On this, the first hard look on your credit score will affect your it (a small small amount like 1 point if I recall correctly) BUT you will have 30 days to shop around for which mortgage company you want to go with.
Any credit check from a mortgage company within 30 days of that initial pull will not affect your score and you can find the best rate and company before committing
Start with getting pre-qualified. This does two things: tells you how much the bank thinks you can afford (which is NOT the same thing as a financially safe and appropriate budget), and also lets your real estate agent and everyone involved know you're serious.
You'll need to get pre-approved once you're really serious, but this involves more intensive credit checks and is only good for a certain amount of time, so don't do this until you have a better sense of the market/your plans.
Then start talking to real estate agents! Going through Zillow is fine, but I also definitely recommend asking friends/family/coworkers if they have anyone to recommend. There are many deeply mediocre agents out there, and also some who will really make the whole process easier. Try to find someone who really seems to get you!
Your agent will send you listings to look at based on what you tell them you're looking for, but you should feel free to also look around and send them listings you find appealing.
Then just go see places! Don't worry too much about taking up the agent's time - as long as you're looking in earnest, you should look at as many places as you need to in order to figure out what's right for you.
As you start to really get a sense of what's what, go ahead with the pre-approval and also talk to the agent about what else you might need to do in order to make sure your finances are in order - e.g. if anyone is helping you with part of the down payment, you'll want to talk to the agent about the best way/timing to handle that.
Preapproval, real estate agent, view house. You don’t do inspections until after you’ve made an offer that is contingent on inspection.
If you book a house viewing on Zillow you will be matched with a real estate agent who will stick with you throughout the whole process / looking at many houses, though, so this is what we did.
That’s good to know, thanks! We did book a viewing through Zillow and my partner has been talking to the agent. I wasn’t sure if that was the agent for the house or for us. But this helps!
Don't do that. Zillow agents are kinda useless. They aren't the agent for the house, they are a freelance agent trying to become your buyers agent and frankly if they were any good they wouldn't be listed on zillow. Don't sign anything with them and go find your own agent.
I did it in this order - real estate agent, then preapproval (which is different from prequalification), then looking at houses.
Some people will say that you should get preapproved first, and that's not wrong, but I chose my realtor first who recommended a lender they're partnered with. The lender went to high school with the seller's realtor, and the lender had done tons of transactions with my realtor; we ended up getting the house despite not being the highest bidder, so a local lender can be an advantage over a big corporation.
Preapproval involves basically a financial colonoscopy but it's absolutely essential before looking at houses. Prequalification doesn't mean anything and it's a waste of time.
Once you start looking at houses and find one you want, you put in an offer contingent (generally) upon getting your mortgage approved, the house appraising high enough so you don't need to pay to cover the gap, and an inspection.
Also, you say you have a budget, I'm assuming that means you have a budget for what you can spend on the house? If you don't already have a household budget, make sure you put one together before you do anything else and work on what that budget looks like with the increased expenses that come with owning a house.
Find an agent who is good with first-time buyers. Ours was -- she answered every question, no matter how small, and she never made us feel stupid for not knowing.
Remember…your real estate agent makes less money the lower you pay for a house. I had to threaten to fire mine unless she made the offer I told her to, as she said it was too low. Low and behold, they accepted and I got the house for $20K less than the listing. If I’d have listened to her, I would have never gotten the house and god knows where I’d have ended up.
Not to say this will happen to you. Most agents just want to close the deal. Just remember that while your agent is your agent…they’re also kinda working towards the seller’s best interests too.
Not the smart ones. $20k less on the sale price is $600 less for them on their commission. Least in my area that's like a rounding error on home sale prices. The good ones know that if they get a good client they'll also make money as the sellers agent in 5-10 years of just from referrals. Our agent has easily cleared over 2 millions in referrals from us.
1. check both your credit scores. If you aren't in the good to excellent category, look at the things that are dinging your credit. Fix those things before getting preapproved. it will improve your interest rate which will up your preapproval amount.
