You the first time home buyer have a lot of work ahead of you. I want you to make it the smoothest possible transaction with the least hurdles. I advise my clients about 6 months before you plan to buy to get a free copy of their credit report. On average 50% of all credit reports have errors on them of one sort or another. This can mean you will end up paying more for a mortgage than you have to because your credit score is inaccurate. Once you get your credit report, look it over very carefully and dispute any and all errors. This can take up to 3 months to correct. (But well worth your time) Once the corrections have been resolved it is now time to talk to a good mortgage broker. I suggest talking to your real estate agent for at least 3 suggestions of whom they would suggest. I then would interview them all, to find out which one can give you the best deal and also fits your personality the best. You want someone that you can easily talk to and get a long with.
During this entire process I suggest you are getting ALL the listings in the area that you are looking. This will help you become an educated buyer. This helps you become that way by knowing what houses are a good price for the square footage, and the number of bedrooms and bathrooms. By the end of the 2nd month a buyer will be able to look at the new listings and say WOW! Those are a good price, and know that you will have to jump on a property before it is gone.
At this point I would have you start carrying your check book. This is because once you find the home you like; you have to act quickly to ensure you don’t lose it. I’ve seen buyers lose 2 or 3 homes before they have learned this lesson. If you are not prepared to buy the day you go out to look at houses they you are not ready to buy a house. But, when are ready and have a check in hand and a pre-approval letter from a mortgage lender then that is the time to call me Todd Clark at (503)524-9494.
Todd Clark – broker
Kastings & Associates (503)524-9494