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Answers (22)
- Tim Gullicksen, "Tim Gullicksen"
- Contributions:129
The specifics of your search will dictate if there are particular first time homebuyer programs that you may qualify for. The single most important aspect of getting starting is picking a good agent in your area. Get referrals from friends, family and co-workers. Check out the reviews on Yelp.com. Then pick 2 or 3 agents and interview them.
You will want to pick an agent who is knowledgeable and can answer your questions in a way that demonstrates both their competence and enthusiasm for helping Buyers find homes.
Best of luck in your search!
You will want to pick an agent who is knowledgeable and can answer your questions in a way that demonstrates both their competence and enthusiasm for helping Buyers find homes.
Best of luck in your search!
- Surinder Gill - Realtor, "surinder.gill"
- Contributions:203
Hi Meuy81
Congratulations on buiying your first home. My advice is come up with questions you have, set up a meeting with about 3 Realtors. It is like an interview, see who answers your questions, and who is a better fit with you. Working with my first time home buyers I also sit down with them go over the process, I give them hand outs. Also make sure you do the same with Lenders, ask them about first time home buying programs. If you need anyu more advice or would like to sit down with me do call me at [contact info removed by moderator]. Look forward to hearing from you. Good Luck.
Congratulations on buiying your first home. My advice is come up with questions you have, set up a meeting with about 3 Realtors. It is like an interview, see who answers your questions, and who is a better fit with you. Working with my first time home buyers I also sit down with them go over the process, I give them hand outs. Also make sure you do the same with Lenders, ask them about first time home buying programs. If you need anyu more advice or would like to sit down with me do call me at [contact info removed by moderator]. Look forward to hearing from you. Good Luck.
- quicksale1917
- Contributions:4
The best information I found when looking to buy my first home was at [link removed by moderator] It clearly goes over everything you'll need to know.
Hope this helps.
Ray
Hope this helps.
Ray
- Michael Walker, "Michael Walker"
- Contributions:164
One of the first things that you should do when it comes to buying your first home is to sit down with a real estate agent and have a conversation with them about how the whole process works. They can help you find a reputable lender that will provide good service and competitive interest rates. They can help educate you on the current market, analyze what your needs are, guide you to homes that fit your criteria, coordinate the work of other professionals (such as insurance, title companies, lenders, home inspectors), negotiate on your behalf, check and double check paperwork and deadlines, and solve any problems that may arise.
Purchasing a home is one of the biggest financial decisions you will make, so who you choose to represent you in the purchase of your home is an important one. If you're interested in a first-time home buyers booklet be sure to check out my website . There you can download a FREE booklet titled "Only 8 Steps to Home".
If you need help finding a Realtor in your area please call me directly at [contact info removed by moderator]. We have a nationwide referall service - so finding a quality agent to represent you shouldn't be a problem.
- Benjamin Morton, "BenjaminMorton.com"
- Contributions:1504
Please send me your email, I will send you a first time home buyer guide? I have sold 4 new homes in the last 3 months and all have been first time home buyers.
Please email me at [contact info removed by moderator] or send me your address and I will mail it to you.
- sunnyview
- Contributions:25139
Oh foo. Before you talk to any lender or agent, you can run the numbers yourself for basic mortgage qualification online here. Decide what you can afford first and want to pay every month before you talk to anyone else. Then have the reputable lender run the numbers. There are some great ones right here on Zillow.
- Jo Breglia, "jobreglia"
- Contributions:80
Congratulations! Good for you, this is a great time for you to get into the real estate market! Your best bet would be to start at the beginning...how much can you afford?? Take that question to a "reputable" lender -- your bank, credit union or a referral from a friend or your Realtor is always good. Once you figure out a "comfortable" monthly payment (which includes PITI - principal, interest, taxes, insurance), you can start looking with a price range recommended by your lender. Yes, most lenders provide a 1st time homebuyer discount on your interest rate...so get out there and get started! Good Luck!! Jo
- Scott Applegate, "Applegate Properties"
- Contributions:11
Like you many have said in their answers, take care of your financing first. And decide what payment you can afford and still live the lifestyle you want. You may qualify for a higher payment, but choose the payment you can live with. Then have your Realtor focus on the price range have will meet that payment. Remember, you will get some tax benefits too! So your mortgage payment can be a litter higher than what you would pay in rent and net out to be the same.
