Ever since I started real estate school, I get asked whats some Advice for First-Time Buyers Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home. Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. Youll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home youre interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan. List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for. Representation by a Professional: Consider hiring your own real estate agent. Search for a local real estate agent simply by Googling real estate agent (your location) and call to setup an appointment. Once I obtain my license you can call me :-) meanwhile you can also contact me for real estate professionals that I trust.
Posted on: Wed, 21 Jan 2015 07:50:52 +0000
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