First Time Home Buying Guide

A lot of first time buyers I have worked with have had a lot of the same questions regarding the home buying process. Which is extremely natural & great to ask! For all first time home buyers this is probably the biggest decision you have made in your entire life at this point.

In this little excerpt I hope to answer a lot of the first time buyer questions I get frequently.. if you have a question that is not answered, send me a message & I will help you find the best answer!

The First Step:

Finding an agent that has your best interest at heart & is willing to be patient & guide you through this crazy process is extremely important. Buying a first time home, you will learn a lot with a great agent. My priority as a buyers agent is to be by your side through every single step. You as a buyer rely on the agent to form connections & recommendations for home inspectors, mortgage lenders & attorneys.

As a buying agent, I personally am their to communicate with the mortgage lenders & attorneys & communicate with you to help you under stand everything going on throughout the mortgage process, during the home inspection, and through out the whole process in general. Every question you may have, you rely on the agent to find you the answer & that is why I am here.

The best part of finding an agent as a buyer is you do NOT pay realtor fees. Buyers agents are paid at the time of closing by the seller!

Getting Pre-qualified:

Getting pre qualified is the real first step of the home process. You want to shop with confidence since you'll know how much you realistically can afford to offer.

Shop around & ask your agent for mortgage lender recommendations.

As an agent we work with some great mortgage lenders we love & trust to help you make this process as smooth as possible.

The House Hunt:

Discuss with your agent your must haves & your have nots. When you are looking for a house to turn into a home, you will want to look at houses that fit your criteria. By using an agent, they will keep you up to date on houses on the market more efficiently than websites like zillow & realtor. Agents pay fees for sites like the MLS- a multiple listing service that allows agents to see houses newly listed, the status of active/pending houses along with important disclosure information like age of house, age of roof, acreage, square footage & much more!

Finding "The ONE!"

Your offer has been accepted, you've signed the dotted line & the good faith earnest money check has been deposited. It is time to schedule the home inspection.

Apply for Mortgage:

After the offer has been accepted, the inspection has been scheduled, it is important to give your lender updated financial documents & the purchase contract to apply for a mortgage.

Processing:

The lender organizes your financial information & an appraisal is scheduled.

Underwriting:

Loan application is reviewed & verified. Conditional approval issued.

Get Insured:

It is important to obtain homeowner's insurance before closing. Find a provider of your choice to obtain a homeowner's insurance policy. Don't be afraid to shop around for the best rate!

Clear to Close!

Title & application file are in order & your closing date is officially set. Review your closing disclosure carefully as it will indicate the total amount you need to bring to closing!

For a Smooth Process steer clear of Avoidable Roadblocks. 

During the process of buying a house it typically takes about two months to close in NY, depending on any bumps or hiccups down the road. During those two months it is important to be wary of purchases. Consult your agent with any questions regarding decisions during the process. Be wary of opening up new credit cards & purchasing new cars. Sometimes something as simple as opening up a new card can disrupt the process of buying a home and interfere with your mortgage.

Stay Current:

Continue to make timely payments on existing debt

Stay Constant:

Continue to use credit & debit cards as normal, avoid making large purchases or large deposits into your bank account. Do not apply for new credit cards, make sudden employment changes, or co sign for some else.

Stay Informed:

Join a credit watch program & keep track of bank statements & pay stubs

Stay Connected:

Let Lawless Real Estate help with questions or concerns through this crazy exciting process!