Post # 1
I am looking for some guidance and advice as to how to start the home buying process. I don’t think my hubby and I are financially in the right spot for a house right this minute but I think we will be in a good position in a year or so. However, I have no idea what it takes to buy a home and what type of funding we need and how mortgages, approval, interest rates and all this stuff works. Does anyone recommend a website that I can read up on some information or actually want to chat with me sometime?
My friend recommended that I call a realtor but since I don’t want a house right now, I feel like I would be wasting their time. Are they the right person to answer these questions?
Post # 3
Ask around and get referrals from your friends/family/realtor for at least 3 different mortgage lenders. Shoot them an email or give them a call – they will be happy to hear from you because they want your business. After giving them some info about your finances they will be able to run a credit score and get you preapproved for a loan. That way, you will know exactly how much you can afford to spend & you won’t be looking at houses that are over budget!
Also, your credit score is important. So if your credit is low, you can work on building it up over the next year or so…
Post # 4
I am a Realtor. Kelly105 is right talk to different mortgage lenders and they will be able to pre-approve you for a loan.That’s the first thing your realtor will ask you to do.
Sometimes it is not a bad idea to contact a realtor first because they work with mortgage lenders in the area all the time and can direct you to excellent ones. I am never bothered helping people begin their home buying process if they are serious. You have to remember that from a realtors perspective we don’t get paid unless you close escrow. It’s only upsetting if we put a lot of time and energy into a client and they go off and buy with someone else. If you start working with someone I wouldn’t feel bad about having them help you unless you don’t plan to use them.
Where I practice real estate you must have 20%, 3% of which you need to deposit into escrow within 24 hours of having an accepted contract.
I think realtor.com has some good advice. Trulia and Zillow have some great forums.
I’d also use them to search for open houses. Trulia and Zillow are great, but 90% of the time they have wrong information or they have not updated their listings. This is because they get all their information second hand from the MLS. Realtor.com will have more up to date information.
Post # 5
Around here, many real estate companies will do a one on one home buying seminar if you ask. They will be a biased, but it
s not a bad place to start. Theres no obligation to use the company just for having the meeting.
Post # 6
Post # 7
I went to the Bank of America website (go to Bankofamerica.com and put mortgage into the search bar) and it really gives a lot of information about home buying. We ended up getting a loan from a different bank but we did originally prequalify with BOA. It was very easy…we just went up, said we wanted to get prequalified for a house, they put us on the phone with a mortgage loan specialist and in 30 minutes we left with a piece of paper saying we we preapproved for a loan. It was very simple. I was always very scared of the home buying process, but it’s really not nearly as crazy as I thought it was.
Post # 8
I found the process really frustrating/confusing/etc. And I wrote a really long blog post I’ve referred some other people to about how we did it all. I hope it isn’t violating a self-promotion policy but I dunno if anyone would want me to spam the board with a post that long haha. Anyways, here is the link: http://fifteenminuteplan.wordpress.com/2010/01/28/how-we-bought-a-house/
If it gets deleted pm me and I’ll send it to you.