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first time buyer what should i do?

by cynthia.hall190194 from Carrollton, Texas. Jun 24th 2016 Reply


Jeff Albrecht (jeff.albrecht)
#96 ranked lender in Texas - 74 contributions

Hello, ideally you'd want to look at your credit scores. If you have a service through a credit card company, occasionally they will have discounted rates. Otherwise, go to www.annualcreditreport.com and I'd recommend MyFico for Experian. You just need 1 report - make sure that you agree with everything in there. You can be upsold to buy a tri-merge report (all 3 scores for $28.95 ish), not a bad idea. Do NOT have everyone run your credit - too soon for that. Look at your "Credit Utilization" = means what you owe / divided by the cards limit. The lower the % the better, but bring all of your cards down together. Don't have a $300 card with a $298 balance. You'll need 3 active tradelines (installments, credit cards, etc). Loans are based upon 3 simple criteria - Loan to Value, Debt to Income ratios %, and your Credit Scores. There are so many Loan Programs, and so much of what we do is finding our clients "The Right Loan, for the Right person, at the Right Time in your life!" Have a great weekend!!!

Jun 24th 2016
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Scott Fix (ScottFix)
#1325 ranked lender in California - 184 contributions

Good question. First and Foremost, look at the home buying process as a project rather than a short term event.First you will need to obtain a pre-approval letter. Look at finding a professional and reputable mortgage broker with great customer service. Ask several people you may know that have recently obtained a loan for purchase or refinance. Then, shop the rates!!! Look at not only the initial interest rate, but the APR. Make sure the mortgage broker isn't padding your loan with lots of fees which might be avoided by shopping the loan to another source. Rather than asking the lender for a referral to a real estate agent, do the same thing as you did in step one. Talk to people you may know and get a personal referral. It is somewhat of a mistake to trust YELP etc. for comments and recommendations. The personal referral is the best way to go!Now, go looking for a home. Make sure your chosen agent is willing to work for their money. Their job is to respect your time by looking for homes which meet several of your criteria, then show you the best of the group. Do Not fall for the "just go out to open houses and call me if you find one you like". Wrong agent!!Once you find the home and put in an offer, have all of the documents and steps explained in detail all the way through closing. Understand the process fully. All the best and good luck in your new home search!! Scott.

Jun 25th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

Jeff and Scott have provided some good information. Find a reputable mortgage loan originator and get started. If you need down payment assistance, please be sure to ask what is available in your area.

Jun 25th 2016
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