Good luck!
Good luck!
- SoCal_Engr
- Contributions:5667
You are going to need to go through a few basic steps.
1 - Determine how much of a mortgage you can afford.
2 - Determine if you are really ready to undertake the purchase.
3 - Understand your needs and wants.
4 - Do some research on the communities you are interested in.
5 - Do some research on the styles you are interested in.
6 - If 1-5 go well, find a mortgage lender you can trust and get pre-approved.
7 - In conjunction with 6, interview a few agents and find an agent you can trust. If they want to make you sign an exclusive buyer agency agreement, make sure it is not one-sided. Too often, these only lock you in to the agent and protects their interests. Make sure your interests (i.e., ability to get out without ridiculous conditions) are also identified.
The most important thing to remember is that "this is your transaction". Many people will want to "help". Too often, this becomes "trust me, I know more about this than you do". You need to be informed enough that this is never the situation. You should know things like...
a - What fits into your budget? Completely seperate from "what do you qualify for?"
b - What is your purchase budget? How much for down? Closing? Move-in costs?
c - What areas are you interested in purchasing in? Why?
d - What are the recent sale prices (not asking) in the area?
e - How much work are you willing to do fixing up the place? What are you not willing to attempt?
- Kenden Post
- Contributions:27
Congratulations on your decision on buying your first home. This is going to be a very exciting time and a time where you will be feeling like you are on a emotional roller coaster and want to get off. Work with a first time home buyer realtor that you trust and everything should work out fine.
First step is to talk to a lender. They are going to look at a financial snapshot of where you finances are at. They will need informatin like how much your rent is, installment loans, student loans, things of this nature. They will determine your debt/equity ratio and see what you can qualify for. Credit scores play a huge part in this process and you probably want a minimum score of 620. You want the highest score possible but this could get you qualified for a loan. Everything seems to change and your lender will have the most up to date information on this. One thing I would strongly suggest is for example; you qualify for a $1500 month payment with all mortgage costs in this figure. Stay below this figure by 20-25% is what I tell my clients. You don't want to be house poor and things are going to break. Start a home fund just for this purpose.
Next is find a realtor that you feel you are compatable with. Come up with a wants vs. needs list and what style of home, location, etc. and let the fun begin. A licensed realtor will help you thru every stage of the purchase and it should be a fun experience. Let us know how it goes.
First step is to talk to a lender. They are going to look at a financial snapshot of where you finances are at. They will need informatin like how much your rent is, installment loans, student loans, things of this nature. They will determine your debt/equity ratio and see what you can qualify for. Credit scores play a huge part in this process and you probably want a minimum score of 620. You want the highest score possible but this could get you qualified for a loan. Everything seems to change and your lender will have the most up to date information on this. One thing I would strongly suggest is for example; you qualify for a $1500 month payment with all mortgage costs in this figure. Stay below this figure by 20-25% is what I tell my clients. You don't want to be house poor and things are going to break. Start a home fund just for this purpose.
Next is find a realtor that you feel you are compatable with. Come up with a wants vs. needs list and what style of home, location, etc. and let the fun begin. A licensed realtor will help you thru every stage of the purchase and it should be a fun experience. Let us know how it goes.
- John Marion, "businessjohn"
- Contributions:39
An important first step is to find out from a lender how much you qualify to borrow for a mortgage. This will enable you to tell your Realtor what price range you can afford when you go out looking at home.
I have had good experience recommending Lending Tree where you really do get four offers from four different mortgage professionals. You can use the link on my site to get started with Lending Tree.
[link removed by moderator]
I have had good experience recommending Lending Tree where you really do get four offers from four different mortgage professionals. You can use the link on my site to get started with Lending Tree.
