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Answers (7)
- Metro Indy Expert.
- Contributions:197
Find a good lender or interview several and ask lots of questions, that's your first step.
- Diane Smugeresky, "jesuschrysler"
- Contributions:63
It's wonderful that you have decided to come into the market. Interest rates are still so good and the values in home prices are excellent today ! The first thing is for you to talk to a good lender. A lender will tell you where you stand as far as what you can qualify for. a pre-approval letter will be necessary when making an offer so it is a great way to start. you will find out about your credit and how much money you will need for down payment and closing costs. From then , finding a good realtor in your area would be the next step. Someone who can show you various homes in your pricerange and talk to you about the process of writing and offer.
- Stephanie McCarty, "snellvilleagent"
- Contributions:521
Dear Cabanas81: sounds like you are past decision making stage and ready to get started.
I would recommend finding a trusted agent with experience. Talk to a couple of lenders including one that your agent might know - we don't get a kickback - we get the satisfaction of knowing the the lender our client is working with actually knows what they are doing and will service our clients with priority and care. Always talk to the lender in terms of how much payment you are comfortable with and back into the purchase price range.
After preapproval, you should understand from conversations with the lender the amount of down payment cash required, the amount of closing costs cash you will need and the best type of financing for you.
Go over all of this with your agent and start a discussion of criteria that best suits your lifestyle and needs.
Ask your agent to start sending you listings, or even better, set up a personalized website that automatically sends new listings to you based on your criteria.
At this point you have a couple of options: select homes that "on paper" look interesting - map them, think about area, commute, location within the neighborhood - what appeals to you and what doesn't. Some buyers want to drive by the "possible" homes alone so they can take their time and scope out the exterior, the neighborhood, the lot, etc. Then make a list of ones that you want to pursue further by scheduling a showing with your agent.
Good luck with your purchase and I hope it goes smoothly for you -
I would recommend finding a trusted agent with experience. Talk to a couple of lenders including one that your agent might know - we don't get a kickback - we get the satisfaction of knowing the the lender our client is working with actually knows what they are doing and will service our clients with priority and care. Always talk to the lender in terms of how much payment you are comfortable with and back into the purchase price range.
After preapproval, you should understand from conversations with the lender the amount of down payment cash required, the amount of closing costs cash you will need and the best type of financing for you.
Go over all of this with your agent and start a discussion of criteria that best suits your lifestyle and needs.
Ask your agent to start sending you listings, or even better, set up a personalized website that automatically sends new listings to you based on your criteria.
At this point you have a couple of options: select homes that "on paper" look interesting - map them, think about area, commute, location within the neighborhood - what appeals to you and what doesn't. Some buyers want to drive by the "possible" homes alone so they can take their time and scope out the exterior, the neighborhood, the lot, etc. Then make a list of ones that you want to pursue further by scheduling a showing with your agent.
Good luck with your purchase and I hope it goes smoothly for you -
- Dan, "the_country_hick"
- Contributions:4699
One of the first things you need to do is to see if buying or renting makes the most economic sense for you.
This blog shows you using your numbers how to figure out which is best.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."
Sometimes paying a bit extra renting is really the cheapest way to go. For a very different perspective read below.
"Why rent if you could buy for less money? Valid reasons inside."
If you still want to buy a house and it is the right decision you need to find out your fico score. Most lenders are now saying you need a 640 or higher score to get a mortgage. Then you need to have an acceptable debt to income ratio. See a lender for more details.
The following blog covers the basic steps of buying a house.
"Its your first home and you are looking for something but are not sure where to start to look or about loans."
The following blog is almost a year old. The buyers credit ($8,000) died. Prices have dropped since then. The rest of the reasons shown there are still valid. In most of the country house prices are still falling.
"10 valid reasons to wait to buy a house."
This blog shows you using your numbers how to figure out which is best.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."
Sometimes paying a bit extra renting is really the cheapest way to go. For a very different perspective read below.