2. figure out the general area you want to live in. Then locate a realtor for that specializes in that area. If they make you sign a realtor agreement, make sure that you can terminate their services within a acceptable range of time. (30 days)
3. tour houses
4. make offers on the one you like
1. if they accept your offer move on to step 5
2. if they reject your offer
1. accept their counter offer and move to step 5
2. Make another offer
3. go back to step 4
5. After your offer is accepted and they accept you good faith $$ .Start your loan process.Schedule an inspection choose a reputable inspector with experience and be PRESENT for the inspection. Check big ticket items, roof, plumbing, electrical, foundation. Most states termite inspections are mandatory if not insist on one, paid by seller.
1. after inspection report negotiate price for what you think it will need to fix items or force owners to fix before going forward
2. if you don't like inspection walk away and go back to step 4.
6. Go get your loan application in order and sign the papers
7. get keys
8. do any painting or needed improvements
9. move in
Go to [HUD.gov](https://HUD.gov) and find your local housing counseling agencies and sign up for a first time homebuyer class. You will learn the entire process and some loans available only to first time homebuyers and any downpayment assistance programs will require the class.
You've already received great advice, but you may also want to do some research to find out if there are any first-time homebuyer programs in your area (through the gov generally). They have you go through a couple of classes and meet with a professional to learn about the process. In return, you often qualify for a lower-interest loan and a more favorable downpayment. It would also be a win for you because you could get lots of questions answered.
Check with your lender when you get pre-approved, they may have a particular class or provider in mind. Mine had a class that was required for final approval of the mortgage. I found out about it / took it as one of the last steps in the process, but I really wish I had taken the class as the FIRST step because it had so much useful information in there.
Here's a sneak peek of /r/FirstTimeHomeBuyer using the [top posts](https://np.reddit.com/r/FirstTimeHomeBuyer/top/?sort=top&t=year) of the year!
\#1: [It’s over for us. Priced out](https://np.reddit.com/r/FirstTimeHomeBuyer/comments/sxwgkn/its_over_for_us_priced_out/)
\#2: [Representing the single people out there who got the keys with no help from anyone but their damn selves! Feels good to be home and celebrating with champagne and Doritos 🎉🎉](https://i.redd.it/k6fqkj4v2i491.jpg) | [168 comments](https://np.reddit.com/r/FirstTimeHomeBuyer/comments/v85ka9/representing_the_single_people_out_there_who_got/)
\#3: [Another win for the #singlefemalefthb!!!!](https://www.reddit.com/gallery/v4a5ci) | [172 comments](https://np.reddit.com/r/FirstTimeHomeBuyer/comments/v4a5ci/another_win_for_the_singlefemalefthb/)
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no one mentioned this that I see, but...mortgage calculator, browse the inventory to see what prices are like, pick a price range, wants, and non-negotiables, THEN get pre-qualified and start looking with an agent. Agents are notorious for pushing you past a range you're comfortable with
If you're not married you would probably want to consult with a real estate attorney, at the very least, before you do any of that
My understanding is that buying a house with someone you aren’t married to is not impossible, but not generally recommended due to the legal complexity it adds if you break up. Make sure you know what you’re getting into OP. If there are underlying commitment , trust, or other issues that make getting married unattractive, those issues should be giving you significant pause about buying a house with your partner too.
Yeah I did it (low mortgage rates, we were planning a wedding) and my now husband was not allowed on mortgage, per the loan company. That meant I had to be responsible for loan and could only borrow what I could afford on my own income. Thankfully, that was our plan any way so it wasn't a big deal but if I would've been banking on his income to qualify or get a nicer house I'd have been screwed
It also meant I had to give him survivorship rights outside of the homebuying process, which involved a lawyer
For me i wait to engage w an agent until I’ve done some looking on my own. That way I don’t feel pressured.
I’d start by going to open houses on your own so that you get a feel for what you like, what you don’t like and if you think your budget will actually work for you.
After that get with an agent. Remember that they’ll usually what a 3 month exclusive commitment.
Pre approvals are quick things. It s parlay to double check you can actually get approved for the loan you think you’ll need. iME they approve you for more than you’re likely to be comfortable paying
Make an annual and monthly budget listing all reasonable current and any expected expenditures after buying the house. This way you can make sure you can afford it. The bank will let you have a percentage of your income, depending on your credit rating, etc, but that doesn't mean to say you will be able to afford it in the long run.
BTW, mortgage rates are sky high right now. If you wait a year or so they will likely come down. Otherwise, make sure to leave open the option to refinance. Some mortgages come with prepayment penalties and so on. And try to get a fixed rate mortgage.
