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Five Tips for Purchasing Your First Home

Happy family near new house.

Purchasing a home can be scary for a first time home buyer. The good news is that the process can be a straightforward and pleasurable experience provided that the appropriate steps are taken ahead of time to ensure a smooth process. We have five tips for purchasing your first home.

The average first time homebuyer typically uses the realtor they meet at the open house of the home in which they love. This is not the ideal way to remain in control of the process. Utilize the following tips that we have offered when attempting to purchase your first home.

Begin by searching for a Mortgage Banker or Broker that is trustworthy. This person is best obtained through word of mouth or a referral from a friend or family member. Make sure to ask the person how reachable they are throughout the process. Having a loan officer that is only available 9-5 Monday through Friday is not a good fit for most first time home buyers. They should be able to provide contact info that makes them available at any time.

Once a Mortgage Professional had been obtained, and before any house hunting occurs, get a pre-qualification for a loan. Within a short amount of time, your mortgage professional will review income and assets to advise what the best range of home prices in which to begin researching with your realtor.

Make sure to find out from the lender how long it will take to complete a loan from start to finish. This will be extremely beneficial to advise the realtor when writing the contract how long your escrow will need to be.

Take the time to know what loan options are available. If the Mortgage Professional cannot offer more than one loan program, many home buyers have to begin looking for another Professional, that can offer the loan needed.

Once a Pre-qualification Letter has been obtained from your lender, it is time to start house hunting.

Selecting a realtor that will take the time to find the perfect house can be challenging. Sandi Clark and Debbie Miller have been making home-buying a dream for families in Orange County for many years. They are not only celebrity realtors in Orange County but have also been featured in the new book “Leading The Field: Strategies, Advice and Inspiration From World Class Experts.

The Pre-qualification letter is a fundamental part of the home-buying process. This letter shows the realtor that the appropriate steps were taken to ensure qualification for their home or listing.
Make and offer on the home of your dreams. With groundwork laid, the offer should be accepted within 24 to 48 hours.

Review the counter offer with your real estate agent. Once the offer is accepted advise your loan officer immediately so that he or she can prepare loan disclosures. Also, make sure to provide escrow contact information to the lender once contract is accepted, so fees are properly disclosed to avoid delays at the end of the transaction.

Enjoy the 30 to 45 day escrow period, and the fact that the leg work was done ahead of time to know this transaction will successfully close because the best team is working for you.

Most first time buyers are excited to obtain a home the lose sight of the fact they have choices. It is necessary to know that the homebuyer is in control, and a team of professionals who will help obtain what will most likely be the largest investment of your life is crucial for success.

Steve is a race car, boat loving Dad with a love for adventure. When he is not bungie jumping off a bridge he is playing Monopoly with his kids or working on re-building a classic car.
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