"Why rent if you could buy for less money? Valid reasons inside."
If you still want to buy a house and it is the right decision you need to find out your fico score. Most lenders are now saying you need a 640 or higher score to get a mortgage. Then you need to have an acceptable debt to income ratio. See a lender for more details.
The following blog covers the basic steps of buying a house.
"Its your first home and you are looking for something but are not sure where to start to look or about loans."
The following blog is almost a year old. The buyers credit ($8,000) died. Prices have dropped since then. The rest of the reasons shown there are still valid. In most of the country house prices are still falling.
"10 valid reasons to wait to buy a house."
- Robert Walker, "So Cal Agent"
- Contributions:1425
The best thing to do is educate yourself on what the best loan is for you. Being a first time buyer can have a many after the fact realities that can hurt for many years to come.
First, old school loans are the way to go: 15 or 30 year fixed. Don't fall the low payment, just refi in five year sales pitch. You refi, you loose all those payments that you paid into the loan and you start again from scratch. You may as well have been renting to save money. Do it right the first time and you won't have to refi in the future.
Stay away from straight loans, adjustable, whatever they are calling them this week; go fixed. There is a reason hundreds of thousands of people lost their homes, and it isn't only the economy.
Watch out for special assessments; make sure you double and triple check the property taxes. Special assessments are in addition to the Prop 13 base of 1%. Don't just go by what someone says to you, see it in writing. This disclosure will be in the Natural Hazard Report (NHD), normally second half. You can also look it up on your county's tax assessor's website under the particular property address. Mello-Roos is the one that tags people and on the tax assessor's site it will show these taxes under "CFD." Again, don't take a verbal guess from a lender, agent or anyone else. See it in writing.
Lenders are well known for putting down 1.25% as the tax rate, only for you to see a steep incline in your house payment because it is really 1.9% and sometimes higher, sometimes lower, but it is better to know what it is going to truly be.
Another two items, always get a property inspection and watch your contingency period.
Have fun! This is a great time to buy!
First, old school loans are the way to go: 15 or 30 year fixed. Don't fall the low payment, just refi in five year sales pitch. You refi, you loose all those payments that you paid into the loan and you start again from scratch. You may as well have been renting to save money. Do it right the first time and you won't have to refi in the future.
Stay away from straight loans, adjustable, whatever they are calling them this week; go fixed. There is a reason hundreds of thousands of people lost their homes, and it isn't only the economy.
Watch out for special assessments; make sure you double and triple check the property taxes. Special assessments are in addition to the Prop 13 base of 1%. Don't just go by what someone says to you, see it in writing. This disclosure will be in the Natural Hazard Report (NHD), normally second half. You can also look it up on your county's tax assessor's website under the particular property address. Mello-Roos is the one that tags people and on the tax assessor's site it will show these taxes under "CFD." Again, don't take a verbal guess from a lender, agent or anyone else. See it in writing.
Lenders are well known for putting down 1.25% as the tax rate, only for you to see a steep incline in your house payment because it is really 1.9% and sometimes higher, sometimes lower, but it is better to know what it is going to truly be.
Another two items, always get a property inspection and watch your contingency period.
Have fun! This is a great time to buy!
- Reuben Pacheco, "Reuben Pacheco"
- Contributions:48
Hi, The first thing you need to do is interview a few mortgage brokers to get pre approved for a home loan. Your mortgage broker will be able to tell you payments,rates and cash needed to close. You'll definitely need to submit a fully executed loan application with your banking,payroll,investments,mutual funds etc so they can properly evaluate your ability. Then you need to interview buyers agents for the job of representing you. You'll need that pre approval letter and a good idea of where you want to live, reasons for your move and can't live withouts list ready. When interviewing your agent ask them about their experience with short sales ask for proof of experience. Also, a buyer broker agreement is a good document for you and your agent to sign. It'll give both of you a sense of trust and set out the terms of your purchase needs and expectations from your agent.
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