Im looking to buy my first house and I find myself lost. Does anyone have tips or links for a first time home buyer? I dont know the first thing to do.
2007-04-02 16:06:57 · 7 answers · asked by HUBBS 2 in Business & Finance ➔ Renting & Real Estate
First you need to get pre-approved for a home loan. It's really a fairly simple process. Call a few mortgage lenders and ask to speak with a loan officer. The loan officer will ask you several questions about your credit & income, and then get you pre-qualified for a loan. That way you'll know if you can afford a house, and at what sales price. One place to start is http://primelendingonline.com
Then shop around for a Realtor who is familiar with the area in which you want to purchase. The Realtor will be able to show you lots of listings in your price range that meet your goals. You can also shop online at http://realtor.com
Good luck.
2007-04-02 16:14:14 · answer #1 · answered by Anonymous · 1⤊ 3⤋
First of all, don't use the mortgage company or anyone your real estate person recommends, unless they assure you ,in writing, that they do not benefit from it - even if they do - don't.
Close on the last day of the month - you pay principal in arrears, interest in advance, so your first payment won't be due for a month - and closing costs will be smaller.
If you don't get occupancy right away, make sure that there is a "holdback" in escrow, money the sellers set aside in case, when you get the house, it's damaged.
When you place an offer, make it only good for 24 hours - that way, if they don't respond, you're not stuck waiting while another house that you want comes in on the market.
Since it's your first time, I would use a Realtor (trademark) - you can get a buyer agent, who will work with you - and is looking out for you.
Find out who you want to be your home inspector now - so that you'll have someone available when you're ready to make an offer.
Here's a start of things to help you out - I could type for pages, but I'm sure others will add to the list.
2007-04-02 16:15:15 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The easiest place to start is what you can afford. Contact a lender that you know and ask for a pre-approval. That will give you a price range. Then you can start looking with a realtor. Think about location and make it be somewhere that you are comfortable living. Think about resale value. Once you find something make an offer. The realtor won't cost you anything but will be paid by the seller. Then if the offer is accepted, it will be binding on approval from your lender. Final approval make take awhile. If the lender backs out on your financing, if the contract if written up right, you are off the hook for the sale. Hope this gets you started.
2007-04-02 16:13:44 · answer #3 · answered by bpl 5 · 1⤊ 0⤋
before you do anything or talk to anyone - GET EDUCATED. your local library and bookstores have many books that help 1st time homebuyers. as a realtor and homeowner, i urge you to take the time and examine your situation in as much detail as possible and read up on the subject. that way when you look for a realtor to help you, you will have questions that won't be deflected by "don't worry about that" or be fooled by empty promises. nothing personal, but there is a pretty good dummie's book and there are many web sites that have calculators and glossaries of real estate and mortgage terms. after all this, start interviewing realtors - ask your friends, family, minister, etc. (a personal tip: if the person referring you is related to the realtor or mortgage person...be extra careful...) but don't skip your homework in favor of having someone handle everything for you! there are many people losing their homes right now because they were not really ready to buy a home in the first place! good luck! =)
2007-04-02 17:32:53 · answer #4 · answered by chieko 7 · 0⤊ 1⤋
I'm a mortgage broker from Edmonton, Alberta. Contact me at my website http://AlbertaMortgageGuy.com and I will send you the information that I give to all first time buyers. It will guide you through the whole process and also tell me about your employment and I will send you a document that will tell you what documents you will need to close the mortgage.
2007-04-02 17:33:53 · answer #5 · answered by Anonymous · 0⤊ 2⤋
I have a freind in the lending business, he could answer the questions you have, and yes he can work with low credit scores, as long as you have worked 2 years.
He works with and with out realitors, and if you are out of his area, he will contact an agent for you.
He can also let you know, how much of a home you can afford.
2007-04-02 16:12:14 · answer #6 · answered by spiritwalker 6 · 0⤊ 4⤋
www.bestmortgagebroker.ca
2007-04-02 16:20:35 · answer #7 · answered by GTA_Realtor 1 · 0⤊ 3⤋