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Now that you’ve finally decided to buy your first home, where do you start with the process? With the influx of information you see on the news and the internet, it’s hard to know which of them to follow and the best step to take for your situation. Working in the real estate industry for many years, I can say that there are three steps that you should take to make your home-buying journey right from the start.
1. Look for the right buyer’s agent. Do not commit to the first agent that you meet. Take some time to talk with a couple of agents until you find the one that fits you and your needs. An experienced buyer’s agent will set up a consultation with you to go through the home-buying process and the paperwork needed for your first home. They are going to give you information about the market and will make an effort to know what home you are looking for.
2. Talk to an experienced local lender. This is the second-most important step that you need to take as soon as possible. An experienced lender is familiar with the market and will give you personalized service. Meaning they will take the time to understand your financial situation and discuss your goals. At the same time, local lenders often offer better rates and terms compared to big banks. Lastly, you will be required to fill out a mortgage application.
In this mortgage application, you need to provide the following data to get a real picture of your current financial situation:
- Existing debts and assets
- W-2 from the last two years
- Two recent paychecks
- Bank statements from the last two to three months
3. Define your expectations. Ask yourself why you are entering the market to buy a home. While the immediate reason would be to have your own home or get a better housing situation, there’s more to home buying than that. This could be an investment that can build your wealth over time.
The first two key points focus on looking for the right people to support and represent you through the process, and the last point focuses on the long-term goal of building your wealth through real estate.
Ready to start the home-buying process? Whether you are thinking of starting now or a couple of months or years in the future, let’s talk. Schedule an appointment with me, and let’s go over your options and what the process looks like. Call me or send me an email, and I’d be happy to assist you.
