Buying Your First Home – You need an agent that represents you, the buyer.
We want to help you prepare for the decisions, occasional disappointments and ultimate excitement you’ll likely experience over the coming weeks and months. Hopefully, you’ll be one of the lucky ones who quickly finds a home you love (and can afford), and the seller accepts your first offer.
Buying a home is probably the biggest investment of your life, and it can feel like a roller coaster ride packed with excitement and anxiety. It’s not always easy, but the ride can e a whole lot smoother when you understand the process, know what to ask and have the right tools and Robin Osborne on your side.
We can help you with this ride! Before you start looking you need to understand that the real estate agent that is listing the home and hosting open houses is WORKING FOR THE SELLER! This is why it’s very important for you to have a real estate agent that works for you as a buyer’s agent, because the seller’s agent is getting the best deal for the seller.
Doing some "window shopping" helps you figure out what you really need and want, and it gives you a feel for different types of homes for sale. Browse our website and hit a few open houses to learn about our area, see what’s available and determine what you can afford.
Consider your down payment and get your paperwork together (bank statements, credit card debt, W2). This will speed the pre-approval process and help you determine if you qualify for any home loan programs. Once you're pre-approved, you can move faster when you find a home you love, and most Seller’s require a copy of your pre-qualification letter before they review your offer
Down payment: It’s the lump sum you’ll pay upfront that funds equity in the property and proves to lenders that you’ve got skin in this homeowner game. Down payments vary.Today, 20 percent is preferred and often gets you the best rates, but some loans allow down payments as low as 3 percent. Sometimes parents or friends can offer help with the down payment. If you have a choice, take a gift rather than a loan, not only for obvious reasons, but because lenders will add that debt to other monthly obligations and potential mortgage payments to determine your debt-to-income ratio, which generally can’t top 43 percent to qualify for a home loan.
Monthly mortgage payments: This is what you’ll pay each month. In most cases, a mortgage includes the loan principal and interest (both amortized over the life of the loan) plus homeowners insurance and property taxes. In Florida the homeowners insurance can be a large portion of your payment due to the wind coverage premium in the event of a hurricane. Of course, lenders want to know that you’re a responsible, gainfully employed and credit-worthy candidate so do your best to keep your credit scores up. Don’t worry, we can put you in contact with one or several of the lender’s that we work with.
Now it’s time to get serious about your home search. Contact Robin Osborne, Realtor at 1-561-818-1511 or email us to start assist you with this process. When you find a home you love, we’ll make an offer. It’s easy to feel discouraged if you don’t get that first home you fall in love with, but in today’s competitive markets, you may repeat this step many times. The first offer helps you understand how things work – the back and forth of negotiations, ways to win over a seller and more.