Check out our video to see what we can do for you as a first time homebuyer!
Many of my first time mortgage clients come into our first meeting very nervous and tell me the whole process intimidates them, but guess what…that’s NORMAL!
Remember it is okay to be nervous…most people are when buying their first home! Here are some tips that will help.
Make sure you surround yourself with professionals who you trust and feel comfortable with. The professionals who play a key role in the quest for your first home are:
- Your Mortgage Broker
- Your Realtor
- Your Home Inspector
- Your Lawyer
If you aren’t sure which professionals to use, ask for recommendations from friends and family members because the right people will ensure the process goes as smoothly as possible.
Once you have decided that you would like to consider home ownership, your first step should be a call to a Mortgage Professional. You will want to discuss with them your financial situation to determine if you are ready to buy a home. If you aren’t quite ready, a good Mortgage Professional will provide you with step-by-step instructions on what you need to do to get ready. If you are ready, your Mortgage Professional will tell you the price range in which you qualify. It doesn’t make sense to go looking at houses before you are pre-approved for a mortgage, because you may be looking at properties that are out of your price range.
Now that you have a pre-approval from your Mortgage Professional, your next step is to contact a realtor to help you find the perfect property! Your realtor will ask you questions about what you want in a house and will then review what’s available on the market to try to match you with your new home! Get prepared for lots of home tours, and remember, you will work with the same realtor no matter who a property is listed with. Your realtor can show you all the properties on MLS...no need to contact the listing agent directly. Using your chosen realtor will make the process much simpler for you as they know your needs and wants and have a vested interest in finding you the perfect home!
Once you find the house and agree on a price and other details of the contract, your next step will be to go back to your Mortgage Professional to arrange for an official approval on that specific property. You will be asked for a letter of employment, a recent pay stub, confirmation of your down payment and possibly other documentation to support your mortgage application.
At this point, you will arrange to have a home inspection done to ensure the home is in good shape. The home inspector will advise of any problems, or any maintenance that may need to be done.
Finally, once your official mortgage approval comes in, and your home inspection is satisfactory, your lawyer will be provided with mortgage instructions from your lender and will proceed with the work they need to do to close your purchase transaction. You will meet with the lawyer at closing to provide them with your down payment & closing costs, sign documentation and get the keys!
If you have questions about the mortgage process or about what a Mortgage Broker can do for your please give me a call at 902.626.3066 or shoot us an email.