Buying your first home is surely an exciting time. Let’s take a look at some important steps each buyer can follow to make the process a smooth one.
First of all, find a mortgage lender that understands any and all of the myriad first time home buyer programs available in today’s market. For first time buyers, there are a number of great loan products to choose from. However, it is crucial you find a loan officer that is familiar with these programs. As you search for this loan officer, you will eventually set a time to meet. In this meeting, it will be extremely important for you to touch base in regards to what steps need to be put in place in order to allow yourself to qualify. Also when meeting, decide what type of loan product you are going to choose. And of course find out what price range are you able to afford and what your payment be at various price points.
The next step: find a real estate agent in your area who can start showing you some great homes! Many buyers try to “go it on their own.” I highly recommend having someone in your corner to help you look for homes. A top real estate agent will help you determine what the property may be worth, what would be a price that would make sense to offer based on comparable sales of other properties, etc. In addition, this top agent will guide you through the real estate transaction.
As you start to look at various properties, make a mental note of what features you especially like or dislike. This will help you and your Realtor narrow your search to both make it more efficient and more enjoyable overall. When you are looking, realize that no property is going to be “perfect.” There will be minor issues, sometimes major issues. Remember that if you do find a property, your offer is going to be contingent on a home inspection. This home inspector will help you realize how major of a problem something truly is.
As a first time buyer, you will find many of your family and friends who will want to offer their advice on your home purchase. Remember of course, your opinion matters the most. In addition, make sure you know the time frame you are looking for a home. Normally expect a closing time of thirty to sixty days from the time your purchase agreement gets accepted. Your lender will also need at least three to four weeks in order to secure your financing.
Happy house hunting!
Ryan O’Neill is a licensed agent with RE/MAX Advantage Plus. As the founder of The Minnesota Real Estate Team, Ryan and the team help clients buy and sell Minneapolis Real Estate and Minneapolis Homes for Sale.
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