First Time Home Buyers

Making the decision to buy a home for the 1st time is always a huge one. The buyer, understandably, is nervous and unsure about what is going on. So, it is important that the buyer surround them self with people that they can trust and rely on. Part of that surrounding needs to be a good REALTOR. Do your homework and make sure your REALTOR has a good reputation maybe by running a Google search to see what comes up, does he/she work for a recognizable company (like Prudential-hint, hint) or is it a company you've never heard of? You should never feel pressured to buy. Your REALTOR should be able to take you through a wide variety of homes to make sure that you are making a wise decision. They should not be there to sell you a home, but instead help you make a wise purchase. You should be able to ask your REALTOR questions and get straight answers to your concerns. They should be educating you on the buying process. The goal should be for you to have a smooth experience with as little stress as possible. A well informed buyer is a good buyer. If you don't have a REALTOR, ask your lender or someone you know to refer you to one and ask them why they are refering that person to you, why are they different?

Another important part of the people you choose to surround yourself with is your Lender. A good lender will take the time to explain different loan programs to you to help you decide which is best. Sometimes, a conventional loan is the right way to go. Other times, it may be a FHA or VA loan. It is important to know your options. By law, a lender must give you a truth in lending statement to let you know about what fees are involved. Ask if there are any prepayment penalties, that can cause a problem in a year or two if you need to refinance. Do your homework again on reputation, do they work for a reputable lender. If you don't have a lender, ask your REALTOR for the name of someone they work with. They should be able to give you a couple names. Then ask them what sets them apart from other lenders and why do they refer people to them?

Don't be afraid to ask questions. If you ask a question and do not understand the answer, ask the person to explain it again until you understand. This is the biggest buying decision you will make and you want it to be a good one! These are just some insights and questions that you can ask to get you on your way to home ownership. Good Luck!