homeownersblueprint.com/buying-a-home/the-1-mistake-first-time-buyers-make-when-purchasing-a-home/ 
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