Showing posts with label first time home buyer. Show all posts
Showing posts with label first time home buyer. Show all posts
Tuesday, June 1, 2010
6/01/2010 10:55:00 AM | Posted by
Arbor Mortgage
The most stressful step for a first time home buyer is often the first one. Where do you start the home buying process? It’s not as daunting as it seems. Let’s walk through the home buying process step by step.
Step 1 – Become Pre-Approved for Financing
Many new home buyers make the mistake of looking at homes first, before becoming pre-approved for financing. They could spend countless hours finding just the right home, only to find out they don’t qualify for a home loan. For this reason, many real estate agents won’t even start working with a client until they know that they can be approved for a mortgage.
Your first phone call should always be to a trusted financing source. Many people ask, “How do I pick a lender?” Start by asking your friends and family for a referral to someone they have worked with successfully. Try getting at least 3 options, and then research those companies. Be sure to call them all on the same day for quotes when you’re ready to be pre-approved. Calling them the same day solves two problems; it ensures that you are getting “apples to apples” pricing from each (since pricing changes every day) and it ensures that your credit pulls will all be grouped together and only count as 1 mortgage pull. If you don’t have any friends or family that can refer you to someone, you can still check online or your phone book; just be sure to research the company with places like the Better Business Bureau.
Step 2 – Choose a Buyer’s Agent
Labels:
Thursday, December 17, 2009
- Not getting pre-approved for a mortgage
It’s important to know whether or not you qualify for the financing you need. If you look at homes before knowing if you’re financeable and for how much, you could end up with a lot of time wasted.
- Not using a buyer’s agent
A buyer’s agent is a real estate agent that works exclusively for the buyer, negotiating the best possible price and watching out for only your interests in any contract. What’s the best part about using a buyer’s agent? It’s free to you, since the seller pays any real estate agent commission. Arbor Mortgage provides a list of Preferred Real Estate Agents during your pre-approval.
- Not getting a home inspection
Even if the house is brand new, there is bound to be something that needs attention, so never forgo a home inspection. A good inspector will look for possible costly problems, such as mold, structural issues, and hidden damage.
- Not adding contingencies to your contract
Never enter into a contract that doesn’t have contingencies in place to protect you. There should be an inspection contingency, allowing you terminate the contract if the house isn’t inspected to your liking. There should also be a financing contingency in case any problems occur with your mortgage financing.
- Not researching the neighborhood
You may be a young married couple now with no children, but what happens when the family starts to expand? How are the schools in the neighborhood? Is it safe at night there? Visit the home at all hours of the day and find out all you can about the town amenities and public works.
Tuesday, December 15, 2009
When purchasing a home, there are many aspects to consider that may make the moving process stressful. Arrange for the following to be handled before moving, so you can be sure to have a smooth transition.
With these items arranged ahead of time, you can focus on the more important things; like planning the housewarming party!
- Notify Utilities
- Forward Mail
- Verify cell phone coverage
- Change locks
- Arrange home & lawn maintenance needs
- Test smoke detectors
- Change furnace filters
With these items arranged ahead of time, you can focus on the more important things; like planning the housewarming party!
Subscribe to:
Posts (Atom)
About Me
- Arbor Mortgage
- Arbor Mortgage is a Michigan based mortgage lender that has been providing mortgage solutions for more than a decade. Since 1998, Arbor Mortgage has helped more than 20,000 people purchase or refinance their homes. Arbor offers a variety of mortgage programs including FHA, USDA Rural Development, VA, Conventional and Alternative loans.
Subscribe To
Posts
All Comments
