Follow Me On Pinterest
Are you renting right now? Been a little scared about taking that first step toward buying a house or condo?That’s good. I hope you are a little frightened. You should be. Perhaps, with that attitude, you will do your homework, first.
Many of the homeowners in trouble right now, didn’t have a Realtor that helped them find a good loan and many of them unfortunately didn’t listen to their Realtor. If there is anything to be learned from what has happened with all these foreclosures, it is that a home buyer’s home loan is the most important aspect in homeownership.
Home Loans are more than just the interest rate!
Buying a house or a condo is not for everyone. If you haven’t learned how to manage your money, homeownership should be postponed until you are more responsible with your money.
For those renters who know how to manage your money, now is the best time to buy a house or condo. Interest rates have never been lower and the ball is in your court. Lately, I have had several emails asking me, ”what is the first step toward buying a house?”
Here are the steps toward homeownership:
- Be responsible with your money
- Get Pre-Approved for a loan (this is when you find out how much you can afford to buy)
- Make sure you have a reputable Realtor who will guide through the home buying process
Now, many home buyers new and old think they know how much they can afford. NOT TRUE. New home buyers need to have full disclosure from a Mortgage Broker with a Good Faith Estimate of the costs involved in buying a house or condo. Home buyers who have purchased homes in the past can’t rely on old practices, you need to find out from a reputable lender if they will even give you a loan. Loans and loan qualifications have changed. Those home buyers who have not owned a home in the past 3 years qualify as a First Time Home Buyer and all the programs associated with First Time Home Buyers.
Realtors like me, will be able to recommend a reputable Mortgage Broker who will look for the best loan for you. When you go to a bank you ONLY get what that bank offers. It may or may not be the best for you. Recently, I have had several home buyers who were given the promise of loans that were not in their best interest and luckily switched to the mortgage broker I recommended. Not all loans are created equal.
Just because you have been given a pre-approval for a loan amount does not necessarily mean that you feel comfortable spending that much money. This is where your Realtor comes in. Talk to your Realtor and make sure that they listen to what you want in a home or condo as well as what you feel comfortable spending. If they don’t listen, then they are not the right Realtor for you.
Don’t ask your Realtor if the neighborhood is safe or if this is the best neighborhood. This is a question that can only be answered by you. The best way to find out is to check on-line for crime in the neighborhood and do several drive-bys. Drive by at night and on the weekend in order to get a good flavor of the area.
The next best advice that I can give you is to remember that the home or condo that you buy may not be the one that you want to live in forever. We all had to start somewhere. Your visions of a mansion may need to be put off for awhile. Start small, live in the house or condo for several years, gain equity and then sell and move up. You may find that you will move several times before the ultimate house that you want is something that you can afford.
Rome wasn’t built in a day…take your time…save, pay your bills on time and your dreams will come true.
If you like what you read here on Sacramento Real Estate Voice simply click and subscribe 
to get the latest articles sent to your email.
If you have a real estate question that you would like an answer to, be sure to check out 
and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice. Just ask the Real Estate Broker and owner of Riede Real Estate, Gena Riede.
Remember, you can click on Search for Homes 
and chose bank owned homes in all of the Sacramento and surrounding areas. Plenty of 1st time home buyers are approved and ready to buy one of these great deals.
Other Home Buyer Articles:
How To Have Peace of Mind When Buying a Home
What Every Home Buyer Must Know
When Should a First Time Home Buyer Buy a House?
New Home Buyer Information You Need to Read
First Time Home Buyer’s Check-Off List - Part 1
