Orlando First Time Home Buyers this is your guide on everything real estate related and where to begin. The media, your friend and family, everyone you know is telling you to stop renting and purchase a home. That the market has never been any better and well it's starting to sink in. You want to purchase a home but just dont know where to start. This series of blogs will guide you through every step of the process and hopefully help answer most of your questions.

Lets start from the very beginning, you have this feeling that it's time to buy but you really dont know how you can tell or where to even begin. First you need to realize that buying a home isnt for everyone and that it might not be the right time for you regardless of what the media tells you. If you have a stable job, plan on living in the same place for at least 5 years and have some money in saving then now might be the time for you to purchase your first home in Orlando. However if the above statements werent true for you it's ok, there's nothing wrong with renting until you are 100% ready to make the leap.

Next, you feel ready, you have 3.5% set aside as a down payment and you know buying is right for you now what, how do I find a home, where do I get a mortgage. I pay $1300 a month in rent what does that get me in a home? My suggestion is finding a top notch Realtor who can guide you through this process. Their first stop will be putting you in touch with a few lenders. (Note: you can do this before finding a Realtor, but I think they go hand in hand.) The lender is going to ask you personal questions like: What is your income? Have you filed your taxes and can you provide proof for the past 2 years? They were will want to see 3-6 months worth of your bank statements, they will also have you fill out an application and provide all your debts and assets, plus SSN so they can run your credit. This is one of the most important steps, here you are laying the foundation of your home purchasing experience, skip this step and the process could fall like a game of Jinga!

Now with all this information in hand the lender is going to review your file with you and discuss what monthly payment you feel comfortable with, explain some of the tax benefits of owning a home versus renting and go over the amount you were approved for based on the information you provided them. This is known as the pre-approval letter. This letter is very important when it's time to look at homes as most sellers will not look at your offer without this letter. Plus it spells out the maximum amount you can afford in a home. Along with this letter you should receive a GFE (Good Faith Estimate) this document will go over the closing costs associated with getting a loan and how much that will cost in addition to down payment. (Dont fret often times we can get the sellers to pay this for you as part of our negotiations.)

Hopefully you have a better understanding about the first step in buying a home in Orlando  and what you need to do to build a solid foundation. Next we will discuss where you go from here and how to choose an Orlando's Buyers Agent and why you need one.

If you are a first time home buyer in Orlando make sure to check out our Half Million Dollar Challenge where you can get up $12,000 free money!