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Navigating the Buying Process as a First Time Home Buyer

Posted on May 1st, 2014 by Underwood Mortgage Group

Purchasing a home is a right of passage for a first-time buyer.  There is nothing more exciting than being handed a key to your first real estate holding!  Preparation and knowledge of the process will help new buyers to calm their nerves and be more proactive in the purchase.  Here are a few items to consider and review as the time to “dive into home ownership” draws near:

1.  Do a thorough review of personal finances.  Get a real, solid picture of what you are able to afford.  Ownership typically costs more than renting, as there are property taxes, repairs, homeowners insurance, utility costs, and other miscellaneous costs to consider.  Use a mortgage calculator to help determine how much house you can actually afford.

2.  Get pre-approved for a loan.  Talk with your lender, shop for different mortgage products, and obtain a pre-approval letter to present with your offer(s).  A seller is more likely to consider a good offer if it is accompanied by a guarantee of loan approval.  Shop you lender wisely, too.  Consider a small savings and loan, which typically offers more friendly terms than larger institutions, or contact a mortgage broker to present you with a few different products.

3.  Find an experienced agent.  Find a great agent who is well-versed in the local market, both in property knowledge, and in lending traditions for your property type.  There is no substitute for personal attention and detail to your financial picture and the overseeing of the real estate contract.  A great agent will ultimately save you time and money.

For more information, please contact the Rick Underwood at TNG Mortgage Consultants or 714.203.8555. 

Posted in Mortgage/Finance