First Time Buyer Information

Happy Couple

Pre- Qualification: Meet with a mortgage broker and find out how much you can afford to invest for your new home.

Pre- Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You also will avoid being disappointed when going after the homes you are interested in that may be out of your price range. With Pre- Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for their home.

Pre-Underwriting:  This is the highest and most valuable level of proving to a seller that you are the best buyer to choose. In order for you to be pre-underwritten, you will be asked to provide a good amount of personal documentation to the lender. This is normal for mortgage underwriters to calculate what your "ratios" are and to determine if you fit into the loan program's guidelines or not. Almost always, you will be asked to provide the following: your citizenship status, driver's license or identification, copies of paystubs, tax returns, bank statements, investment account statements, social security number and authorization to run your credit report.

List of Needs & Wants: Make 3 lists. The first should include items you must have (i.e., the desired bedrooms, bathrooms, square footage, etc.). The second list is your wishes, things you would like to have (Backyard, Pool, additional upgrades, etc.) but that aren't absolutely necessary. Realistically for first-time buyers, you probably won't get everything on your wish list, but it will keep you on track for what you're looking for. The third list is what items are "dealbreakers" for you. An example might be that you wouldn't choose a home next to the train station or train tracks, or if you follow Feng Shui rules, write down what circumstances are unacceptable for you.

Representation by a Professional: Consider hiring us to be your professionals. The seller, typically, pays for the buyer's agent, so you don't have to worry about Realtor fees, but you should worry about choosing the right person to guide you properly, and to protect your best interest, as this is likely to be the most expensive asset you purchase in your lifetime.

Focus & Organization: In a convenient location, keep handy these items that will assist you in maximizing your home search efforts:

- we will provide you with maps to the neighborhoods we have identified together are your areas of interest

- The file folder we will give you to store the factsheets for homes that that we have shown to you, and any notes you took when touring the homes

- The ratings sheets we provided for you, that help you to analyze the homes based upon your Must-haves, Wishlist and Dealbreakers

- Take pictures to help refresh your memory on individual homes, or video tours

- Remember the items you provided to the lender for pre-underwriting? Keep the latest copies of paystubs and bank statements handy for updating your file

- Have your good faith deposit funds ready for use when you finally figure out which one you want to make an offer on

Be Objective: When searching for your new home, and ask yourself the following questions. Does this home really meet your needs? Does it financially make sense? Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:

- Performing your "due diligence" - ask us about all the various types of inspections and ways to analyze if the home you are buying is truly the right fit for you.

- Review all of the various "disclosures" and reports thoroughly, so that you can confidently say that you are fully informed about what you are buying

-Sign and turn in the escrow instructions and paperwork for the "escrow" (a third party company that ensures that the terms of your contract are met)

- Check to see that no changes have been made that weren't agreed on (i.e., closing cost, repairs, etc.).

All the above may seem rather overwhelming. That's why having our professional expertise to represent you and keep track of all the details is going to give you peace of mind.

If you made it this far, and you are using a mortgage...you will be signing loan docs very soon! We will help you to coordinate with the escrow company to setup your notary signing appointment.

GET READY TO MAKE YOUR MOVE! We will help you arrange for all the utilities to be turned on, introduce you to moving companies and even assist you to setup home updating or remodeling appointments. We look forward to handing you the keys to your new home!

Team-Hawk-Dove-23 w logo