Being a first time home buyer should be an exciting and fun
The good news is that you have options, and a lot of them. If
anyone tells you that you have to work with a specific Company,
question it and their integrity. You are the Boss here!
Recommendations are best, allowing you to conduct research and make an
There are some steps you will want to take before you start
your credit score (also known as a fico score), many companies offer
them online for a small fee, if any. My favorite is
www.myfico.com. I am told that
if you check your own credit it will not count against you. Allowing
too many Lenders / Loan Co. to run your credit can actually affect
your score. Click on "Credit Scores" for more information on how
your credit score works.
how much home you can buy. For this you may want to ask friends or
family members for a name of a Lender or Mortgage Co. that they have
been happy with. The Realtor you decide to work with can also
recommend Lenders that they have worked with. Something to
keep in mind when you have chosen a Loan Co.: Be honest with your
answers and do not forget any information. This could lead you into
an Escrow that suddenly falls apart because you forgot something or
thought that information wasnít important. If youíre not sure, ask
the Lender. Let them help you decide if it will affect you. Your
Lender will pre-qualify or pre-approve you and let you know what
price you can shop for. Make sure you know what the payment is going
to be and whether it includes taxes & insurance, you donít want any
surprises later. If you donít like the payment amount, tell your
Lender that youíre not comfortable and what amount you would like to
pay. Remember you are the boss here and that you will be the one
making the payment later. Donít stretch yourself too far! Make sure
you will have money left over every month to still enjoy life,
dinner, movies etc. Most important, once you have decided to
purchase a home and you have begun working with a Loan Co.
Do not go out and buy a new car or make other large purchases.
These can have a negative affect on your credit score or income to
debt ratio. There will be time after you close Escrow.
Pick a Realtor to help you search for your new
home. Again you may want to depend on family or friends to recommend
one they enjoyed working with. Make sure the Realtor you choose is
working for you, again you are the boss. It is important to
communicate with your Realtor, tell them what is important to you in
a house. Keep in mind unless you are building it yourself chances
are your first home will not have everything you ever wanted. Your
Realtor will do their best to search for properties that fit your
wants and needs. As you are out looking at homes, donít be afraid to
tell your Realtor about the things you saw that you did or did not
like. This will only help your Realtor do a better job when
searching. I once had a young Client that told me a particular house
made her feel old, that was crucial and after that I knew what we
needed. Had she not communicated that, we may have gone through a
dozen other homes like it and possibly missed out on one she would
have loved. Donít get frustrated, sometimes it takes a little time
for that special house to pop up. It is better to wait then to buy
something you will not really be happy with.
Ok, now you have just a little of the important
stuff. Please do your homework and research before you set out. The
buttons on the left will go through many aspects of your Real Estate
transaction. When you understand what is happening or (suppose to be
happening), it will make the experience fun and exciting. You may
still have moments of stress or doubts, thatís normal youíre human.
This will be one of the biggest decisions in your life. Talk to your
Realtor about any and all concerns you have. Without knowledge, you
have to trust that the people you are working with care about you as
much as you do.
I wish you the Best, as always Iím just a phone
call away if you need me!