A First Time Home Buyer's Guide: An Easy and Educated Way to Successful First Steps!

Helping new home buyers navigate the often overwhelming and complex Real

Estate purchase loan process is my forte!

When a consumer is looking at buying a piece of Real Estate, whether they are a

“first time home buyer” or an experienced Investor, the mortgage loan process is

very much the same.

STEP 1: Find a qualified mortgage loan originator and GET PRE-APPROVED!

You MUST have a qualified financial assessment to make purchase offers!

99% of ALL Real Estate professionals will not take you “shopping” without one.

Know what you qualify for! This saves time, money, and disappointment!

This may be someone you were referred to by your Realtor, CPA, Financial

Advisor/ CFP, family, or friend. Or maybe you s

It doesn’t matter how you found them, Do your Due Diligence, check them out!

Check the Nationwide Mortgage Licensing System NMLShttp://www.nmlsconsumeraccess.org to confirm their current license status

and check for any complaints.

Interview them! You are looking for the following characteristics:

#1: Responsiveness: When you reach out to contact them, they are

RESPONSIVE. They get back to you within a couple of hours, letting you know

they received your inquiry and will get you set up for a consultation, right away.

Their level of responsiveness speaks to how they may perform throughout your

time with them. It sets the stage!

#2: Attentive and Educational: They make you feel like they want to

connect with you. They ask you a lot of questions and they LISTEN to you and

your responses. They are INFORMATIVE. They want to EDUCATE YOU. You

don’t need to become an expert, but you SHOULD understand the loan application

and pre-approval process. They should break down the information in simple terms

you can understand. Perhaps even offering a guide or book that explains the loan

process, industry terms and personnel involved in a real estate loan transaction.

#3: Trustworthy: You are trusting them with your financial and personal

information. They should fully disclose all information and thoroughly answer all

your questions. You should feel comfortable with them. They should demonstrate a

high level of EXPERIENCE, ethics, transparency, honesty, and professionalism.

Ask them how long they have been in the industry!

#4: Communicative: They should explain how to best communicate with them

throughout the process and ask YOU how you prefer to be communicated with!

They should be offering you guides and check lists to simplify and streamline the

pre-approval process and prepare you for what is needed. They should stay in

touch, keep you informed and on-track throughout the process, both in the preapproval

and throughout the real estate transaction.

#5: Accountable: They should be accountable to you. You should be

treated no differently, if you are purchasing a 1million dollar home or a 1 hundred

thousand dollar manufactured home. They should stand behind what they tell you.

No “Smoke and Mirrors”!

Post Pre-Approval

Once you have completed the pre-approval process, the Loan Originating

professional should have a second, comprehensive consultation with you. They

should explain how they qualified you for the purchase amount, what loan

programs are best suited for you, and WHY, and what they found in your credit

report. You should know what the middle qualifying credit score is and how it

affects interest rates and possible loan program options. At this time, they should

also disclose how many times the credit will be pulled, and why.

The post pre-approval consultation should cover what to expect when you enter

into a purchase transaction and the associated costs. They should be able to break

down the potential costs and when they are expected to be paid; before, during and

as you close escrow, on the new home. They should go over what to expect from

all parties involved during the transaction, the expected timelines, the speed,

urgency, and efficiency with which it will unfold, and the “Things NOT TO DO

or Buy” while you are in this process!

STEP 2: Once you have completed the PRE-APPROVAL process, you are

ready to meet with a Realtor!

You will provide the Realtor with your Loan Originator’s contact information

along with the amount you are qualified to purchase. The Realtor and Loan

Originator will connect, to go over your loan program type and any information to

be shared about those specifics.

The Loan Originator has a fiduciary responsibility to you, the client. They are not

at liberty to share your credit and financial information with anyone unless you

specifically request they do so.

Once the Loan Originator and the Realtor have connected, you are ready to view

homes and make offers!

You have now completed the FIRST steps of A SUCCESSFUL HOME BUYING

process!