CONGRATULATIONS!!! You have just accomplished Step 1 in becoming a first time home buyer. The fact that you are reading this page means you’ve just made the correct first step in research! 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.
First Time Home Buyer Info
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 a first time home buyer, people will tell me they can afford XXX dollars a month as a mortgage payment based upon their 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 amount. Online calculators typically 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 for everything with cash or by using his debit card. He 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. On the other hand, 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 is that banks and credit unions typically have limited in house loan offerings. Mortgage brokers on the other hand shop everywhere to find you the best loan to fit your specific needs and qualifications. This includes your personal bank! Good news is that your credit only has to be pulled once and these pulls rarely if ever effect your credit rating. I know several good local mortgage brokers that have done real well by my buyers over the past years, especially first time home buyers. Call me or use the contact form below for recommendations of names and contact information in the Triangle area. I may be old school in this, but there is still a lot of value in sitting across from the person who is going to assist you in getting the loan.
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 upfront fees 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 assure you that BuySmart Realty never charges any fees! I also pride myself in educating every first time home buyer 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 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 buyer(s) and can be of assistance if needed at the closing table.
By the way, steps 2 & 3 can be interchangeable. To any potential first time home buyer 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.
Protecting Your Privacy
Please note, I understand the importance of protecting your contact information. I hate spam mail as much as you do . I will never share nor sell your private contact information with a third party. By giving me your phone number and email address, you are simply giving me permission to contact you via email or phone. Thank You, Ernie