Guide For First Time Home Buyers - Step 3

By
Real Estate Broker/Owner with Phoenix Property Shoppe AZ Broker BR030809000
https://activerain.com/droplet/c9f

Guide For First Time Home Buyers - Step 3

 

 

Step 3: Meet with a lender

 

If you're having difficulty with Step 2 and determining what you can afford, your lender will help you with this, as well.

 

When I first meet with my clients, I always have a list of trusted lenders I have used and had successful experiences with. Make sure to ask your REALTOR for their recommendation on lenders they're familiar with and trust.

 

When you set up an appointment with a lender, you want to be prepared. Here is a list of things you should have prepared for them before your first meeting with your lender:

 

-An idea of the size of loan you think you can qualify for

-The monthly payment you will be comfortable with

-How much of a down payment you plan to make

-Personal information (name, phone number, address, date of birth, etc...)

-Your Social Security number

-Your income and expenses (pay stubs, W2, bank statements, etc...)

 

The purpose of meeting with your lender very early in the process is to  prequalify for a loan. When you find the home you want to make an offer on you must have your pre-approval ready to submit along with the offer. The seller will want to know that you are a well qualified buyer that is able to purchase the home before considering your offer to purchase the home.

 

 

Term to know:

 

Pre-qualify: When a lender informally determines the maximum amount an individual is eligible to borrow.

 

Getting prequalified for a loan shows sellers that you are serious about buying their home and eligible, too. This will speed up the process at the end, and give the prequalification loan time to process while you and your REALTOR start looking for the right home for you.

 

My advice: Be organized. This is the quickest and easiest way to make meetings with lenders, your REALTOR, and others effective and timely.

 

If you missed the first post on step 1 of the first time home buyer process:


Guide For First Time Home Buyers - Step 1 

 

Guide for First Time Home Buyers - Step 2

 

 

 

Guide For First Time Home Buyers - Step 3

Posted by

 

Phoenix Property Shoppe
  

 

 

Anna "Banana" Kruchten
Designated Broker & Owner
CRB, CRS, GRI, CNE, SFR, CDPE, WLS


Phoenix Homes For Sale

 

Connect with me also on these sites!

 

    Anna Banana Kruchten Google+Anna Kruchten LinkedinAnna Banana Kruchten on GoogleAnna Banana Kruchten of Active Rain

 

 

 

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Arizona Maricopa County Phoenix
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Rainmaker
4,064,219
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Anna, great information for buyers entering into the real estate and not knowing where to start!

Jun 08, 2011 11:34 AM #1
Ambassador
559,434
Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.
eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC
Talk To or Text Peter 250-213-9490

Hi Anna,

Love your presentaion and book format, and the method for people to order the complete copy, I will need to learn how to do that, as we have a number of reports et, that might work with this, thanks for the post and insight.

Jun 08, 2011 11:39 AM #2
Rainer
96,491
Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910
Coldwell Banker Apex, Realtors - Dallas, TX
Locally Known, Globally Connected, COLDWELL BANKER

Great information, especially for a first-time home buyer. Showing up without all the supporting docs just delays.

Jun 08, 2011 11:59 AM #3
Rainer
251,980
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

This is such great info, Anna, that I don't know how I missed steps 1 & 2!?  Now I'm subscribed, so will be fully informed.

Jun 08, 2011 12:30 PM #4
Rainmaker
3,247,489
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Anna

In today's market conditions meeting the leader early on is a must.

Good luck and success.

Lou Ludwig

Jun 08, 2011 12:57 PM #5
Rainmaker
796,857
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

Great advice Anna and a list of trusted lenders can be a Realtors greatest asset.  No sense looking at a 6K house when 5K is where you should be.

Jun 08, 2011 02:13 PM #6
Ambassador
942,042
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Anna, the be organized part is really the crux of the matter.  If a buyer is ready, willing and able is certainly one thing, but knowing how to be organized is really important, too.  Thank you for this great series.

Jun 08, 2011 02:29 PM #7
Rainmaker
433,526
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Anna - great advice for first time home buyers - takes me back to when I was buying my first home and wished I had a comprehensive list like this one!

Jun 08, 2011 10:36 PM #8
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