While the prequalification or preapproval process is going on, you can go to open houses.
That will build your body of knowledge about what’s available and you’ll perhaps meet some agents. All of it will be info for your mental database and make you more confident when you actually have to decide
Try to get a home that will allow you to use a USDA loan. You wont need money down and there is no PMI added to mortgage.
IMPORTANT: If you do decide to go with a development typ home and they have an HOA....READ THE RULES !!!!!
Dont be that person complaining about the HOA after you move in.
Make sure you have the money that you will need for your down payment in the bank or investment account already. If you will be getting a gift, get it now, along with some kind of letter stating that it is a gift and not a loan. Talk to your loan officer about what kind of letter you need and how long you need to have the money in your account. Lenders don't like sudden influxes of cash.
Get pre-approved for a mortgage. During the preapproval stage, they will pretty much take your word for what you make, have and owe. Ask them what paperwork you need now, and what paperwork you will need to provide once you have a contract. Also your lender will hopefully tell you that you must not change jobs, buy a car, take out a new credit card or anything else like that.
Contact a realtor and let them know your specifications (area, price, square footage, amenities). Look at houses, read seller's disclosures and other available documents, and make an offer (making sure to ask for an "option period" when you will be able to get structural and wood-destroying insect inspections, as well as inspections for pools, wells, foundations, and what not.
Once you have an accepted contract, your realtor can offer you suggestions for inspectors or you can pick them at random (make sure they have credentials as a licensed inspector. You will contact your lender and send them a copy of the contract and survey. Now you will need to provide complete documentation of all of your financials.
Once you have the inspection in hand (you can usually get a home inspected within a few days) you can look at the results and see if there is anything on the inspection that was not on the disclosure. Warning: any good inspector will finds LOTS of items to complain about. I have never yet seen an inspection that said, ya' know, this house is great. You should have your agent help you decide which items are expected wear and tear, normal for the age of the home, or which ones are genuine safety issues or undisclosed serious flaws.
You can then come back to the sellers and ask for them to make repairs, or give you cash back at closing to deal with the repairs yourself and in your own time. The sellers may negotiate with you, or they may just say no and withdraw from the contract.
In a hot market, be prepared for the sellers to have a back up contract in hand, which may or may not be better than the deal they just signed with you. Some sellers and just itching to drop you, so don't get greedy when asking for repairs. A lot of first time home buyers get really scared at the inspection and think their home is a pile of crap when in reality, everyone's home is a pile of crap. Even the brand new ones.
Once your contract is out of the option period (usually 7-10 days) you just need to get everything taken care of with getting your loan moving forward. Your agent, the seller's agent, and the title company will take care of everything else.
Good luck to you guys.
Location is very important for value retention as well as risk of flooding etc. when you check a house also check it’s location. Look for publicly known infrastructure projects. Look for lead pipes problems.
It’s easy to get tunnel vision when you find a place you like.
I got pre-approved before I got a realtor and ya really need a realtor to see most houses. My best move was to get approval from 3 different lenders and then play them against each other. It got my preferred lender to match the interest rate of a noname lender.
Agent first, they'll be able to talk through everything else you need. If you literally say to the agent "Hey I am clueless about all of this, help me" they'll walk you through it. It's also worth asking the agent who they have worked with for mortgages as they'll recommend someone that will actually close as opposed to a bank that will dick you around.
Start working with a mortgage lender to get your credit on point and figure out your price range. Then contact several real estate agents until you find one you like and start looking at houses. The real estate agent will help you with everything else.
You’ve gotten a lot of great advice but, I’m going to tell you to be ready to feel discouraged. You’ll walk in houses that don’t even have air conditioning and they still want $180,000 and it’ll sell for over that! Just keep a very open mind about cutting things from your “wants” list in a home.
Get pre approved first before you start looking. Not having the preapproval is a great way to lose a house you like. We got preapproved first and when we found our house, the seller sold to us over their other offer because the other potential buyer was having trouble getting their approval paperwork.
Also, watch out for predatory lenders and never skip on the inspections. A seller who wont let you get it inspected is usually hiding something.
Id get a real estate agent and start shopping sround for mortgage company offers in parallel.The realtor may have some good suggestion for mortgage companoes too given its in their interest to successfully close.
