Life seems to roll by faster...faster than ever before, heck microwaves and computers sometimes are not fast enough. Because our lives move so rapidly we sometime make quick decisions and in the long run end up costing us our time, energy and money. It's those occasions where you wish that you could go back in time.
One of these occasions I am talking about is when a buyer obtains their home buying support team and fails to do their research.
When I say buyer support team...I mean financing, their Realtor, inspectors etc, etc.
Regardless of what you might think you as a buyer need a support team. A strong support team and it starts with the financing.
Often times we seem to skim right over that...and to think it's the most vital part of the transaction...after-all without money there is a good chance you aren't buying.
Take these tips first before looking for your real estate professional
1. Consult with a few mortgage people before making a decision, that's right, see if you are going to click, their response time to you and how they answer your questions.
I don't mean best friends but make sure if they open their mouth that you are going to listen.
Your mortgage person is going to know things about you that you would never reveal to anyone else. Your financial situation so make sure and trust this person, not only the person but the company as well.
2. Have the mortgage person explain everything to you. Often times there is fine print on agreements and documents that you sign. It's important to realize that fine print is there for a reason. Take the time and read it and ask questions if you don't understand something. While it might save other's time, by not reading it could end up costing you big $$$$$$$$$$$$$$.
3. Don't worry so much about the price of the home that you are going to buy, focus on the monthly mortgage payment that you are comfortable with and think about your obligation and your ability to repay the loan for the next 15-30 years.
4. Remember that monthly payments are divided into 4 parts, Principal, Interest, Taxes and Insurance.
A professional financial adviser should provide this information to you once they have determined which loan program is right for you. Keep in mind it is an estimate.
5. A good faith estimate is a vital piece of information, it makes perfect sense to have your real estate professional look at it.
There is a breakdown on the monthly payment, your loan amount and the costs to you. If there are any seller concessions you may need.....its usually listed there.
6. Mortgage guidelines have changed so much and realize many zip codes in Daytona Beach are considered declining market.
What that means to you that their is a good chance you will have to have a least 5% down of the purchase price of your new home. Does not apply to FHA and VA loans.
7. Once approved for a loan ask your adviser for a copy of your loan approval..you will need that once you start shopping for a home.
Now with Loan approval and good faith estimate in hand, find the right real estate professional to assist in your home buying purchase. Call Midori Miller of CENTURY 21 Sundance Realty, I'd love the opportunity to be part of your buying support team.
Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Midori Miller AKA The Daytona Real Estate Trainer and CENTURY 21 Sundance Realty. Midori Miller and CENTURY 21 Sundance Realty are not responsible for the accuracy or content provided by The Community.
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Midori Miller talks about real estate, life and other important matters. Midori Miller is an Activerain Ambassador, if you are interested in joining contact me!
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Very nice entry into the contest Midori, I will be back:-)
Midori Excellent Guide for beginners to the home buying process. This will help consumers get a better gauge of general knowledge before heading out to look at homes.
Midori - I like that phrase "home buying support team." That really does sum it up - a team effort.
Midori, I am delighted by your entry in the contest!
I fully agree with your 'buyer support team' premise, as I work in exactly the same manner. Not only is it a good idea to have your real estate broker take a look at your good faith estimates, but that person should also be somewhat knowledgeable about the loan product. I always ask the mortgage rep when I am uncertain. I believe it is our job to look out for our clients and have the big picture in view.
Jason-thank you! I enjoyed writing it...well as much as I can enjoy the mortgage process! :)
Hi Allison-I think seasoned buyers also will benefit...often times the loan process is so down played when really it should be the first thing a consumer does...especially before making the phone call to the anxious real estate professional who shows them homes they can't afford or never qualify for.
Gary-yes it is a team effort! I do believe that everyone in the process is a team...
Jennifer-I have always worked closely with the loan officer regardless of who it is...one of the things I have always practiced was getting the good faith estimate and call the loan officer before putting an offer in writing. Loan officers are vital in the transaction..and sometimes the loan process is downplayed.
Good stuff, Midori. Very informative for the person looking to buy.
I might add to number four, if they don't have 20% down or get an FHA loan, Mortgage insurance. That turns PI to PITI to PITIMI. Heck, throw in a home-owners association and you get a housing expense called PITIMIHOA. And if you say that fast, it sounds like a Native American tribe.
Excellent information Midori...are you sure you're not a loan officer in disguise?
Yeah Midori!
This is good stuff for anyone to read. I had to laugh at Joey's "PITIMIHOA".
Not only does it sound like an Indian Tribe, I was thinking it'd make a great name for a Casino!
Midori at the moment there is probably nothing more important in our world than financing. Excellent informative post.
Midori - Advising a home buyer that they need a "home buying support team" is excellent! I really love that phase. It is so important that a buyer research their lender and make sure they understand all the terms and conditions of their loan. And I completely agree with how much can they qualify for is not as important as can they handle the month payments. Great post.
Even when the market was good, one of the first things you needed was to be approved by a lander, no one will take your offer seriously, with the financial market changing buyers need all the help they can get
Midori - Loved that you brought up the concept of Team because it really is so important to work together as a cohesive unit to help educate and guide consumers through a process that doesn't have to be difficult. Thank you so much for this entry!