FOR THE FIRST TIME BUYER:
Owning your own home can be one of the most rewarding things you ever do. Your home is a place where you can create memories and establish yourself as a member of a community. When you own your house, you have the freedom to make it what you want—paint, wallpaper, décor and landscaping are all your decisions. Over time, it becomes a living and breathing reflection of you and your family. In short, it’s home.
THE FIRST STEP: : You've already taken that by fact that you are reading this. CONGRATULATIONS!!! See how easy this can be??? Now the next step is probably "the" most important step in the start up process and I encourage ALL first time buyers to contact a qualified mortgage lender. Do this even before you choose a Realtot to assist you. This can be where you do your regular banking but I would also highly recommend a company that does nothing but mortgage loans. Banks and Credit Unions are terrific and typically a good place to get a loan as you already having a working relationship with them. Their drawback is that the majority have set standards and limited loan types they can fit you in to. A mortgage broker can shop ANYWHERE for a loan for you...fitting your needs better. Your loan could come from a private investor, a lending institution or even your own bank . I have had first time buyers qualify through a mortgage lender that were rejected by their banks. Pre-qualifications shouldn't cost you anything and you'll have a great understanding of what you home buying budget will be. Also talk to that lender who prequalified you about becoming preapproved. This step is a little more involved but being preapproved for a mortgage gives you greater negotiation leverage when making an offer on a home you choose. AND..... if you don't qualify...DON'T DISPAIR. A good lender should be able to lay out a set of plans for you to follow that will get you where you need to be within a reasonable amount of time. My youngest son for example decided he wanted to purchase his first home at the age of 22. His problem...not enough established credit so his scores weren't high enough. His lender recommended a very specific credit card to apply for, use for 2 months making prompt payments and within 3 months we went out shopping. He purchased a nice 3 bedroom ranch with a two car garage on a half acre lot.
The NEXT step is the last one I will tell you about here. That step is to enlist the services of a good Realtor to assist you with your home search and purchase. This should not cost you anything as we are paid for by the seller at clos