First Time Home Buyer Checklist

Video Transcript

"My name is Stetson Lowe and in this clip we're going to be talking about a first time home buyer and a checklist of items that may be helpful when getting ready to buy your first home. First of all I would recommend to do is obtain a copy of your credit report through annualcreditreport.com, that's a free service, it won't have your credit scores but that's not really necessary, you can look at the information in there make sure it's all accurate, address any inaccuracies, if it looks good you're moving right along to gathering your income documentation together. This includes such things as your pass two years W-2s and your most current one month's worth of pay stubs. Once you have that together, I'd visit your local mortgage broker and choose one based on references and seek references from the mortgage broker of happy and satisfied clients that they've worked with. Once he's taken you on as a client, he will go through the pre-qualification process and give you two to three options of a loan that may work for your scenario. Sometimes a 30 year fixed is the best way to go or 15 year fixed, some people like an ARM, Adjustable Rate Mortgage if they're going to be in the home just a short time because the rates are usually lower. Once you've identified a loan scenario that works for you, you can zero in on a purchase price based on the payment that you're comfortable with and what works for your qualifying with the lender. Once you've identified a purchase price, it gives you a payment that you're comfortable with, then you're going to want to find a good real estate agent who specializes in first time home buyers and they're easy to find, seek referrals from your mortgage broker, references from family and friends who have bought their first home and maybe had a good experience with a Realtor. It's important to find one who does work with first time home buyers as there are some additional forms sometimes, maybe if you're doing an FHA loan they'll need FHA addendum's and things and need to find you a property that is FHA insurable. So the realtor's a big key once you've found the good Realtor, he or she will show you a myriad of properties for you to choose your dream home. Find the one you want and make an offer. That's a great checklist, if you follow those steps you'll be right on line to having a great home buying experience and to make it your first time a great time."