First-Time Buyers
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Whether you have spent years saving and preparing to buy a home/property, or you still are not
sure if it is something you can even dream of, the questions surrounding a first-time real estate
purchase can feel endless.
You can find the answers – and peace of mind – by working with RE/MAX®, the industry leader in
experience and service.
Here are some tips to help you with the process of becoming your own landlord:
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Pre-qualify for a loan
Being pre-qualified for a loan determines how much house/property you can afford. It also allows
you to move more swiftly when you find the right house/property, especially when you are not the
only interested buyer. Information Need at Loan Application
Shop for mortgage rates and terms
A difference of even half a percentage point can make a huge difference in how much you pay over
the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8
percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.
Using a Buyer’s Agent
A buyer’s agent is legally responsible for representing the buyer's interest in a real estate
transaction. Generally, the buyer’s agent is compensated by the seller at the time you purchase a
home/property.
Features that help or hurt resale value
In some areas, a swimming pool actually detracts from a home's value and makes the home harder
to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may
impact the home sale and future value. Darrell can point out features that hurt, as well as those
that help, resale value.
Rate the houses you tour
After touring each home/propety, write down what you liked and didn't like. Develop a rating
system, which will help you narrow the field down to the house/property that's the best for you.
About Mortgages
You don't have $150,000 in cash lying around? Then chances are your purchase of a home/property
will depend on your ability to borrow 80 percent or more of the money you will need.
Borrowing the norm
Before the 1929 stock market crash, cash purchases of homes were the norm. Or if money was
borrowed, it was on a term that typically didn't last much more than five years. That made
payments relatively steep, which is part of the reason so many homes were lost in the Great
Depression.
After World War II the U.S. Government created a mortgage program that allowed veterans to
make affordable payments over a 30-year period.
Lots of choices
Today, the 30-year fixed-rate mortgage, while still the most common way to buy a home/property,
is just one of many financing options available. Indeed, many mortgages today are almost custom-
tailored to individual needs.
Mortgage lending is a highly competitive field. Information on mortgage rates, which can change
daily, is available in local newspapers, through mortgage brokers, from individual lenders. When
you are shopping for a loan, interest rates tell just part of the story. You will also need to study the
various fees lenders charge.
Ask Darrell
Your RE/MAX real estate professional can recommend lenders to check in with prior to beginning any
serious real estate hunting so you will know exactly what you can afford
Conveniently preview MLS listings on your time.
No longer do you have to wait for email, fax, or US mail. Immediately view the same detailed listing
data, which for years only REALTORS® have been privy to. The MLS system is updated daily with
the latest inventory.
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Automatically receive personalized MLS listings by e-mail.
Early each morning the local MLS is searched to find the homes/properties that match your criteria
and notify you immediately via email with the latest listing information, which will contain a summary
of the listings found, with links to view all the details on each individual property.
Simply email* or call Darrell with details of what you are seeking and he will set you up to receive
email notifications. You will only receive emails if there are properties to view which match your
search criteria.
*No email? No problem! Just call Darrell with your property search criteria. He will set up your
notifications to come directly to him and he will call you as properties come on the market matching
your search criteria.
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To be part of this precious time in a family's history is what being a REALTOR® is all about.
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