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[amycampbellrealtor]

Tips for First Time Home Buyers

Are you a first-time homebuyer, but you don't have the first idea of what to do or where to start?  Does the idea of buying a home seem overwhelming?  Believe me, when I tell you I understand. I have been there.  One of the reasons I got into real estate is to help first-time homebuyers navigate this process and walk them through it.  I am here to tell you it's not as scary or out of reach as it may seem.

The first step is to find a REALTOR® you trust. This person will make or break the deal for you.  A good REALTOR® will have a network of referrals for you, including lenders, inspectors, electricians, roofers, movers, etc. If you are in Northeastern Oklahoma, I hope you let me be your REALTOR®. If not, I can find you one in your area.

The next step is to find a lender.  I usually recommend a mortgage broker as opposed to a bank and will recommend them for my clients. However, clients are always permitted to use anyone they want.  Feel free to meet with several; not all lenders are a good fit for everyone.  You may want to meet with a lender early enough in the process to work on your credit if needed.  A suitable lender will tell you what you need to do to increase your credit score.  The better the score, the better the loan program they can get for you and the better the interest rate.  There are several different types of loans. The most common are FHA, VA, and Conventional.  There are pros and cons to each, and the lender can go over all of them.  There are also down payment assistance programs available that lenders can discuss with you.

Your lender will go over your budget.  This is more than just the overall cost of the home.  The monthly budget includes the mortgage, mortgage insurance, HOA fees, homeowners insurance (different from mortgage insurance), and utilities.  Keep in mind, if you are in an apartment, you may not be paying for water or trash services, and you might be paying those when you purchase.  Also, if you are buying a significantly larger home than your current rental or have a pool, your utilities could be substantially more.  Most utility companies will let you call them, give them the address, and you can get the average cost and the high and low cost for the last year.  This will give you an idea of how much the utilities will be.  

Once you start looking for homes,  keep in mind must-haves versus wants.  Of course, as a real estate agent, we want to find all your wants, but if we can get most of your must-haves, that is usually a win.  I have found the best way to find the best home is to rank them as yes, no, and maybe.  All the yes's, rank 1-?, if the same house consistently stays #1, you have a winner.  It's time to put in an offer.  What should your offer look like?  That depends on many things, and that is why you need a strong REALTOR® you trust.

Once your offer gets accepted, you have to put in your earnest money.  Your real estate agent should go over all that at the beginning of the process.  Then you will also need to schedule an inspector. Make sure you inspect the home, roof, termites, and pool.  It is crucial you hire licensed inspectors and do this early in the process so you can get repairs bids if needed for negotiations.

Then you have the appraisal, and once it appraises, you are ready to close.  Then you just need to set up the utilities and hire movers.  And if you loved your agent and want to thank her, refer her.