1st-Time Buyers

[vc_row][vc_column][vc_column_text]1st-time buyers know one thing…they don’t know much about buying a home, and they have questions about actually financially affording a home. Buyers always ask, “how much can I afford?” Our team will lead you step by step along the path while teaching you along the way. We believe in educating our clients along their real estate path. 1st-time buyers need the time and the information at every step so they can make the best decisions to be successful. We are your best advisors along that journey to successfully buying that first home.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]

Thinking of buying your first home?

Buying your first home is a big deal, but how do you know when your dream is not a reality? As with selling a home, buying a home involves solid planning, clear decisions, and good timing. We help you sort out what needs to be done at every step of the process so you can reach your dream, and enjoy it. We know there are people out there who buy a home thinking it is a dream, but in reality, it became a nightmare. You can rest easy knowing your first home purchase is exactly what you had in mind when you started the home buying process. The home buying plan requires you to complete some steps to be successful.
  1. Know what your credit score is by requesting your annual credit report
  2. Clear up any credit issues revealed on your credit report
  3. Know what you pay out each month in all areas
  4. Don’t close bank accounts or credit accounts
  5. Don’t open bank accounts or credit accounts
  6. Make down payment money accessible and ready to use
  7. Know exactly why you are moving
  8. Meet with a real estate professional to…
    1. Ask questions and be sure they are a match for your goals
    2. Talk through the process with your agent
    3. Build a plan for your first home purchase
  9. Meet with a lending professional to see how much you qualify for
  10. Decide how much you actually want to spend on your home purchase
  11. Pick where you want to move and communicate with your agent on your desires
  12. Go with your agent to look at casually preview homes
  13. After each casual visit, define what features you “need” in your first home, and…
  14. Define what features you “want” in your first home
  15. Start boxing up things you don’t want to move
  16. Keep looking at homes in your target area in a relaxed way with your agent to define more of what you need/want in a home
  17. Have a garage sale or sell things online
  18. Box up more stuff so you don’t have to work hard on move day
  19. Start seriously looking with intent to buy your first place
  20. Put in an offer to purchase your first home
  21. Go through the contract process (about 30-days in general)
  22. Finish up the process, and get the keys to your first home
Here is a good chart for the process of buying a home. It is the general flow of what happens once you decide to make an offer to purchase a home. Check it out and you will see how simple the process actually is to complete a sale. There are always things that happen to complicate the process. You can clear away a lot of the complications by getting pre-approved for your loan as opposed to pre-qualified. A lot of issues happen when funding issues arise that can complicate things on the buyer’s side of a purchase contract. Getting pre-approved lessens the potential of issues with funding during the escrow process.[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_single_image image=”3705″ img_size=”full”][vc_single_image image=”3499″ img_size=”full” onclick=”img_link_large”][vc_single_image image=”3508″ img_size=”full”][vc_single_image image=”3464″ img_size=”full” onclick=”img_link_large” img_link_target=”_blank”][vc_single_image image=”3709″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”3517″ img_size=”full”][vc_single_image image=”3511″ img_size=”large”][/vc_column][vc_column width=”1/2″][vc_column_text]

Get a handle on your finances

Before you start, you are going to need to know some information because people are going to ask you for information, and you need to have the answers. Follow this checklist, and keep all the back-up copies in your home buying folder/notebook. You should carry these papers to all of your meetings with lenders and mortgage brokers.
  1. How much do you make each month/year?
    • Gather paycheck stubs
    • Gather tax returns
  2. Write down your monthly debt payments?
    • Credit card payments and payoffs
    • Car payment and payoff
    • Student loan payments and payoff
    • Additional consumer loan payments and payoffs
  3. Write down your monthly living expenses?
    • Monthly household budget for food and supplies
    • Monthly automobile budget for gas and maintenance
    • Monthly health insurance payments
    • Monthly amount going to retirement savings
    • Monthly amount for entertainment
    • Additional monthly expenses
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]My Real Estate Advisor Team is licensed to practice real estate as a broker in the state of Oregon and is not a licensed appraiser, mortgage broker/lender, or licensed financial advisor. Any financial advice received from the My Real Estate Advisor Team is for information only. My Real Estate Advisor Team makes no legal or promissory statements to the actual financial market at the time of this post. You should always contact a licensed financial advisor or lending professional to seek actual financial advice for your specific situation.         [/vc_column_text][/vc_column][vc_column width=”1/2″][vc_single_image image=”3690″ img_size=”full”][/vc_column][/vc_row]