First Time Home Buyer Blog

Question by Josh: what is the best way to start off buying home for the first time?
I’ve been thinking about buying a home recently, but dont know any steps I should take or good advice to follow.

Best answer:

Answer by Paul in San Diego
Contact a mortgage broker or lender and get prequalified for a loan. This will tell you how much house you can afford and at what terms, and you’ll know your price range. Also, you usually need to be prequalified for a loan to have an offer accepted.

Next, go get yourself a real estate agent. Choose an office in the area you’re looking in. They’re usually more knowledgeable about the neighborhoods, what’s more desirable, what’s less desirable, etc. You can look on line (www.realtor.com) and in the local paper for properties for sale. But, don’t even think of putting in an offer unless you have a buyer’s agent. The seller actually pays the buyer’s agent’s commission. So, you have nothing to gain and everything to lose by getting your own agent.

And, never use a selling agent as your buyer’s agent. This sets up a conflict of interest that usually favors the seller.

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