First Time Home Buyer
So, you're ready to buy your first home, huh? Congratulations! This is a big step for you and having worked with hundreds of first-time home buyers, I have seen some patterns that seem to be consistent for all couples buying their first home. Knowing what to expect helps to make the whole process much more fun for you and you will have more confidence as we move through the process.
It's normal to be both nervous and excited. You don't want to make a mistake but you don't know what you don't know. So, first step, find an agent you can trust! Any agent that has worked with first-time home buyers knows that you have to take it slow and easy. Your agent needs to fully understand what you want, what you need (sometimes they're not the same thing) and help you set realistic expectations. Rushing into making decisions doesn't do anything but make you more anxious. So, picking the right agent for you will set the stage for the entire home buying process.
You need to meet, face-to-face, with your agent before you start actually looking for homes. Your agent will help you understand what you can expect throughout the process and the first step is to help you find the right lender. The lender will get you prequalified which will be a big help when you find the house you feel is right. You are going to have lots of questions and those questions may have to be answered more than once before you really understand. Never feel like you are asking a 'stupid question'. If you have an agent that makes you feel that way (or a lender) find someone else to work with.
Once you find the house and are under contract, you will quite likely get 'buyer's remorse' or cold feet. Don't worry, you are not alone as most buyers feel this way, even those that have bought and sold many times. Let your agent know and he/she can help you through this.
When you find your house and get it under contract, the next step will be all the home inspections. Do not skip this vital step. Once again, your agent will help you with finding inspectors, scheduling and working out any repair issues.
After you've completed your inspections and determined you want to move forward with purchasing the home, your lender will step in to help you get your loan approved. Be prompt with getting your loan paperwork completed. Do not do anything that would affect your ability to qualify for the loan such as change jobs, take on more debt or borrow money, even adding large sums of money to your bank account or paying off debts can create problems at this point so work closely with your lender; be open and honest with your lender. He/she is working for you getting you approved, getting the appraisal on the house ordered and pulling the pieces of the loan together so you can purchase your home.
When you are fully approved, the lender will confirm the closing date and give you a 'clear to close'. The closing itself is the last step. You will want to do a walk through of your home just before closing to make sure everything in the home is as it should be. Then when you have closed, your loan has funded and you have keys in hand, the final step is to move in. Happy day!
If you would like to work with a Realtor that has experience working with first-time home buyers, give me a call. I would love to be your real estate agent.
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