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What's the first step in buying a home?

Hi, I'm hoping to buy my first home in the next year. What are steps that I need to take to prepare for the purchase?
Asked By Samantha Turner | Nashville, TN | 609 views | Buying | 2 years ago
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Semi-Pro
60 Answers
Steven Hunt

Real Broker NY LLC

(40)

First Step is to speak to a lender and get prequalified so you understand your budget. Then speak to a realtor and start doing showings. I made videos on the steps to buying a home. https://www.youtube.com/watch?v=afS8z2AJM3I&list=PLA0ZVIIhIh739DiZLw90bf18zRazBrRF7
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Rising Star
16 Answers
Keith McKeever

Fathom Realty Central IL

(9)

Here are the first few steps to take in the process... Determine your budget: Calculate how much you can afford to spend on a home based on your income, debts, and other expenses. Get pre-approved for a mortgage: Contact a lender or mortgage broker to get pre-approved for a mortgage. This will give you an idea of how much you can borrow and what your monthly payments will be. Save for a down payment: Determine how much you will need for a down payment based on the type of mortgage you are getting and the purchase price of the home. Improve your credit score: A higher credit score can help you get a better mortgage rate. Review your credit report and take steps to improve your score, such as paying bills on time and paying off debt.

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Rising Star
14 Answers
Jennifer Davidheiser

The Real Estate Professionals, Inc.

(112)

To piggy back off of what Steven said, talk to friends and family to find out who they used both for a lender and a Realtor. Do your research. Look how long the Realtor has been doing real estate. Do they know the area you are interested in. Do they work full time or part time. Are they good with communication and answer/return calls. Make sure both the lender and Realtor are local. In my PA area, we shy away from lenders who are not known and local. It may be the difference between an accepted offer and a passed over offer. Have that preapproval ready to go before you start seeing homes in person. Good luck!
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Novice
5 Answers
Jill Crofcheck

MDC Realty

(36)

The very first step in purchasing a home is speaking with a lender. A lender you trust and have confidence in. Then finding a Realtor that is also dedicated in helping you reach your goals
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Novice
4 Answers
Holly Koester

Keller Williams Lonestar DFW

(33)

Samantha: Steven and Jennifer have provided you with excellent information. The first step is to get with a lender who can examine your financial situation and let you know what you can afford. Look for lenders that come highly recommended. If you are not able to afford a home right now, or your credit score does not qualify, a great lender will help you put together a plan to improve your credit score and to save for a down payment and closing costs. They can also educate you on various down payment assistance programs for which you might qualify. Take care.
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Novice
2 Answers
Angelo Zegarra

AVENEW REALTY

(28)

The first step in buying a home is to assess your financial situation and determine how much you can afford to spend on a home. This includes reviewing your income, expenses, and debt, as well as calculating how much you can comfortably spend on monthly mortgage payments. Once you have a clear understanding of your budget, you can start to research neighborhoods and homes that fit your criteria, such as size, location, and style. You can use online resources, such as real estate websites and apps, to search for homes that meet your needs. Next, you will want to get pre-approved for a mortgage loan from a lender. This involves providing the lender with financial information, such as your income and credit score, to determine how much they are willing to lend you. Being pre-approved for a mortgage can help you to be taken seriously by sellers and real estate agents when making an offer on a home. After you have been pre-approved for a mortgage, you can start working with a real estate agent to view homes that meet your criteria. Your agent can help you navigate the home buying process, provide guidance on making an offer, and assist with negotiating the terms of the sale. Once you have found a home that you want to buy and have agreed on the terms of the sale, you will need to finalize the mortgage loan with your lender, obtain home inspections and appraisal, and complete the closing process. This typically involves signing a lot of paperwork and paying closing costs, such as title search fees and insurance.

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