CONGRATULATIONS!!! The fact that you are reading this page means you’ve just made the correct first step in becoming first time home buyers! See how easy this can be? Let me point you in the right direction to owning your first home by following two more easy steps.
STEP 2: The first question I will ask any buyer contacting me for the first time is “Have you talked with a qualified mortgage lender?” So many times, especially first time home buyers, people will tell me they can afford XXX dollars a month as a mortgage payment based upon there own calculations or an “online” mortgage calculator. Just because you feel you can afford a certain payment per month does not mean you will qualify for that and online calculators fail to ask important questions. Mortgage qualification also includes property taxes, home insurance and HOA fees if applicable. What you qualify for also takes into account mortgage rates. The mortgage industry is now more highly regulated than ever before, especially since 2008 when it basically collapsed. So many people found themselves with homes they could no longer afford because they had purchased beyond their actual means. Your credit score will also help determine what type of loan you are best suited for. If you don’t qualify right off, don’t despair. A good mortgage lender will point you on the road to recovery. One common problem among first time home buyers is “NOT” having enough, if any, established credit. My youngest son at the age of 23 had a good job with steady income and decided he wanted to purchase his first home. However, he always paid things with cash or by using his debit card and therefore had a limited credit history. The lender I set him up with recommended he obtain a very specific credit card, use it for several months and make his payments on time. Following her direction, within 3 months, he qualified just fine and was able to purchase his first home. Should you have adverse credit issues, your lender then may direct you towards an accredited credit repair service.
Where do you find a good mortgage lender?? Start with your current bank or credit union. These are people that know you and watch out for your best interest. The only problem I have found is that banks and credit unions typically have limited loan offerings or offer only adjustable mortgage plans. These are where the interest rate can change every so many years. That is why I like to recommend mortgage brokers. Mortgage brokers shop everywhere to find you the best loan to fit your specific needs and qualifications. I know several good mortgage brokers that have done real well by my buyers that I have set them up with, especially first time buyers. Call me or use the contact form below for names and contact information.
STEP 3: Establish yourself with a licensed Realtor (hopefully me) who can serve as your “Buyers Agent“. The services of having your own personal buyers agent shouldn’t cost you a dime. Realtors are compensated from the commission offered by the seller. Some realty companies are now charging a fee to buyers for providing the service of one of their agents. This compensates them for their time in case you walk away. This is something you want to ask when interviewing a buyers agent. I can tell you that BuySmart Realty never charges additional fees! A good buyers agent will become your guide and educator through every step of the home purchase process. I pride myself in educating my first time home buyers so they fully understand every step along the way. This makes them feel more comfortable and eliminates a lot of stress. Purchasing a home should be fun and memorable, not a chore! I enjoy getting to know my buyers so I understand what their needs are and what is important to them. Do they like to cook, indicating the importance of the kitchen? Do they have pets which may require a fenced back yard? What kind of commute time will they accept to work ? How close do they wish to be nearby family? Whatever is important to the buyer is important to me! When we find that perfect home, as their buyers agent, I then help them write the offer and advise them throughout the negotiations. Once a contract is in place, a copy goes to the lender to complete the loan process and many times as the buyers agent, I have access to information the lender requires. From there we move on to the home inspections and negotiations over repairs if needed . Choosing a closing attorney is important and a buyers agent will suggest the best attorneys to you plus provide most of the required information to them. Finally, a buyers agent will attend the closing with the buyers and can be of assistance if needed at the closing table.
By the way, steps 2 & 3 are interchangeable ! To any potential first time home buyers reading this, feel free to contact me personally for a FREE, NO HASSLE, NO OBLIGATION chat. If you feel comfortable with having me represent you, I can get started on your road to home ownership! Again and this is important, MY SERVICES TO YOU AS YOUR BUYER’S AGENT DON’T COST YOU ANYTHING !! Call or text me at 919-795-5447 or complete the contact form below.