First-Time Home Buyers

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• Pre-Qualification: Set up a time to speak with a mortgage broker and find out how much you can afford to pay for a home.

• Pre-Approval: A pre-approval is a preliminary evaluation of a potential borrower by a lender to determine a borrower's estimated interest rate and a maximum principal amount. The buyer applies for a mortgage and receives a commitment in the form of a pre-approval letter. The pre-approval letter will let the sellers know that you are a serious buyer. It is very beneficial for buyers to have a pre-approval letter before submitting an offer. 

• Wants & Needs: Make sure to keep in mind the wants and needs of your home search. (i.e., what city or community are you interested in living? What kind of homes are you interested in? How many bedrooms and bathrooms are you looking for? What size home would work best for you?) 

• Working with your own Licensed Real Estate Agent: One great benefit to purchasing your first home is working with your own real estate agent, one who is working for you, the buyer, not the seller. 

• Focus & Organization: In a convenient location, keep handy the items that will 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 list or file of the properties that your agent has shown to you. 

     3. Paper and pen for taking notes as you search.  

• Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light? 

• Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later. 

• Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as: 

     1. Include inspection & mortgage contingencies in your written offer. 

     2. Have the property inspected by a professional inspector. 

     3. Request a second walk-through to take place within 24 hours of closing. 

     4. You want to check to see that no changes have been made that were not agreed on (i.e., a    nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light). 

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us directly to discuss any of these matters in further detail.