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Sunday, September 14, 2014

First Time Home Buyer Advice

First time home buyers require (and deserve) to receive professional counseling and advice from a Realtor who understands their needs.  This requires a patient real estate agent who can educate as well as show houses.

Key point:  If you are a first time home buyer ask the real estate agent you call about their experience with first time home buyers.

The process of buying a home starts with the decision to buy.   If a prospective buyer is ready for the responsibility of home ownership the first step is deal with mortgage financing.

The most important step in the home buying process is to really know up front your mortgage qualification limitation.  Your loan amount will be based on your credit history. 

Talk with your lender about interest rates, special programs for first time home buyers, closing costs, monthly payments, down payment requirement, and any other question you may have about a home loan.  Your lender is one of your key resources in the home buying process (your real estate agent is the other).

What about the budget?  

 

The cost of home ownership includes expenses beyond the mortgage.  Buyers should not overlook these additional expenses when buying a new home:
  • Association Dues
  • Homeowner Insurance 
  • Flood Insurance, if required. 
  • Taxes
  • Special Assessments (governmental, association)
  • Closing Costs. Check your lender's GFE (Good Faith Estimate).
 [Key point: The mortgage limit you qualify for may not be the amount you need to spend to get your house.]

Once the buyer has a budget established and needs identified  then the fun starts (many do find the search exciting!).  Once a home is found and a contract to purchase in place there will be other steps including inspections, appraisals, potential repairs, surveys, and more.

Finally, the keys will be handed over to you at the closing table!

The above steps show why it is extremely important a first time home buyer have a patient, knowledgeable, available real estate agent who they can trust.

If you are ready to buy a home in Brevard County, Florida give me a call at 321-693-3850 or send me an email if I can help in any way

The above post was inspired by the words of a new first time buyer client who commented a previous real estate agent said "call me when you are serious about buying."   When you call me that is the first step you have an interest.  It is my job to determine the level of interest and work with the caller.

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