Finding the Right Team, Realtor and Lender. Step by Step Guide for Michigan First Time Home Buyers
Buying a house can be a daunting process. Especially if you are new to the home buying process or a first time home buyer. You need to find the right realtor and lender to help guide you thought the process and help you get the best deal. In this blog, we'll discuss why it's important to have the right team on your side. The realtor and lender will play a important role in you finding the perfect home and securing financing. Lets explore this farther and I'll let you know everything you need to know. The goal is for you to have the best possible experience in home buying journey.
Make it stand out
First lets discuss what does a realtor do and why you would want to work with a realtor. An realtor is someone that understands your local market, the available inventory and negotiates the sale of a property. The right realtor is crucial when buying a house. An realtor will set you up to receive notifications of available homes in your local market. You then will select or tell the realtor the homes you are most interested in. Next, you and your realtor schedule a time to go see the homes you were interested in. Here are three ways to find a realtor below.
Ask your friends, family, and coworkers for a name of a realtor they know or used for their home purchase.
You can do research and look up local realtors online in your area. The internet is great and will should you reviews, websites and media profiles.
Another way to find a realtor would be to ask your lender. Most lenders have existing relationships with realtors.
Make sure you feel comfortable with your realtor. Because your realtor will be the one showing you homes. You and your realtor will be spending quite some time together during the home search. You will want a open line of communicate and on the same page.
Make sure you trust your realtor and enjoy working with them. The realtor will make all the different between you getting your offer accepted or not. An realtor will make recommendations on how much to offer, sellers concessions, appraisals guarantees and more. Having the right realtor and writing great offers on homes, will make all the different .
Following these tips, so you can find a great realtor who can help you navigate the home buying process and get your offer accepted!
Finding the right lender will be just as important as finding the right realtor. Traditionally most first time home buyers reach out to a realtor first. The realtor will offer a one-on-one home buying consultation to understand your goals, home type and areas you are considering buying in. Usually after the realtor will recommend their preferred lender or multiple lenders depending on your situations.
With the internet and all the information online. Some first time home buyers are already doing there research and know they need to get pre-approval in order to buy a home. In the case you can go ahead and reach out to a lender for a pre-approval.
The lender job is to help you get pre-approval for a mortgage. Most lenders will have you apply online or take your loan application over the phone. You will be required to complete a loan application and submit your documents. Most of the time, these documents include paystubs, W2's and bank statements. The lender will do the following below.
Check your credit score. An lender is required to check your credit during the pre-approval process.
Consider the lender expertise. An lender will make recommendations on the loan programs you qualify for, discuss your max comfortable payment, and the cash to close.
Issues your pre-approval. Congratulations on this step. This means you now can go home shopping with your realtor.
Check your lender reputation and reviews. Not all lenders are equal or provide the same level of service. You want to make sure the lender can pre-approval you and close on your loan onetime. Some lenders are better suited for a home purchase then others.
Your lender should listen to you and answer all your questions. You should feel comfortable and have a basic idea, what you qualify for, your estimate housing payment and loan program. Make sure your realtor and lender has their contact information exchange, so both the lender and realtor will work for you, also will be on the same page.
If you have any questions or need assistance in the home-buying journey, please feel free to reach out to us. We specialize in helping Michigan first time home buyers. We been the number #1 MSDHA down payment assistance lender since 2013. Hope this helps you on your home buying journey!
Tim Tomkowiak
“I am a license loan officer. And I help ordinary people build equity and wealth through home ownership”
