If you are a first-time home buyer below are some for helpful tips to learn how to avoid common mistakes when buying your first home.

• Pre-Qualification: Speak with a mortgage broker to learn how much you can afford to pay for a home.
• DU (Desk Top Underwritten) Approval: Be sure to request a Desk Top Underwritten Approval Letter, sellers will be much more receptive to potential buyers who have been fully approved subject to an appraisal. You will also avoid being disappointed when writing an offer on a home you have fallen in love with that may be out of your price range. With an Approval letter, the buyer actually applies for a mortgage and receives a commitment letter, in writing, from a lender. This way, assuming the home you’re interested in is at or under the amount you are qualified for, the seller knows you are a serious buyer for their property.
• List of Needs & Wants: Make 2 lists. The first list should include items you must have (the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor). The second list is your wishes – things you would like to have (pool, den, etc.) but that are not absolutely necessary. First-time buyers, be prepared you may not get everything on your wish list, but it will keep you on track for what you are looking for.
• Representation by a Professional: Consider hiring your own real estate agent, one who is working for you and has your best interest at heart, the buyer, not the seller.
• Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

1. One or more detailed maps with your areas of interest highlighted.
2. A list or file of the properties that your agent has shown to you.
3. Paper and pen for taking notes as you search.
4. A camera to take photos of homes you have toured to help you remember your favorite features you really liked.

• Visualize the house empty: Are the rooms laid out to fit your needs? Is there enough light? Keep in mind paint and flooring can be changed.
• Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? don’t make a decision that you may regret later.
• Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

1. Include inspection & mortgage contingencies in your written offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours of closing.
4. You want to check to see that no changes have been made that were not agreed to (a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light, drapery rods, mounted TV’s).

All the above may seem rather overwhelming That is why having a professional represent you and keep track of all the details for you is highly recommended. Please call or text us directly at 909-260-8228 to discuss any of the information above or questions you may have.

Let’s Get Pre-Qualified

One of the most important facets of successfully purchasing a home, is the financing. Unless you are paying cash, financing will often make or break your real estate transaction. With this in mind, we recommend that you begin your loan process before actually going out and looking at properties.

By getting pre-qualified you will ensure three things:

1. You will know exactly what price range you should be looking in.  As a Buyer you never want to fall in love with a home and not comfortable with the payment.
2. Know what price you can pay for a home, so you have “Buying Power”.
3. You will ensure a smooth and easy escrow process.

Purchasing a home can be stressful, secure your financing will help alleviate some of that unnecessary stress.

If you don’t already have a lender, you may contact

Cary Pearce with Flagstar Bank at (951) 750-7555

Ask your lender for a Desk Top Underwritten Approval Letter! Your lender will request all supporting documents up front and have you fully approved for your loan subject to a few items needed later for your loan such as an appraisal or proof of employment. With this type of approval letter, you will stand out from your competition when writing an offer.

 

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