[link removed by moderator]
- Daniel Oster, "doster"
- Contributions:5
As most of the other folks are saying, it's important to know what you qualify for. Another very crucial thing to consider is are you comfortable with the loan payment. Most financial experts recommend against spending more than 30% of your gross annual income on your housing payments including taxes and insurance.
Also be wary of any adjustable loan. Go for a 30 year fixed loan that has payments covering both principal and interest...not just interest.
Also be wary of any adjustable loan. Go for a 30 year fixed loan that has payments covering both principal and interest...not just interest.
Home buying for Dummies by IDG is what I believe the best place for a 1st time buyer to start with. It gives a general overview of the whole process.
Then talk to your accountant and lender to figure out what you can afford, then reduce by 10-15% or 20%, to arrive at your starting point (don't worry, as you start to look around, your Max end will grow by 10-20%).
Ask for reference for a good realtor, if none. Then go visit open houses and find one that is a full time realtor and willing to understand your needs.
Good luck!
- Beryl Eismeier, "Got Beryl"
- Contributions:31
Dear Wetdawgs: Here's a realtor asking the buyer to contact LENDER first.
Dear MEUY81: Talk to a lender first. Find a realtor next. Find something you can AFFORD - not just what you get pre-approved for. You need to do what most Americans in the last decade forgot: consider what you currently spend on housing and don't get yourself in over your head. Once you know what mortgage + insurance + taxes + utilities/HOA you can truly afford and still have some spending $$$ left for unexpected emergencies, then find a realtor. You should be able to expect some assistance with closing costs from the buyer, and some statutory assistance with loan/closing costs depending on your situation.
Dear MEUY81: Talk to a lender first. Find a realtor next. Find something you can AFFORD - not just what you get pre-approved for. You need to do what most Americans in the last decade forgot: consider what you currently spend on housing and don't get yourself in over your head. Once you know what mortgage + insurance + taxes + utilities/HOA you can truly afford and still have some spending $$$ left for unexpected emergencies, then find a realtor. You should be able to expect some assistance with closing costs from the buyer, and some statutory assistance with loan/closing costs depending on your situation.
- Kamal Randhawa, "krandhawa333"
- Contributions:79
Hello,
Congrats on your decision to purchase a new home..this is really a good time. You need to get a pre-approval frist. Once you have that, you can start working with any of us Realtors to help you find a home. Remember, as a buyer, you don't pay our fees, the seller usually does. So you get the knowledge and expertise of a Realtor without paying a penny. Good luck and please feel free to call or email any one of us if you need further assistance.
- Shawn Sidhu, "C2 Financial of CA"
- Contributions:42
I would highly recommend getting in touch with a mortgage broker/banker. That way you can get pre-approved for a home loan. Once a determination is made then you will be issued out a pre-approval letter which would be given to the Realtor that you're working with. This will allow you to start the home search since you will know exactly what you can qualify for based on a total monthly housing payment that you're comfortable with. Since many homes listed in the Bay Area are short sales and bank owned properties its highly critical to have this in place so that you place offers on properties of interest to you.
The Bay Area has many City downpayment assistance programs available which work in conjunction with FHA & Conventional financing and each City is different in terms of their own requirements.
The Bay Area has many City downpayment assistance programs available which work in conjunction with FHA & Conventional financing and each City is different in terms of their own requirements.
- Christopher Machuca, "Christopher Machuca"
- Contributions:2
Your first step is to get "pre-approved" for a home loan so you know where you stand. If you don't have a direct contact to a loan officer. Head to where you bank your money. All major banks have a mortgage division so you should feel comfortable going where you have a relationship.
After you get pre-approved you will know your buying power. With that, employ a realtor assist you the remainder of the way. From loan questions to market analysis. Use your realtor of choice to work in YOUR favor.
Take care and have a blessed night!
After you get pre-approved you will know your buying power. With that, employ a realtor assist you the remainder of the way. From loan questions to market analysis. Use your realtor of choice to work in YOUR favor.