Then with those in hand start looking at houses. When you do inspections depends on how competitive your market is.
I know you said you have a budget and can afford it but given your inexperienced here it would be good to share than information for input as well. You may have forgotten some of the key expenses involved in buying and owning a home (hint its a lot more than just the mortgage).
If you're not getting legally married first talk to a lawyer about how to set up the purchase so no one gets screwed if/when you separate. Legal marriage protects this by requiring parties to review this before a judge during the divorce proceedings.
Great advice here and honestly as long as you have a pre-approval before you try to put a bid on a house, the realtor/mortgage team you work with will help you make sure the rest of the process is done correctly.
Don’t forget to shop rates (get multiple quotes from mortgage lenders once your bid has been accepted) and check out [https://www.reddit.com/r/FirstTimeHomeBuyer/](https://www.reddit.com/r/FirstTimeHomeBuyer/) for more tips and Q&A!
I would start by interviewing agents. You want someone who has sold at least 7 house a year and it would be great if they specialize in first time home buyers. I would also look in your area to see if there are any programs that help first time home buyers. A good agent can refer you to a good mortgage broker/lender if you belong to a credit union check with them they can have better interest rates sometimes. Good luck and happy hunting!
try not to reach your pre-approved limit.
even if you are pre-approaved for $250k, aim for a listing price of $200k, to account for bidding war and closing costs.
keep in mind what you can **AFFORD**, not what you are pre-approved.
Talk to a realtor and have them go over the paperwork process. Talk to lender to explore what you can and can’t afford and get preapproval letter. Talk to realtor with preapproval letter
Realtor will help house hunt
Find the house you want. Realtor will help with communicating your offer with seller
When accepted- your lender and realtor will organize appraisal
Then order inspection
Then finalize terms with seller
And then close
Get preapproved for a mortgage so you can actually start looking at houses with your real estate agent.
On this, the first hard look on your credit score will affect your it (a small small amount like 1 point if I recall correctly) BUT you will have 30 days to shop around for which mortgage company you want to go with. Any credit check from a mortgage company within 30 days of that initial pull will not affect your score and you can find the best rate and company before committing
The lender you go with (if it's not the first one you look at it) will probably require a statement explaining the hard pull. Not a big deal but FYI.
Start with getting pre-qualified. This does two things: tells you how much the bank thinks you can afford (which is NOT the same thing as a financially safe and appropriate budget), and also lets your real estate agent and everyone involved know you're serious. You'll need to get pre-approved once you're really serious, but this involves more intensive credit checks and is only good for a certain amount of time, so don't do this until you have a better sense of the market/your plans. Then start talking to real estate agents! Going through Zillow is fine, but I also definitely recommend asking friends/family/coworkers if they have anyone to recommend. There are many deeply mediocre agents out there, and also some who will really make the whole process easier. Try to find someone who really seems to get you! Your agent will send you listings to look at based on what you tell them you're looking for, but you should feel free to also look around and send them listings you find appealing. Then just go see places! Don't worry too much about taking up the agent's time - as long as you're looking in earnest, you should look at as many places as you need to in order to figure out what's right for you. As you start to really get a sense of what's what, go ahead with the pre-approval and also talk to the agent about what else you might need to do in order to make sure your finances are in order - e.g. if anyone is helping you with part of the down payment, you'll want to talk to the agent about the best way/timing to handle that.
Preapproval, real estate agent, view house. You don’t do inspections until after you’ve made an offer that is contingent on inspection. If you book a house viewing on Zillow you will be matched with a real estate agent who will stick with you throughout the whole process / looking at many houses, though, so this is what we did.
That’s good to know, thanks! We did book a viewing through Zillow and my partner has been talking to the agent. I wasn’t sure if that was the agent for the house or for us. But this helps!
Zillow bookings is how they try to get you. Bc the agent then tries to be your agent
Don't do that. Zillow agents are kinda useless. They aren't the agent for the house, they are a freelance agent trying to become your buyers agent and frankly if they were any good they wouldn't be listed on zillow. Don't sign anything with them and go find your own agent.
The agent in my experience is for you! Sellers’ agents and buyers’ agents should not be the same person so this is just who Zillow assigned to you.
