September 9th, 2010 7:43 AM by Korene L Clopine-Seaman
First -Time Home Buyer Tips:
1. How long have you been renting? Do you want where you live to be YOUR HOME… now more than ever is the best times with the volume of homes available in the market today and the low interest rates
2. Is there anything currently preventing you from buying a home - if so, what is it?
3. Do your Homework Before you start the process
4. Get Your Finances in Order
a. Get your financial papers together
b. Make an appointment with Your Loan Originator
c. Give Your Loan Originator your financial information
d. If Your Credit Needs to Be Cleaned Up: Do what is necessary to Clean it up…Start with smallest items first and work your way up
e. Listen to YOUR Expert “Your Loan Originator”. He/She knows the market, the money you can qualify for and can afford.
f. What size house payment can you afford?
i. Be house comfortable, not house rich and cash poor
ii. What is reasonable for your family, your situation, and your financial circumstances
5. Be Choosy but Be Realistic
a. Know the difference between want and need
b. What would your ideal home look like?
i. What characteristics of a city and or neighborhood are important to you and your family?
1. Distance to Work, Shopping, Sports, Cultural Activities?
c. Plan your purchase as the place where you and your family will spend between ½ and 2/3 of your time. This is where you will have your children in school, you will influence your neighbors and they will influence you and your family.
d. Would your lifestyle be better served with a condo, townhome, patio home, duplex or single family home?
6. Do Your Homework
a. Drive in neighborhoods you like. If you find a neighborhood you especially like do not call the listing agent as they work for the seller of the home or the Bank that owns the home. Call YOUR real estate agent as they are working for you
b. Review your list of needs
i. School districts
ii. Distance to Work, Shopping, Sports, Cultural Activities?
iv. HOA? – Restrictions, Allowances, Costs, Coverage, etc
v. Number of Bedrooms
vi. Number of Bathrooms
vii. Garage, Car Port, Off Street Parking, Secure Storage
c. Send your realtor your needs list, your pricing criteria, your location areas, specialty requirements, etc
d. Ask your realtor for a list of current available properties that fit your criteria so you can choose three or four to see in person.
7. Make an appointment with Your Realtor to see the three or four available houses to see in person.
8. Inform Your Loan Originator that you will need and LSR and give Your Loan Originator the contact information for Your Realtor so they can coordinate your LSR.
Happy and Successful House Hunting! We are here to help you get started