Advice
for First-Time Buyers
Pre-Qualification
Always meet with an experienced mortgage broker and find
out how much you qualify to pay for a your new home.
Pre-Approval
Although knowing how much you can afford is the first step,
sellers will be much more receptive to potential buyers who have a
pre-approved loan. With pre-approval, the buyer actually applies for
a mortgage and receives a commitment in writing from a lender. By
becoming a pre-approved buyer, home sellers immediately acknowledge
you as a serious buyer for their property. Costs for pre-approval
are generally nominal and lenders will usually allow you to postpone
payment to them until you close your loan.
List
of Needs & Wants
Make two separate lists. The first, should include items
you must have (i.e. the number of bedrooms you will need for the size
of your family, a one-story house if accessibility is a factor, etc.).
The second list, is your wish list. These are the things you would
like to have (i.e. pool, den, etc.) but that are not absolutely necessary.
The reality for first-time buyers is that you probably will not get
everything on your wish list, but it will help to keep you on track
for what you are looking for.
Representation
by a Professional
Consider hiring your own professional real estate agent,
one who is working for you, the buyer, not the seller.
Focus
& Organization
Keep items handy in a convenient location, that will help
assist you in maximizing your home search efforts. Such items may
include:
1. One or more detailed maps with your areas of interest highlighted.
2. A file of the properties that your agent has shown to you, along
with ads you have cut out from the newspaper.
3. Paper and pen, for taking notes as you search.
4. Instant or video camera to help refresh your memory on individual
properties, especially if you are attending a series of showings.
5. Look at a potential property as if you are the seller. What
are the prospective positives verses negatives? Qualities to consider
are school district, crime index, proximity to shopping, parks and
freeways or noise, abandoned properties and nearby garbage dumps.
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