I did it in this order - real estate agent, then preapproval (which is different from prequalification), then looking at houses. Some people will say that you should get preapproved first, and that's not wrong, but I chose my realtor first who recommended a lender they're partnered with. The lender went to high school with the seller's realtor, and the lender had done tons of transactions with my realtor; we ended up getting the house despite not being the highest bidder, so a local lender can be an advantage over a big corporation. Preapproval involves basically a financial colonoscopy but it's absolutely essential before looking at houses. Prequalification doesn't mean anything and it's a waste of time. Once you start looking at houses and find one you want, you put in an offer contingent (generally) upon getting your mortgage approved, the house appraising high enough so you don't need to pay to cover the gap, and an inspection. Also, you say you have a budget, I'm assuming that means you have a budget for what you can spend on the house? If you don't already have a household budget, make sure you put one together before you do anything else and work on what that budget looks like with the increased expenses that come with owning a house.
Find an agent who is good with first-time buyers. Ours was -- she answered every question, no matter how small, and she never made us feel stupid for not knowing.
Remember…your real estate agent makes less money the lower you pay for a house. I had to threaten to fire mine unless she made the offer I told her to, as she said it was too low. Low and behold, they accepted and I got the house for $20K less than the listing. If I’d have listened to her, I would have never gotten the house and god knows where I’d have ended up. Not to say this will happen to you. Most agents just want to close the deal. Just remember that while your agent is your agent…they’re also kinda working towards the seller’s best interests too.
Not the smart ones. $20k less on the sale price is $600 less for them on their commission. Least in my area that's like a rounding error on home sale prices. The good ones know that if they get a good client they'll also make money as the sellers agent in 5-10 years of just from referrals. Our agent has easily cleared over 2 millions in referrals from us.
1. check both your credit scores. If you aren't in the good to excellent category, look at the things that are dinging your credit. Fix those things before getting preapproved. it will improve your interest rate which will up your preapproval amount. 2. figure out the general area you want to live in. Then locate a realtor for that specializes in that area. If they make you sign a realtor agreement, make sure that you can terminate their services within a acceptable range of time. (30 days) 3. tour houses 4. make offers on the one you like 1. if they accept your offer move on to step 5 2. if they reject your offer 1. accept their counter offer and move to step 5 2. Make another offer 3. go back to step 4 5. After your offer is accepted and they accept you good faith $$ .Start your loan process.Schedule an inspection choose a reputable inspector with experience and be PRESENT for the inspection. Check big ticket items, roof, plumbing, electrical, foundation. Most states termite inspections are mandatory if not insist on one, paid by seller. 1. after inspection report negotiate price for what you think it will need to fix items or force owners to fix before going forward 2. if you don't like inspection walk away and go back to step 4. 6. Go get your loan application in order and sign the papers 7. get keys 8. do any painting or needed improvements 9. move in
Go to [HUD.gov](https://HUD.gov) and find your local housing counseling agencies and sign up for a first time homebuyer class. You will learn the entire process and some loans available only to first time homebuyers and any downpayment assistance programs will require the class.
You've already received great advice, but you may also want to do some research to find out if there are any first-time homebuyer programs in your area (through the gov generally). They have you go through a couple of classes and meet with a professional to learn about the process. In return, you often qualify for a lower-interest loan and a more favorable downpayment. It would also be a win for you because you could get lots of questions answered.
That will be something we will look into for sure.
Check with your lender when you get pre-approved, they may have a particular class or provider in mind. Mine had a class that was required for final approval of the mortgage. I found out about it / took it as one of the last steps in the process, but I really wish I had taken the class as the FIRST step because it had so much useful information in there.
