Hey There First-Time Homebuyer

You have decided to purchase a home and have no clue where to begin, don’t worry because you are not alone. Purchasing as a first-time home buyer is pretty scary and at the same time very exciting. Whether you’re entering the market for the first time or a repeat buyer, you first must determine why you want to buy. Whatever your answer to the previous question is, the more you prepare yourself for the ride the easier it is. Do you have any savings? If yes, you’re that much closer to home ownership; however, if you said no, then you may need to wait a little longer and save up some money. We don’t want Suze Orman coming after you. Whether you have savings or not it’s best to find a Realtor who is educated on various programs offering down payment assistance or is conversant on various government programs. You should also find a Realtor that is local to the area in which you would like to reside. Get a loan that is right from you. I normally suggest a client get a Pre-approval before beginning a home search. There is nothing worse than looking at homes getting excited to purchase and then a lender tells you that you aren’t qualified. “Pre-approval” means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Having a pre-approval letter also places you a step ahead of other buyers; the pre-approval letter can be shown to listing brokers when bidding on a home. It demonstrates your financial strength and shows that you have the ability to go through with a purchase. This information is important to owners since they do not want to accept an offer that is likely to fail because financing cannot be obtained. Finding an experienced Realtor is important, they are there to help guide you through the entire process and will make life that much easier and less stressful. Great places to find Realtors are open houses, local advertising, Web sites, referral from other agents, recommendations from neighbors and suggestions from lenders, attorneys, financial planners and CPAs. Don’t be fearful of purchasing a home, it is a big step and commitment but is well worth it. If you have questions about the home buying process, contact me today (gmech@godouglasrealty.com) and I can lead you in the right direction. 

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