So How Do You Learn the Basics?
Before you begin, "Get Educated" about the home buying customs where you live. Talk to a real estate agent about the typical home buying scenario. This doesn't have to be a meeting that leads to an agreement for the agent to represent you. (If you are comfortable with your conversation, feel free to start working with that agent.)

An agent who won't take fifteen minutes to help you understand what to expect when you're buying a home isn't much of an agent.

So if the first few calls don't produce someone who will help, keep looking.
You need an agent to guide you through the home buying process. How to get pre-qualified, where to start looking, protect your rights with contingencies, find you the right attorney, help you narrow down your searches, make sure you get the right disclosures and forms, educate you on wells and septic , buying land, building homes, the list goes on.

Work with a Full Time Experienced Real Estate Broker
In today's market, things are moving very quickly. You need to be ready to go when you start looking at homes. You need an agent to direct you, whether you are a first time buyer or an experienced buyer, there are so many things you need to know to get started and to get all the right information. You need to be educated.

Get Pre-Qualified For Financing Before Looking
A good real estate agent will have you meet with an experienced mortgage Broker and have you "pre-qualified" right from the start. When you start to look, it is important that you know how much you can comfortably spend on a home. What the current interest rates and closing fees might be. It's also a great time to check on your credit report. You hear every day about mistakes and corrections that were never made or someone's bad credit mixed in with yours. It doesn't usually cost you anything to get "pre-qualified". If they haven't run a preliminary credit report on you have not been "pre-qualified"! Getting pre-qualified for financing will lock down your price range and help prevent you from being turned down after falling in love with a home that may be out of reach.

It's also a benefit when you are competing for a home with other offers to have a letter already in place with your offer. It will also save you the strain of having to find a lender within a few days of conditionally buying a home. In times of fluctuating interest rates it would benefit you to lock in a lower rate. This could save you thousands of dollars if the rate increases while you are in the process of buying. Al Co Properties will be glad to give you some recommendations of the mortgage brokers we've worked with and developed relationships with. These people have proven to us they can do the job. Of course you are welcome to work with whom ever you are comfortable with.

"Home Buying Don'ts "
When Your home buying process is well underway...The sellers accepted your offer to purchase. The home is officially under contract and you're counting down the days to closing. The lender pre-approved you, so buying the house is a sure thing, right? Not quite. Nothing is certain until the keys are in your hands. There are still major hurdles to get past before you close, and your actions between now and closing can create headaches and slowdowns, even stop the transaction.

Don't Make a Major Purchase
You've just found out your credit is A+. That's great news, because a new car would look fantastic in the driveway of your new home. But hang on--if you are depending on a mortgage to move in

Don't Change Jobs Unless It's Necessary
Lenders like to see a consistent job history. They aren't usually as nervous if you change jobs within the same field, but it's better to stay put until the keys to the house are in your hand. Talk to your loan officer before you do it.

Don't Let Your Emotions Take Over
Keep a cool head during the entire home buying process, especially during and after an inspection. Be realistic. No home is perfect, especially older homes. It's not unusual for new owners to take care of some repairs themselves.

Don't let the seller's refusal to do a small repair kill the deal on a home you truly love.
On the other hand, don't fall so much in love with the house that you'll buy it no matter what needs to be done--unless you're absolutely sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.

Don't Wait to Line Up Your Hazard Insurance
A no-brainer, right? But it's another often-forgotten task that buyers scramble to take care of at the last minute. Before closing, your lender will want to see an insurance binder showing you have coverage for the new home. Get it as early as possible so that closing isn't delayed. In some locations, additional types of insurance coverage might be necessary. Talk to your lender about insurance requirements well before the closing date.

Don't Ignore Lender Requirements
Know what is expected of you and take care of it. For instance, a Certificate of Eligibility is required to move forward on a VA loan. That's something you must handle yourself. Answer lender questions and provide required paperwork as quickly as possible--your closing depends on it. Certified funds are required for closings, no personal checks.



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