Take care and have a blessed night!
- Michael Emery, "MikeEmery"
- Contributions:7298
A lender will be able to tell you how much home you can afford based on your income. But the dirty little secret is you don't have to spend every single dollar you are qualified to borrow. It's not how much you are eligible for, it's how comfortable you are making that monthly payment. And don't forget to leave some money for closing costs and repairs!
When you talk to a Realtor, tell them how much you want to spend (with your down payment). And then stick to your budget! Realtors sometimes have a bad habit of wandering to the expensive end of the aisle - but they aren't buying the house.
Personally, I have just the opposite problem. I am trying to keep my clients from spending too much - especially when the home is not worth what the seller is asking for the home. If you are feeling the urge to wander upwards on the spending scale, slow down and keep looking.
Homes are not going to be getting more expensive anytime soon.
Two words.
Buyers market.
P.S. When agents that are not from your area 'offer' to refer you to an agent, they are being compensated with a portion of the other agents commission. To not disclose that fact is abhorrent. Talk to your friends, neighbors and co-workers about referring an agent to you.
When you talk to a Realtor, tell them how much you want to spend (with your down payment). And then stick to your budget! Realtors sometimes have a bad habit of wandering to the expensive end of the aisle - but they aren't buying the house.
Personally, I have just the opposite problem. I am trying to keep my clients from spending too much - especially when the home is not worth what the seller is asking for the home. If you are feeling the urge to wander upwards on the spending scale, slow down and keep looking.
Homes are not going to be getting more expensive anytime soon.
Two words.
Buyers market.
P.S. When agents that are not from your area 'offer' to refer you to an agent, they are being compensated with a portion of the other agents commission. To not disclose that fact is abhorrent. Talk to your friends, neighbors and co-workers about referring an agent to you.
- Stephanie Therrell, "StephanieTherrell"
- Contributions:3
The first step is to talk with a lender to begin the pre-approval process. The lender will let you know what you can afford based on your credit and current debt obligations. By learning your house price range, you can use your time more effectively on your home search! A real estate agent can provide you with lender resources if you are in need of this assistance. This is one of many ways we, as agents, can help future homeowner's! I'll be glad to refer you to a qualified Century 21 agent in your area! Good luck!
- wetdawgs
- Contributions:26854
A realtor will always suggest seeing a realtor first.
A lender will always suggest seeing a lender first.
As a consumer, I recognize first do some studying of your community by yourself and some calculations of what you might be able to afford (see calculators under the "mortgage" tab). Then, pull up the Zillow guides on buying and study them.
Next, make sure you have your down payment, closing costs and home maintenance funds saved up.
Then, contact a lender or two to get pre-approval for an amount.
Then, and only then, talk to Realtors. Interview very very carefully because you hiring this person to help you with probably the biggest purchase of your life so far. Not all agents are created equal - there are a lot of awful ones out there who don't know how to listen. There are some great ones out there.
A lender will always suggest seeing a lender first.
As a consumer, I recognize first do some studying of your community by yourself and some calculations of what you might be able to afford (see calculators under the "mortgage" tab). Then, pull up the Zillow guides on buying and study them.
Next, make sure you have your down payment, closing costs and home maintenance funds saved up.
Then, contact a lender or two to get pre-approval for an amount.
Then, and only then, talk to Realtors. Interview very very carefully because you hiring this person to help you with probably the biggest purchase of your life so far. Not all agents are created equal - there are a lot of awful ones out there who don't know how to listen. There are some great ones out there.
- Tina Dodson, "Tina at Lake Texoma"
- Contributions:9
Congratulations! First step is to contact a qualified REALTOR in your area, who will help you by searching for the perfect home that meets your criteria. It's typically best to work with one agent - who can pull up every listing that's been posted to the MLS and schedule showings for you. Your agent should be qualified, knowlegeable about property values in your area and trustworthy. If you wish, I can assist by searching the database of licensed REALTORS in your area and referring you to an agent who is qualified.
buying first time home
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