• ARTICLE INDEX
• First Time Home-Buyer's Guide
• Negotiating with Sellers
• Mortgage Information
• Escrow
• New Construction Homes

FIRST-TIME HOME BUYERS

Buying a home for the first time can seem overwhelming. Here are some definitions that you may hear during the buying process that may be new to you.

Pre-Qualification

This is where a homebuyer sits down with a mortgage professional and provides their financial information to the mortgage professional to help the homebuyer determine how much they can afford.

Pre-Approval

Early in the home buying experience, potential buyers should sit down with a mortgage professional for the pre-qualification process to determine how much they can afford. After the homebuyer knows that number, they ask the mortgage professional for a pre-approval commitment. This strengthens the homebuyer's position when they put in an offer on a home. The seller will feel more confident that if they accept this homebuyer's offer, the deal will not fall through due to buyer's failure to qualify for the loan.

Need vs Want

Take a few moments to sit down and determine what they need in a home vs what they want in their home. Make a list of what you need in your home as well as a second list of what you want to have in the home.

Representing You

Find an knowledgeable and reputable agent to represent you on the purchase of your home. When you are represented by your own real estate agent, you can have your interests looked after by a professional that knows the ins and outs of real estate and will help you sidestep potential problems and hurdles. The seller's agent or the nice person at the new home builder's model home are more than happy to have you work with them without having your own agent because it means more money in their pocket and also they know you won't have a professional looking strictly after your interests in the transaction.

The value that a good agent will add when things go smoothly, is that you will have peace of mind that somebody who knows the business is looking after you and helping you navigate potential problems so that the transaction stays on-track. The value a good agent will add when things go wrong, is immeasurable. And as the buyer, your buyer's agent will generally cost you nothing. So please, find a knowledgeable and reputable agent to help you in the purchase of probably the greatest investment of your life, your own home.