So you’re thinking about buying your first house, townhouse, condo, ANYTHING to get away from living with family and roommates? As a first time home buyer the first part of the process should be your pre-approval for financing. Until you have a budget set, not just for payments that you want, but can also afford, you shouldn’t be looking at homes.Here’s a basic timeline of how the purchase process works:
Once cleared to close (CTC) a closing disclosure will be sent to you.After you acknowledge it, we can close 4 days later. The date of acknowledgment count as a business day. It is important that during this process you:
It’s important not to open new credit lines or charge up existing credit accounts because it can affect your credit score and a soft credit report may be done before closing to ensure nothing with your credit has changed. If something changes with your employment, notify your loan officer immediately.
I know this seems like a lot to take in, and it is. But if you do everything listed above, you likely won’t need much else. There are a ton of different loan programs available and I’m here to explain the pros and cons of each program you qualify for. Loans are not “one size fits all”. After your Realtor has your pre-approval, you can start looking at homes. Sometimes your budget won’t get you everything you want turnkey, but we do have 3 different renovation loans that might get you what you want within your budget.
One of the biggest complaints from home buyers (and their realtors) about their loan officers is lack of communication. If I speak to the buyer or the Realtor on the phone, I like to email both the buyer and Realtor once the conversation is complete so everyone’s on the same page. I like to give daily updates, even if there’s nothing to update. Whomever you choose to be your loan officer, I do recommend working with someone local and not in the call center for a large company. Sure there’s great software that people can put notes in when they speak to you, but you’ll get a different person each time you call. Call me old-fashioned, but I think there’s something to the buildinga relationship. While I can do loans in any state, I stay local so that I can be an expert in my market and meet people face to face.
Programs and options available to me include:
There are some programs I don’t do, and if that’s the best program for you, I’ll refer you to someone that can do it. If you ever have any questions about anything I’ve discussed here, don’t hesitate to give me a call, email or text. I’ll give you honest advice regardless.
First Bank and Trust Company
This blog was written by Randy Rodgers, the views on this blog do not represent the views of Cllocktower Realty Group and it's affilitates.