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What is the first step in buying a home?

Asked By Mike M. | 683 views | Buying | 3 years ago
Answer(26)
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Semi-Pro
60 Answers
Steven Hunt

Real Broker NY LLC

(31)

Step 1 is Prequalification. Finding out how much you can afford. Here is a playlist i made to help guide you. It may be slightly different depending on the state with some steps. https://www.youtube.com/watch?v=afS8z2AJM3I&list=PLA0ZVIIhIh739DiZLw90bf18zRazBrRF7 Call me if you need real etsate agent contacts in your area. 518-526-4964
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Semi-Pro
83 Answers
Marty & Abby Champagne

RE/MAX Market Place

(33)

Finding a good realtor who can help you find a good loan officer to get you pre-approved.

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Novice
9 Answers
Amy Quimby

CENTURY 21 Judge Fite Company

(33)

I am not a lender, but I know how to create a net sheet that shows buyers their estimated payment, down payment, and closing costs. I do this before sending them to a lender because if they are only interested in $400k houses but don't want to pay more than $1,800 per month, a preapproval isn't going to change that, unless they have a large down payment and I would have calculated that into the net sheet. Go look at a few houses that you know are within your monthly budget and figure out if the current market even has what you want. Hope that makes sense!
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Novice
4 Answers
Sakina Gamble

Keller Williams Realty River Cities III

(20)

The first step in buying a home is having a firm grip on your finances. Knowing your credit score and having a good debt to income ratio. A good savings will help as well. Also connecting with a good lender is essential to get a Pre approval, It is key to making strong offers once you find a home.
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Novice
2 Answers
Linda Sopko

Key Realty

(18)

Always talk to a lender first. Always. You need to know if you can qualify for a home loan and it'll set realistic goals. I have a home buyer booklet I supply to my first time buyers that explains the home purchase experience step by step. Number one on the list is talk to a lender.
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Pro
91 Answers
Lisa and Greg Harris

eXp Realty, LLC

(42)

2 THINGS! Get a great local lender and a local REALTOR that is an expert in the area that you are looking to live! The REALTOR will most likely be able to give you great recommendations on local lenders. This will help you to get the path to homeownership on the right track fast and with the least amount of bumps in the road! The biggest thing I do not recommend is house hunting without a pre-approval letter from a good lender and without a great professional REALTOR!
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Rising Star
26 Answers
Spirit Messingham

Tierra Antigua Realty

(125)

Hi Mike You have asked a lot of questions on here. First step should be to get pre-approved with a local lender. Here in the state of Arizona we require a signed pre-qualification form from lender when submitting a purchase contract (line 69 of 11 page Arizona purchase contract). It is free to do and buyers need to know how much they qualify for, down payment amount, current interest rates, closing costs, etc. Next, interview a dedicated experienced buyer's agent to work with. Best of luck in your home search (though I suspect you actually work for Fast Expert). Spirit
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Rising Star
19 Answers
Tammi Nicholas

Epic Real Estate

(1)

The first step is to talk to a mortgage lender and get pre-approved.
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Rising Star
12 Answers
Carol Syler

Premier South

(28)

Find a great realtor® and get preapproved through a lender. If you are unable to qualify at this time, the lender will be able to advise you on what you need to do in order to improve your credit score.
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Rising Star
9 Answers
Blayne Pacelli

Rodeo Realty

(40)

The first step is to hire an experienced realtor. That realtor should guide the buyer to a lender that will take care of you. Before looking at a house you need to find out what monthly payment you feel comfortable with. Dont think about the total loan but what your monthly payment shall be. You need to get the piti. Thats principle, interest, taxes and insurance. You might think in your head you have to have a certain area but after getting a preapproval and finding out your piti, you might not be able to get the house you want in that area. A good realtor will guide you through this process.. Remember, once the house is yours you will have a lot of write-offs. Take that into consideration with the monthly payments.
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Novice
7 Answers
Brian Sullivan

Highgarden Real Estate

(7)

The first step without a question is to get pre-qualified for a mortgage. Once you do that you can seriously begin home shopping.
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Novice
6 Answers
Edward Davis

