buying first home…?

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My husband and i are planning to buy our first home when our lease runs out in April. How soon should we contact a relator? What other steps should we take and when?

  1. Reply
    July 21, 2011 at 12:01 am

    before contacting a realtor contact and get a preapproval or a approval for financing. this is a letter sayign you qualify for a loan up to a certian amount! then contact a realtor until you have a letter stating you have approval very few sellers will take you seriously! if you are looing to buy in april about 2 weeks before you start your search, get an approval letter

  2. Reply
    July 21, 2011 at 12:31 am

    Contact a Realtor ASAP. They will start looking for you right now. Also, go to a bank and get pre-approved for a mortgage. Ask the bank if they have a first time home buyers program. Shop around for banks and always ask for an estimate for closing costs. Now is also the time to contact your lawyer, or find one who specializes in real estate. You never think about what lawyer to use until there’s a problem with the contract. Good luck and Congratulations!

  3. Reply
    Searchlight Crusade
    July 21, 2011 at 1:00 am

    Figure out what you can afford in terms of purchase price, not payment, and stick to it. Available rates vary day to day, but it’s brownian-type movement.

    Here’s an article I wrote on finding a good loan

    Then once you know your budget, get yourself a good buyer’s agent. Here’s an article on that

    Do not sign any exclusive agreements!

  4. Reply
    July 21, 2011 at 1:29 am

    I would pull my own credit before I contact a lender for pre-approval. Check for accuracy. If your credit score isn’t too good, start cleaning up all you can. If you have any collections, you may want to pay them off, however paying off an old collection (~ 2+ years old) can pull your score down. The better your score, the better the interest rate. Lastly, most 100% loan programs have dissappeared. Even FHA is cutting back so save as much as you can toward a down payment. After you feel your credit is OK, contact a lender for pre-approval and then contact a good realtor. There are a number of places that you can pull your credit thru. Be sure you get all 3 scores not just a credit report without a score. You want to have a middle score >680, Ideally, > 720. You can get all 3 bureaus thru their websites. You may have to pay for scores or you may need to sign up for a credit monitoring service (a good idea considering your upcoming purchase and all the identity theft out there) which will give you your credit report. The 3 bureaus’ websites are below.

  5. Reply
    Quicken Loans
    July 21, 2011 at 2:10 am

    The first step to take is to talk with a Home Loan Expert about how much you can afford! A good lender will ask you a lot of questions about income, assets and look at a credit report containing all three bureau’s scores. They will go over options with you and can determine how a comfortable payment for you will translate into a mortgage. If you need to move out at the end of April, I would do this no later than February. You can then start shopping for your dream home!

    There are still plenty of 100% financing options if you choose a reputable, national lender. FHA may also be a good option for you – it only requires 3% down payment and has very flexible guidelines with regards to income and credit. To keep out of pocket cost down, you’ll also want to negotiate seller concessions in your purchase agreement.

    After you get approved, find an experienced realtor that a family member or friend can recommend. With all that’s going on in the market, the most important thing for you is to work with people that are experienced and knowledgeable. Buying a home is likely to be one of the largest transactions of your life, but it is very rewarding too! Good luck!

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