2006-10-01 05:15:20 · 9 answers · asked by tigerlily859_2005 1 in Business & Finance ➔ Renting & Real Estate
First of all, have good credit. That makes a huge difference in the loan you will get. Have some money in the bank. It helps to have a cushion. There are always things that have to be taken care of no matter how nice the house is and money in the bank is good to have in case of emergencies. Find a realtor that you like. Ask people that you know for references. Ask realtors for references from people that have been their customers. Drive around and look for homes in neighborhoods that you are interested. It helps to have an idea of what kinds of homes you're interested in and the features you want. Good luck and have fun!
2006-10-01 05:33:31 · answer #1 · answered by schoolot 5 · 0⤊ 0⤋
Email me and I'll walk you through thoroughly.
You have chosen a great time as the market is turning into a buyer's market again.
Be sure to let me know what state you are looking to purchase in.
Employment history is generally the most important (2yrs)... if you do not have it there will still be options but will require downpayment.
A realetor is essential but the right lender will save you a lot of money... that's where I can help you.
Ask yourself the following questions:
1. Will this be the house I retire in?
2. How long do I plan to live in this house before trading up?
3. How much of a payment can I afford?
The third is important so we can back into the price of the home you can afford. If your monthly budget suggests a $ 250,000 home than you shouldn't be looking at $ 400,000 homes as it will feel like you are settling.
Anyway, send me an email and I'll get you started.
2006-10-01 05:22:37 · answer #2 · answered by joeiacovino 2 · 0⤊ 0⤋
Here is the best advice you will recieve.
Before you even step foot into a realtors office I would suggest you get approved for a mortgage. You can get an official approval, competitve rates and programs at my company site www.JustGetALoan.net. Getting approved does two major things for you: 1 it lets the realtor know they have a real client, I know it sounds lame but they will treat you 100% better when you have been approved. 2) Being approved gives you buying power. Imagine you were the seller if you wanted to sell your home for $300,000 and i walk up to you and said Ive been approved for $285,000 and can close within weeks they are more willing to take that official offer than trying to hold off for people who they do not know they can really buy the home. This creates a better situation for you becuase now you have equity or money in the home. If you would like further assistance feel free to contact me at 866 530 7300 ext 7305 or email me Jenold Freeman at jfreeman@bourdeaufinancial.com
2006-10-02 08:01:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
a lot of good ideas from all of your responses, since i have 22 years on ACTIVE experience i believe i am qualifed to answer this one for you. before i begin, let me suggest that no matter what you do you pick ONE person that you trust to give you advise if you take advise from everyone chances are you will go NUTS. remember most people that are not professionals can only give you advise based on their experiences so if they had a positive experience they will give you positive advise and if they had a negative experience they will give you negative advise.
the first thing you need to do is get pre-qualfied for a mortgage by a reputable mortgage company. they will let you know if you can get a mortgage and under what conditons. dont shop rate and points but service. the rates are basicly the same and if one bank sounds much lower then all the rest chances are they are not being upfront with you.
the documets you will need are
last 2 years tax returns with w-2 forms
last 2 months paystubs
last 3 months bank statements
you also need to pick a location on where you want to live and find a reputable realtor in that area. the best way to get a good realtor is to ask for referrals from friends or family members that have had good experiences with a realtor and then interview them. you dont need to work with more then one if you have the right one.
lastly, you can visit www.libertygrant.com to find out how you may be eligible for a FREE grant for your downpayment and closing costs this will help you get in with little or zero cash out of your pocket.
good luck
2006-10-01 11:49:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is a great time to be a buyer now because there are a lot of desperate sellers willing to make fantastic deals for buyers, for price as well as financing. I know because I am one of them. If you're in Southern California, email me, markmania@sbcglobal.net. But plugs aside, for general info, the first step is to get prequalified. Find a mortgage lender--their ads are all over the internet--and discuss your income with them and how much house you can afford. They will give you a pre-qualification letter that you can take to a real estate agent and they will show you houses. Find one you like and make an offer for significantly less than the price--the market is slow now and someone is bound to take your offer. Or you can usually get a better deal by finding a house for sale by owner. There are dozens of websites with those advertised, just search "for sale by owner". Then you can go even lower in the price because the seller won't have to pay a real estate agent, so they can use the money they save to pay your closing costs. Once you agree on a price, set a closing date (usually 30 days away), sign a contract with the seller, and go back to your mortgage company and they will get you financed. Then all you have to do is pack. Most important suggestions--1) Take your time. You don't have to rush, house prices are not going to go up. 2) Don't go with the first mortgage lender or realtor you see--talk to several. There are a lot of crooks in this business who will take advantage of first time buyers (it happened to me). Be careful and make sure you get the best deal. 3) Remember to make a low offer on the house--you may likely get it. If you don't, try the next house you like. Remember, you have many options in this market. 4) Ask the seller to pay your closing costs. This is quite common for desperate sellers, and that way, you can get in the house with no money down.
2006-10-01 05:36:07 · answer #5 · answered by markmania@sbcglobal.net 1 · 0⤊ 1⤋
First, find a real estate agent you *like*. They'll help you with the process. You'll also have to get pre-qualified so the agent knows what range they can show you. And mention at the bank that you're a first time homebuyer. Then take a homebuyers class. All this stuff takes up time, but you won't be sorry if you just ask tons of questions. That's what your realtor is there for!
2006-10-01 05:21:46 · answer #6 · answered by chefgrille 7 · 0⤊ 0⤋
The most important step is make sure you are credit worthy. Don't buy more than you can afford, buy according to the principle income (main) in the family. Don't use both or you will get in over your head. Don't get a home equity loan. A lot of people are hurting who got suckered into low interest rates to pay off credit cards. Control your spending.
If you live beneath your means, you will probably never get into financial hot water. If you "buy now-pay later", you are doomed into going past your means.
2006-10-01 06:18:37 · answer #7 · answered by Delta Charlie 4 · 0⤊ 0⤋
Hire an independent lawyer to read all *documents* before you sign them, especially the offer document. And bring the lawyer to the closing to read every document. Every time we have bought or sold a house the real-estate agent has sneaked something in to the documents that either cost us money or caused us problems. I would not advise trusting anything a real-estate agent told you. Have the house you are going to put a contract on inspected by a structural engineer or other knowledgeable person, and have that as a condition of the purchase offer contract. That fixer-upper may be on the verge of falling down!
2006-10-01 05:29:10 · answer #8 · answered by Clown Knows 7 · 0⤊ 1⤋
GET A LISCENSED REALTOR!!!!!!!!
1) location, location, location!
2) insist on a home inspection before signing the papers
3) insisit on a one year home warranty
4) think about how the house will re-sale to another buyer in a few years.
Best wishes
2006-10-01 05:20:05 · answer #9 · answered by sm2f 3 · 1⤊ 0⤋