First-time Homebuyer Guide

One of the most important steps in buying a home is obtaining financing. Before you even start searching for your first home, we want to talk to you and help determine what you can afford and learn about what types of loans are available.  One of my favorite pieces of advice is that we can tell you what you qualify for, but more so we can help YOU determine what you can afford.   Qualifying and affording are not always the same.  We’ll help figure it out.

When looking for a home to buy, having a buyers agent working solely for you is very important.  Don’t call the number on the sign.  Call a professional first.  We have several experienced, local agents that we can connect you with if you need help.  But the main point is to have an agent working for you. There are multiple ways to find your new home and the home buying process can be confusing, especially if you’re a first-time buyer. Your trusted agent can help you navigate the market and simplify the process.

So you think you've found your new home... the next step is to make an offer! Every market is different, but if you've found the right one, it's best not to wait. Your Realtor will work with you to determine the best sales price and details of the offer. You'll need a Pre-Approval letter in hand before most sellers will consider your offer. There may be a bit of “back and forth” negotiating with the Seller before both parties reach an agreement and sign the contract. Most contracts require “Due Diligence funds”, “Earnest Money Deposits”, or both. Your agent can help you in deciding how to structure the contract to put your best foot forward.

Once you have a signed contract, you’re officially on the way to purchasing your new home! Before you get to closing, there are a few more important steps:

• Financing – Finalize your loan program, gather the needed docs and sit back and relax while we do what we did best, handle your loan process and close on time.
• Select closing or settlement agent and secure homeowner’s insurance for your home.

You’ve found your home, your offer has been accepted, the financing is in place and the inspections are complete. Now, there’s just one more key step in the process—closing!

• The closing occurs when all the conditions of the contract have been met (full loan approval, evidence of clear title, insurance is in place, etc.).
• Prior to the actual closing date, expect to review the list of fees and the terms and conditions of the contract. In addition, you'll need to know the amount that you'll need to bring to closing. Your Realtor and Mortgage Choice will assist you with this process.
• Closings generally will occur at the office of the settlement agent you selected. At the closing, the lender “funds” the loan with a wire to the closing agent who disburses funds in exchange for the title to the property. This is the point at which transfer of ownership occurs and the buyer receives possession of the property.
• Remember to carefully review all documents before signing. Be sure to ask the closing agent if you have any questions or concerns.
• Get the keys to your new home!