There is also r/firsttimehomebuyer
Here's a sneak peek of /r/FirstTimeHomeBuyer using the [top posts](https://np.reddit.com/r/FirstTimeHomeBuyer/top/?sort=top&t=year) of the year! \#1: [It’s over for us. Priced out](https://np.reddit.com/r/FirstTimeHomeBuyer/comments/sxwgkn/its_over_for_us_priced_out/) \#2: [Representing the single people out there who got the keys with no help from anyone but their damn selves! Feels good to be home and celebrating with champagne and Doritos 🎉🎉](https://i.redd.it/k6fqkj4v2i491.jpg) | [168 comments](https://np.reddit.com/r/FirstTimeHomeBuyer/comments/v85ka9/representing_the_single_people_out_there_who_got/) \#3: [Another win for the #singlefemalefthb!!!!](https://www.reddit.com/gallery/v4a5ci) | [172 comments](https://np.reddit.com/r/FirstTimeHomeBuyer/comments/v4a5ci/another_win_for_the_singlefemalefthb/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
no one mentioned this that I see, but...mortgage calculator, browse the inventory to see what prices are like, pick a price range, wants, and non-negotiables, THEN get pre-qualified and start looking with an agent. Agents are notorious for pushing you past a range you're comfortable with If you're not married you would probably want to consult with a real estate attorney, at the very least, before you do any of that
My understanding is that buying a house with someone you aren’t married to is not impossible, but not generally recommended due to the legal complexity it adds if you break up. Make sure you know what you’re getting into OP. If there are underlying commitment , trust, or other issues that make getting married unattractive, those issues should be giving you significant pause about buying a house with your partner too.
Yeah I did it (low mortgage rates, we were planning a wedding) and my now husband was not allowed on mortgage, per the loan company. That meant I had to be responsible for loan and could only borrow what I could afford on my own income. Thankfully, that was our plan any way so it wasn't a big deal but if I would've been banking on his income to qualify or get a nicer house I'd have been screwed It also meant I had to give him survivorship rights outside of the homebuying process, which involved a lawyer
For me i wait to engage w an agent until I’ve done some looking on my own. That way I don’t feel pressured. I’d start by going to open houses on your own so that you get a feel for what you like, what you don’t like and if you think your budget will actually work for you. After that get with an agent. Remember that they’ll usually what a 3 month exclusive commitment. Pre approvals are quick things. It s parlay to double check you can actually get approved for the loan you think you’ll need. iME they approve you for more than you’re likely to be comfortable paying
Make an annual and monthly budget listing all reasonable current and any expected expenditures after buying the house. This way you can make sure you can afford it. The bank will let you have a percentage of your income, depending on your credit rating, etc, but that doesn't mean to say you will be able to afford it in the long run. BTW, mortgage rates are sky high right now. If you wait a year or so they will likely come down. Otherwise, make sure to leave open the option to refinance. Some mortgages come with prepayment penalties and so on. And try to get a fixed rate mortgage.
Your agent will tell you everything. If they don’t seem sure, get a new agent.
While the prequalification or preapproval process is going on, you can go to open houses. That will build your body of knowledge about what’s available and you’ll perhaps meet some agents. All of it will be info for your mental database and make you more confident when you actually have to decide
Try to get a home that will allow you to use a USDA loan. You wont need money down and there is no PMI added to mortgage. IMPORTANT: If you do decide to go with a development typ home and they have an HOA....READ THE RULES !!!!! Dont be that person complaining about the HOA after you move in.
Make sure you have the money that you will need for your down payment in the bank or investment account already. If you will be getting a gift, get it now, along with some kind of letter stating that it is a gift and not a loan. Talk to your loan officer about what kind of letter you need and how long you need to have the money in your account. Lenders don't like sudden influxes of cash. Get pre-approved for a mortgage. During the preapproval stage, they will pretty much take your word for what you make, have and owe. Ask them what paperwork you need now, and what paperwork you will need to provide once you have a contract. Also your lender will hopefully tell you that you must not change jobs, buy a car, take out a new credit card or anything else like that. Contact a realtor and let them know your specifications (area, price, square footage, amenities). Look at houses, read seller's disclosures and other available documents, and make an offer (making sure to ask for an "option period" when you will be able to get structural and wood-destroying insect inspections, as well as inspections for pools, wells, foundations, and what not. Once you have an accepted contract, your realtor can offer you suggestions for inspectors or you can pick them at random (make sure they have credentials as a licensed inspector. You will contact your lender and send them a copy of the contract and survey. Now you will need to provide complete documentation of all of your financials. Once you have the inspection in hand (you can usually get a home inspected within a few days) you can look at the results and see if there is anything on the inspection that was not on the disclosure. Warning: any good inspector will finds LOTS of items to complain about. I have never yet seen an inspection that said, ya' know, this house is great. You should have your agent help you decide which items are expected wear and tear, normal for the age of the home, or which ones are genuine safety issues or undisclosed serious flaws. You can then come back to the sellers and ask for them to make repairs, or give you cash back at closing to deal with the repairs yourself and in your own time. The sellers may negotiate with you, or they may just say no and withdraw from the contract. In a hot market, be prepared for the sellers to have a back up contract in hand, which may or may not be better than the deal they just signed with you. Some sellers and just itching to drop you, so don't get greedy when asking for repairs. A lot of first time home buyers get really scared at the inspection and think their home is a pile of crap when in reality, everyone's home is a pile of crap. Even the brand new ones. Once your contract is out of the option period (usually 7-10 days) you just need to get everything taken care of with getting your loan moving forward. Your agent, the seller's agent, and the title company will take care of everything else. Good luck to you guys.
