For a first time buyer, there is so much to worry about and so many levels of details to address, that I just want to provide a good general guide to how to start the process. You can refer to my other blogs for more detail, but I think this is a great overview.
Purchasing anything, will cost you money. A home is the biggest purchase you will ever make, but most people expect to spend less than when getting an apartment. Any decent complex will want first, last, and possibly a security deposit. That's at the very least $1000. Have this much before you consider buying a home.
Now, Before you do anything else, find a loan officer. Before you contact a Realtor, before you look at homes, you have to qualify. In today's market there are so many intricacies to qualifying that the first thing you need is to get approved. Approved, not pre-approved like so many tell you. Finding a good loan officer is finding someone that doesn't talk about pre-approval. Find one that runs Underwriting and approves you upfront. And do I really have to warn you about using 800 numbers in California or New York to get a loan? FIND HELP AT LEAST FROM THE SAME STATE!
Ok, now you can get excited and look for homes. Get a good Realtor, find what you want, and don't be afraid to pull the trigger. At the same time, don't over look the structural integrity of the home, just remember that you will ALWAYS have to paint a room or two to make it yours. Get a home inspection and listen.
Getting your loan will take time. Depending on your situation it can be anywhere from 20-40 days. Anything longer is too much, and you should start to ask serious questions around the 35th day.
Don't be afraid to ask questions. Simple but rarely used. Just ask any question at any time and if your loan officer or realtor seems to never be available, ditch them. Ditch Them! Don't feel imposed upon or that you aren't being taken care of, a lot of sales people are taught to show you how complex everything is to sell you on themselves. Really their job, THEIR RESPONSIBILITY, is to simplify things for you.
Closing will never be simple. Hopefully you have a good loan officer that will explain this to you upfront, but be patient and let those doing the work have time to do the work. If it was simple, you could do it yourself.
The final word: work hard to find people you can have complete face to face confidence in and have confidence in them. This is the most important part of anything you do. Assemble a good team of professionals that can put everything into perspective for you and will have YOUR best interests at heart.
For more information Call Today or visit our website:
810-953-4266 or www.iconmortgagelending.com
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