Getting Started
First Time Home Buyer
Click Here To Get Started With The Pre-Approval Process
What do you need to buy your first home?
In the process of getting people homes over the years, what we’ve found is that most people just lack the confidence in buying a home. And the reason they lack the confidence in buying a home is because nobody’s ever sat down with them and taken the time to show them everything that they need to do to buy a home.
We know what people really care about at the end of the day. They just want to know the answers to three questions:
1) Can I do this?
2) How much money am I going to need?
3) What’s my payment going to be?
We make sure that these questions are answered and that our clients understand everything they need to know.
What’s the first step?
The first step is connecting with a reputable lender, and then spending about 15-20 minutes providing what’s called a “borrower profile.” This will determine the answer to the first question of whether or not it’s even possible to buy a home. The main things that we have to look at to answer this question are credit score/history, income to make the payments, and work history to make sure that you’ll be able to depend on that income to make the payments.
The thing is, the requirements and the rules have been the same for the last 30 years. It’s just that lenders have been a lot stricter in following through with those requirements recently. So once we know whether or not it’s possible to buy a home, then we sit down and go over the numbers to figure out how much can be borrowed.
How do you know you’re getting the best deal you can?
Most people will usually look at the interest rate first, thinking that’s what determines whether or not it’s a good deal. The reason is because First Time Home Buyers aren’t really sure what to look for or ask when it comes to getting the best loan, or working with the best lender. Granted, a lower rate equals less payment and less money owed. But the fact is that almost every lender gets their funds from the same sources, and all of them make money regardless of what interest rate they advertise. The market fluctuates all the time, but it fluctuates for everyone. So there really are no lenders that get better rates than others, and when they advertise some of the “too-good-to-be-true” rates, it’s a rate that will cost you 10 times as much in closing costs to get that rate.
What it really comes down to, is have you found a company you trust? Have they explained to you all of your options, what you’re required to do and come up with, and what to expect during the purchase of your first home? Are they being truthful with you, even if that means you might not be able to buy a home yet? Have they provided you with the best, on time service possible? And ultimately, do they offer any guarantees to protect you, and back up those guarantees?
Here’s the criteria to know if you’ve gotten the best deal possible:
1) On time loan approval, documents, and funds
2) Under or at the budget that you are quoted, including closing costs and interest rate
3) No surprises when you get to the closing table
4) Written guarantee that if your approved and then can’t buy a home, you’ll have your rent paid for 3 months
5) Written guarantee that if your closing costs are a penny over what you’re quoted, your lender will cover the difference AND you get $500 for your inconvenience