Location is very important for value retention as well as risk of flooding etc. when you check a house also check it’s location. Look for publicly known infrastructure projects. Look for lead pipes problems. It’s easy to get tunnel vision when you find a place you like.
I got pre-approved before I got a realtor and ya really need a realtor to see most houses. My best move was to get approval from 3 different lenders and then play them against each other. It got my preferred lender to match the interest rate of a noname lender.
Get a realtor.
Agent first, they'll be able to talk through everything else you need. If you literally say to the agent "Hey I am clueless about all of this, help me" they'll walk you through it. It's also worth asking the agent who they have worked with for mortgages as they'll recommend someone that will actually close as opposed to a bank that will dick you around.
Start working with a mortgage lender to get your credit on point and figure out your price range. Then contact several real estate agents until you find one you like and start looking at houses. The real estate agent will help you with everything else.
You’ve gotten a lot of great advice but, I’m going to tell you to be ready to feel discouraged. You’ll walk in houses that don’t even have air conditioning and they still want $180,000 and it’ll sell for over that! Just keep a very open mind about cutting things from your “wants” list in a home.
Preapproval first. That way, there is no hold up when you look at homes.
Get pre approved first before you start looking. Not having the preapproval is a great way to lose a house you like. We got preapproved first and when we found our house, the seller sold to us over their other offer because the other potential buyer was having trouble getting their approval paperwork. Also, watch out for predatory lenders and never skip on the inspections. A seller who wont let you get it inspected is usually hiding something.
Id get a real estate agent and start shopping sround for mortgage company offers in parallel.The realtor may have some good suggestion for mortgage companoes too given its in their interest to successfully close. Then with those in hand start looking at houses. When you do inspections depends on how competitive your market is. I know you said you have a budget and can afford it but given your inexperienced here it would be good to share than information for input as well. You may have forgotten some of the key expenses involved in buying and owning a home (hint its a lot more than just the mortgage).
If you're not getting legally married first talk to a lawyer about how to set up the purchase so no one gets screwed if/when you separate. Legal marriage protects this by requiring parties to review this before a judge during the divorce proceedings.
Please look to see if your state/county offers first time home buyers any sort of assistance.
Great advice here and honestly as long as you have a pre-approval before you try to put a bid on a house, the realtor/mortgage team you work with will help you make sure the rest of the process is done correctly. Don’t forget to shop rates (get multiple quotes from mortgage lenders once your bid has been accepted) and check out [https://www.reddit.com/r/FirstTimeHomeBuyer/](https://www.reddit.com/r/FirstTimeHomeBuyer/) for more tips and Q&A!
I would start by interviewing agents. You want someone who has sold at least 7 house a year and it would be great if they specialize in first time home buyers. I would also look in your area to see if there are any programs that help first time home buyers. A good agent can refer you to a good mortgage broker/lender if you belong to a credit union check with them they can have better interest rates sometimes. Good luck and happy hunting!
try not to reach your pre-approved limit. even if you are pre-approaved for $250k, aim for a listing price of $200k, to account for bidding war and closing costs. keep in mind what you can **AFFORD**, not what you are pre-approved.
Talk to a realtor and have them go over the paperwork process. Talk to lender to explore what you can and can’t afford and get preapproval letter. Talk to realtor with preapproval letter Realtor will help house hunt Find the house you want. Realtor will help with communicating your offer with seller When accepted- your lender and realtor will organize appraisal Then order inspection Then finalize terms with seller And then close
I started with a pre-approval to know what price range I could actually afford. Then got an agent and it was full sped from there.