2007-05-02 08:35:57 · 8 answers · asked by IRIS B 1 in Business & Finance ➔ Renting & Real Estate
Find real estate you want to buy, then make the seller an offer.
2007-05-02 08:39:03 · answer #1 · answered by AngiesHusband 5 · 0⤊ 0⤋
Well A few:
1-find out how is your credit (and FICO scores) even before you contact a real estate agent (or the credit of whoever is qualifying to purchase the home).
You can go to several websites and purchase your credit report and fico such as: www.experian.com, www.equifax.com, www.transunion.com, www.myfico.com or www.annualcreditreport.com (the report is free but you pay about $7.50 for the fico scores from each of the 3 bureaus.
2- Once you have the credit report find a loan consultant to pre-qualify you and tell you how much you can afford. This person will ask you several questions (about employement, income, etc) Don't let him run your credit report because running your credit report too many times may decrease it. give him a copy of the one you have.
I would go to 2-3 different loan consultants because the answers you may get will be different from one to another.
3-Once you have established how much you can afford you can start looking for a home, contact a local Realtor(R) you can go to www.realtor.com and get a list of local realtors or look in the yellow pages, talk to friends and family, drive around and attend open houses, etc.
4-How do you find a loan officer? well yellow pages, or you can go directly to a Real Estate office most times they have their own loan officers.
The reason why I want you to get your own credit first is because you may NOT like the offer you get from the first loan officer so you need to shop around and if you put 3-4 applications in 3-4 places and run your credit so many times your credit score may drecrease.
Pre-qualifying for a loan, knowing how much you can afford and knowing what type of interest rate and loan program you can get is the first step you need to take before looking for a home.
If you need anymore information let me know.
2007-05-02 15:52:30 · answer #2 · answered by maya_team 2 · 0⤊ 0⤋
You should consult with a Loan Consultant to get a pre-approval frist. You will get the purchase price of the house that you can afford and mothly payment. And make sure you are confortable with the montly payment before you jump into it.
2007-05-02 18:55:28 · answer #3 · answered by Ray 2 · 0⤊ 0⤋
Caculate your budget
Here is how I found my budget:
Max (Down payment + Closing cost)
= total saving
- emergency fund
- a couple thousand in case I need more than expected on Closing
- budget for new furnitures
Max (Monthly payment included mortgage, Tax and Insurance)
= amount I am able to save each month before I buy the house
+ montly rent as I don't need to pay them anymore
- additional monthly expense due to the move. (Extra travelling, Utility fee)
- 100~200 to fix broken thing for the house
- 500~1000 that I still want to save money for vacation, additional emergeny fund, or future plan.
2007-05-02 16:16:41 · answer #4 · answered by cmui1978 5 · 0⤊ 0⤋
First step would be to get pre-approved, so you know how much home you can qualify for with a lender.
Good luck!
2007-05-02 19:48:31 · answer #5 · answered by Kali's Mom 5 · 0⤊ 0⤋
Get pre-approved by a lender before going to the realtors. Most of them want to see that you have been pre-approved before they spend time on you as a serious client. Good Luck!
2007-05-02 15:59:02 · answer #6 · answered by novastarbanker 3 · 0⤊ 1⤋
as a realtor, the most important step is call a lender 1st. so u know how much house to buy. If u don't know one call a local realtor, we can set u up.
2007-05-02 15:46:40 · answer #7 · answered by shera 1 · 0⤊ 0⤋
pre-approval for your loan makes the process a bit quicker.
2007-05-02 15:44:21 · answer #8 · answered by gone 7 · 0⤊ 0⤋