Homebuying tips for First Time Homebuyers

Every homebuyer needs information and support to help them maneuver through the sometimes confusing and often overwhelming home buying process. Even for veteran home owners, who are moving up to a larger home, the process can be perplexing and overwhelming. If you are a first time homebuyer.  However, you will definitely need specific information to help you through the wonderful experience that is home buying. Here are a few tips for first time homebuyers.

One of the most important tips for first time homebuyers is to look to the professionals who assist you through the process. Choosing the right professionals whom you can trust is important. Your lender, Realtor, home inspector and title company can make the difference between having a great first time home buying experience and a regretful experience.

The very first thing that you should do is consult with a lender to get pre-qualified so as to know how much home you can purchase. In order to do that, you need to find a lender. From the outside, choosing a lender might seem as simple as looking at the rates in the paper to see who will give you the best interest rate. However, it is not that simple. The rates and ads that appear in the paper are usually teasers to get you to call. I have found that many buyers that I have worked with either have used their local banks or have developed a relationship with a loan officer from a local mortgage company. Using your local bank or credit union can be good because they know you and want to make you happy to keep your business. Who ever you chose, make sure they can deliver what they promise.

I have found that many homebuyers do not put much thought into the Realtor that helps them purchase their home. Some of the ways that homebuyers have found their realtor include referral, internet, and open houses. Many Realtors have a strong referral base of past clients and friends where many homebuyer referrals originate. The referral is a wonderful way to find a Realtor because the person that referred you obviously trusts the Realtor to help you with your major purchase. Make certain the Realtor you chose can give you the time you need, as a first time homebuyer, to help you understand the process and make the right decisions.

Two of the lesser considered professionals that play a role in your home buying experience are the home inspector and the title company (or attorney). Choosing competent home inspector is important to the quality of your home inspection. In choosing a home inspector, you should interview them to understand their philosophy in conducting the home inspection and what kinds of defects are important to address. In searching for a home inspector, one good place to start is the American Society of Home Inspectors (www.ashi.org).

Choosing a title company or title attorney can be a bit more confusing because title work and title insurance seems very straight forward. You should interview a few title companies or attorneys before you choose so you can get an idea how they will conduct your settlement. Again, the title company or attorney should give you enough time so as you can understand the legal issues that surround your home purchase.

If you are uncertain where to begin in choosing the right professionals to help you in your purchase, you might consider attending first time home buyer classes. One place to start is the Housing & Communities Initiatives, Inc. (www.hcii.org), a local non-profit organization.

As a first time homebuyer, you will require additional time and support from the professionals who will help you buy your first home. Referrals and interviewing is the good way to start to develop the necessary relationship to build your trust.

By Dan Krell.
Copyright © 2005.