8 Thoughts on Can someone give me the best step by step process of buying a home?
  1. Reply
    r_kav
    August 4, 2011 at 4:43 am

    You need to “shop for a mortgage” first in order to find out how much you can afford to spend on the home.

  2. Reply
    Marty S
    August 4, 2011 at 5:19 am

    You DO need the mortgage first. Simply put, you won’t be allowed to put in a offer on a house unless you have a pre approval letter from a lender (in most cases-some states and situations are different). I can help you with some resources on the home loan. Shoot me a email to [email protected], and I’ll see what we can do!

    Marty

  3. Reply
    baxterrealestate2000
    August 4, 2011 at 5:25 am

    Do Both….
    The loan company can help in determining your budget
    and the Realtor will help you find a property that meets your needs >>> Both financial and the home itself.. area, location,style lot size etc…
    if you’re looking south of chicago let me know I’d be happy to help and can get you in touch with a lender

  4. Reply
    scorpio10monkey
    August 4, 2011 at 6:22 am

    You should probably shop for a “buyers” real estate agent first. Especially if this is your first home. If they are a good agent they will sit down with you and explain the entire process. This Initial meeting” can take about an hour. They should be able to explain the answer to your questions.

    They should tell you the difference between a mortgage banker and mortgage broker, and explain different types of financing. ie. conventional, sub-prime and government loans. They should be able to direct you to more than one place to shop for a mortgage.

    A real estate agent should also be able to (if everything you tell them checks out) how much you may qualify for.

    Pre-approval for a mortgage will put you in a far better position, should you find a house that you really like. Also it will help you to look only at houses you qualify for, making the comparisons more like apple to apple.

    Good luck!

  5. Reply
    Karma
    August 4, 2011 at 6:38 am

    Yes, the first step is to mortgage / lender shop. Go through several companies, find the best interest rates, monthly payments and closing costs before you decide on one lender. They’ll ask you some questions about income, bills, and credit history and will give you a ballpark figure based on that. Ask for a pre-approval letter once they decide, as some realtors / home owners will not even show you the home unless you’ve been pre-approved, showing proof that you have money to back your interest.

    After you get your pre-approval, start shopping for properties that interest you. Carry a notebook with you and write everything down about the houses you like, including contact information with realtors, owners, or attorneys handling the property. Take tours, view them, ask questions, and then compare them to find the best deal for your money and what suits your living style.

    After you find one you like, and taking all the above into consideration, place a bid with the owner. The price they are asking is usually negotiable, but it depends on what you are doing with your loan and what the seller is willing to do. Neither your lender, you, or the owner is willing to lose money. So, usually, the owner will require the full asking price if they are paying any portion of closing costs. It really depends on what you are paying out of pocket upfront, or at closing, to how much you can negotiate.

    If the bid and negotiations are accepted, finalize the paperwork and close the deal. Make sure everything the owner said would be conveyed, or included, is in the contract. It can be complicated. Best of luck.

  6. Reply
    arian
    August 4, 2011 at 6:43 am

    I just found a great book It was a great help for me maybe also for you.

  7. Reply
    smarttrader101
    August 4, 2011 at 7:20 am

    You should visit http://www.mortgageawareness.com , they have free advice for First Time Home Buyers and it explains the difference between going through a bank rather a mortgage broker and vise versus. Check it out, it may help you save some money.

  8. Reply
    loladrewblue
    August 4, 2011 at 7:21 am

    Starry, Check out Suzeorman.com, and click on the Resource Center. All you questions should be answered. I don’t know her or am I affiliated with her organization. I just think she has good advise for anyone looking to buy a home especially first time home buyers. If you are in the S. Cal area maybe I can help you find a home.

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