When purchasing your first home, the process doesn't begin with home searches. It starts with meeting with a lender and getting your prequalification unless of course, you have enough money to pay cash.
Often, first-time buyers are afraid to meet with a lender and get prequalified. People have a fear that the lender may tell them they don't qualify for a mortgage or in other case, they qualify only for a smaller amount. So they randomly pick a price range out of the blue and start looking for a home they may or may not afford.
It is more fun to go look at houses than meet with a professional mortgage lender but that's not how it should be done. It is very important to meet with a mortgage lender so you can find out what your financial situation is.
Assess your Financial Situation
Know your buying power - Pre Qualification
Assess any issues with your background - If so, the lender will show us how to fix these issues before hand
Make financial decision versus an emotional decision
Hiring your own real estate agent, who will work for you as the buyer and not the seller. You don't have to worry about paying your agent a commission, buyer agents are paid by the seller.
Hiring a professional can help you streamline the whole process vs doing it all on your own. I highly recommend contacting myself and my team in the beginning stage so we can help guide you on the whole buying process. We're here to make it easy for you and as stress free as possible.
To have the most success in your first home purchase, I highly recommend sitting down and drafting a list of things that are important to you in a home. I suggest drafting 2 list: Needs and Wants.
The honest truth is, you'll probably never get everything on your list. It's always a hit or miss, so knowing what you can't live without and can live without will help you on the decision when you find three to five homes that you love but can only chose one.
Real Estate Agents : Selling Agent & Buying Agent
Federal Housing Administration is a mortgage managed by the Department of Housing and Urban Development (HUD) which is a department of federal government. This means FHA loans are government insured loans. This program allows you to make a down payment as low as 3.5% of the purchase price.
The U.S. Department of Veterans Affairs (VA) is a loan program for our military service members and their families. This is also backed by the federal government. The primary advantage of this program is that borrowers can receive 100% financing for the purchase of a home. This means no down payment for your military members.
Conventional home loans are not insured or backed by the federal government. Conventional mortgages generally pose fewer hurdles than FHA or VA loans.
Established by the state of Nevada in 2014, The Home Is Possible assistant program helps new homebuyers just like you to get up to 5% of the loan value. When qualified by a mortgage lender, you can use the money of up to 5% of the purchase price for your down payment or closing costs.
If Either your buying now or in the future, contact me or my team. We would love to assist you in getting you ready or providing you valuable information on how we can help you become successful in the purchase of your first home at no cost.
~ Chris Quiazon
Cell : 702-235-7413
Formal model unit in the spectacular Ogden! This unit features 2 bedrooms and 2 full bathroom. Master bedroom with en suite and walk in closet. AMAZING VIEWS of downtown,...