Fathom Realty, LLC

First step in buying a house is to ensure you check your credit and know what your credit scores are; then of course, set a budget on what amount you want to put down on the house and then factor in, how much you want to reasonably spend or how much you can afford to pay monthly towards your mortgage. Then of course, build out you a team by getting you a Realtor who will in turn, find you a lender who can and will work towards the best interest for you on your Real Estate Journey. They can answer all questions dealing with market conditions and what ever programs you may qualify for to offset the cost of purchasing a home.
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Novice
6 Answers
Gitta Urbainczyk PA

Gitta Sells & Associates Keller Wiliams Heritage Realty

(148)

The first step is to speak to a mortgage professional. They will analyze your situation and give you advice on what you should do to get to home ownership.
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Novice
5 Answers
Ginger Gendron

BHHS Verani

(53)

Get yourself pre approved. Know your numbers. You can be qualified for X amount, but, if you are not comfortable with the monthly payments, go lower. Buying a house is an exciting time, however you do not want to be house poor.
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Novice
5 Answers
Ryan J Rogers

Keller Williams Realty

(16)

y
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Novice
3 Answers
Steven Brandt

Xsell Realty

Get with your local banker or mortgage company to see what you pre approve for and what your closing costs will be. There are many types of loans offered so its good to see what is best for you. Also when putting in offers the first thing listing agents want is a pre approval letter.
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Novice
3 Answers
Jamie Walker

@Properties

(10)

The first thing you must do is speak to your lender. It is imperative that you know how much you can spend based upon not only what you can afford, but what you are comfortable with allocating to housing expenses on a monthly basis. This way, when you are home shopping you can stay on budget. Additionally, many lenders can assist first-time home buyers in qualifying for programs/grants that may benefit you.
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Novice
3 Answers
Varonica Alexander

Home Pros Real Estate El Paso

(6)

Get a preapproval for your new home. The lender will help you to understand what your payment will be and maximum amount that they will lend you. That amount can be different for different lenders which is why I suggest to get more than one preapproval. This causes lenders to fight for your business and you in return get a better interest rate.
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Novice
3 Answers
John (JEB) Stewart

Century 21 The Darby Rogers Company, Inc.

(16)

Make an appointment or call a local lender or one found on the internet. Make sure they make you feel comfortable. Look for any reviews they may have. Ask what kind of experience they have. Sometimes a person starting out may actually be more eager to assist to build up their clientel and reviews. They will be taking up a good amount of your time and their time. Make sure to not promptly comply with their requests so as not to miss out on that perfect property.
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Novice
2 Answers
Alex Schafers

REMAX United Associates

(100)

Contact a Realtor! They will guide you. Find a realtor that you trust!
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Novice
2 Answers
Jacob Worley

Worley Real Estate Inc

(52)

The very first step is to talk with a mortgage lender to get a look at what financing is available to you. Once you have a pre approval from a lender then you will know what price range to shop and what condition the house must be in for your loan program.
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Novice
2 Answers
Jeremy Stansbury

EXIT Realty Professionals

(133)

Selecting an agent/lender team to work with & getting preapproved so you know what your comfort zone/price range is for purchasing.
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Novice
2 Answers
Patricia Rohan

Weichert Realtors

(11)

Your first steps are to get preapproved by a mortgage company and attend a First Time Home Buyer Seminar.
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Novice
2 Answers
SONALI HUTSON

Samson Properties

(15)

Your first step is making up your mind that you are going to do what it takes to purchase a home. Once you have done that, the entire process becomes easier. Your next step is to connect with a trusted real estate agent to help you navigate the process. Best wishes to you!
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Novice
1 Answer
Kate Wetherby

Wetherby Homes brokered by EXP Realty

(5)

Yes, definitely to get pre approved. Unless you are paying all cash, then a pre approval is the first step. Contact any lender or your local bank and they should be able to complete within a few days. The first step, price approved for purchase, will help you and your Realtor in first finding homes in your price range, then going for the details such as area, size, etc.
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Novice
1 Answer
Mark Rigsby

Re/Max First

(1)

Get a GREAT Real Estate Agent first. Find someone who cares about you....and who is an absolute expert. They can help you find an excellent lender. They will get you through a very complex process and serve as your negotiator, knowledge base, advocate and the one who drives all the other professionals involved to completion.

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