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First time home buyer advice: need advice on

D

dasailr03

A Goddamn Sailor!
BGOL Investor
Fam

I'm in the market for a new house. I'm a first time home buyer looking to buy a new house in a new subdivision that's on point. Any home-buying advice in regards to;

(1) getting pre-approval

(2) credit checks,

(3) things to look for / consider when buying a new home

(4) using the Sellers lender vs getting my own realtor to handle the transaction

(5) how to find a good mortgage/financing company

(6) Upgrades to get & to avoid at all cost.

If you are realtor, please share tricks of the trade I should be aware when dealing with realtors.
If you buy & sell houses for a living, get at me with info I should know or be on the watch out for
 
If it's new you don't new an agent. Get pre-approved by your own lender. Research lenders on the internet. All builder upgrades are over priced but you can finance then in. Not worth it if your handy. Get an inspection even if new. We found a few cosmetic defects and saved a few dollars.
 
If you're looking at a prime lender (Chase, BOFA, Wells Fargo) make sure you have 2 years of documented tax returns with appropriate income. Make sure you have paystubs for that long too. This is what sank my dream.. I'm self employed and didn't have these things. Idiot lady give me a preapproval but ultimately the underwriters couldn't go through with it because they're not allowed to.

Make sure you get a conditional preapproval otherwise, realtors will think you're a joke and won't take anything you say seriously.

I'd say try Chase. I believe they have some kind of first time buyers credit.

Make sure your credit card debt is minimal because they will take it into consideration for your DTI ratio. Large debts will probably sink your dreams.

I'm planning on purchasing in another year or so and will have at least 40% down payment. In order to make it a smooth process, you (obviously) need to have a good amount compared to the property you're looking to purchase.
 
comment101 said:
If you're looking at a prime lender (Chase, BOFA, Wells Fargo) make sure you have 2 years of documented tax returns with appropriate income. Make sure you have paystubs for that long too. This is what sank my dream.. I'm self employed and didn't have these things. Idiot lady give me a preapproval but ultimately the underwriters couldn't go through with it because they're not allowed to.

Make sure you get a conditional preapproval otherwise, realtors will think you're a joke and won't take anything you say seriously.

I'd say try Chase. I believe they have some kind of first time buyers credit.

Make sure your credit card debt is minimal because they will take it into consideration for your DTI ratio. Large debts will probably sink your dreams.

I'm planning on purchasing in another year or so and will have at least 40% down payment. In order to make it a smooth process, you (obviously) need to have a good amount compared to the property you're looking to purchase.
Click to expand...

Nah homie. You got a lot of bad advice. I wouldn't use Chase. Use a lender that does strictly mortgages. You don't need two years of pay stubs if you have your taxes. A month or two of pay stubs at best. If you need 40% down you have mad credit issues or got bad advice. You should seek out a better lender your self homie. Your deal shouldn't have fell apart in underwriting. You can do all of this on line. Try Rock Financial. 20% down should be enough in the worse case homie.
 
Don’t use Wells Fargo unless it’s a last resort. They suck!!!! Be mindful of PMI and if you can avoid it, do so. If you have to pay it, find out what stipulations allow to remove it in time. Once you the loan and move into the crib. Immediately consider extra money towards the principle. One extra payment per year will not 7 years off a 30 year loan. You can do it but splitting your monthly payment by 12 and adding that much extra toward the principle each month. Many banks allow you to, for instance if your payment is 927 a month, round it to the 1000 with the exta $73 directly to principle. Just an example. Don’t let them charge you to automatically do that shit. You can call and set it up after you close.
 
donwuan said:
Nah homie. You got a lot of bad advice. I wouldn't use Chase. Use a lender that does strictly mortgages. You don't need two years of pay stubs if you have your taxes. A month or two of pay stubs at best. If you need 40% down you have mad credit issues or got bad advice. You should seek out a better lender your self homie. Your deal shouldn't have fell apart in underwriting. You can do all of this on line. Try Rock Financial. 20% down should be enough in the worse case homie.
Click to expand...
Yeah I only needed 2 stubs. But dude is probably putting down 40% to avoid pmi and make his mortgage less.
 
dasailr03 said:
...
Click to expand...

(1) getting pre-approval
I used LendingTree, it was painless.

(2) credit checks,
Don't make any big purchases that will affect your monthly bill total. That is a factor lenders consider.

(3) things to look for / consider when buying a new home
(As said above) Look at the schools - A-rated will help with home value/appreciation
Drive the neighborhood, make sure the HOA is enforcing the rules and keeping the area nice
If you can afford it, put down 20% to avoid PMI
Do not do the closing the same day as the house inspection. They'll try to rush you through so you'll miss things they need to fix.
If you can afford it, get the biggest house offered.
If you can afford it, get the best lot offered if the premium isn't ridiculous. Corner lots are a lot of work to maintain, but are larger than the standard.

(4) using the Sellers lender vs getting my own realtor to handle the transaction
No realtor needed.

(5) how to find a good mortgage/financing company
See #1

(6) Upgrades to get & to avoid at all cost.
If blinds are an upgrade, get them.
 
Just curious, why you want a new home in a new subdivision? If you don't mind me asking..
 
comment101 said:
If you're looking at a prime lender (Chase, BOFA, Wells Fargo) make sure you have 2 years of documented tax returns with appropriate income. Make sure you have paystubs for that long too. This is what sank my dream.. I'm self employed and didn't have these things. Idiot lady give me a preapproval but ultimately the underwriters couldn't go through with it because they're not allowed to.

Make sure you get a conditional preapproval otherwise, realtors will think you're a joke and won't take anything you say seriously.

I'd say try Chase. I believe they have some kind of first time buyers credit.

Make sure your credit card debt is minimal because they will take it into consideration for your DTI ratio. Large debts will probably sink your dreams.

I'm planning on purchasing in another year or so and will have at least 40% down payment. In order to make it a smooth process, you (obviously) need to have a good amount compared to the property you're looking to purchase.
Click to expand...
You only need your past few bank statements like 2-4 months and as for being self employed as I am, I bought two houses with just my Profit and Loss statements which I fudged to get a mortgage.

You don't need 40%. I did 20% to avoid PMI. On my first home I did nothing down but that was the late 90's.

The majority of the questions OP is asking and as far as a mortgage company is all a waste of time. If you find a good resourceful realtor they can answer many of your questions and help you find a good lender.

News flash, no matter what company you think you gonna be with, they sell your loan over and over so that's not always the case that you start with X and you stay with them. My first home they sold my mortgage 3 times. My current home I'm on my 4th lender. I find at times some lenders like a Chase or Wells Fargo will sell your loan after the first year.

::two cents::
 
What’s your credit score? Debt to income? Do you have any outstanding federal debts student loans taxes? Not questions for you to answer here but questions for you to ask yourself.

Next you want to find a broker you can go the online route but I would go with a reputable person. I’m big on personal relationships I like to feel like I’m the only person but that’s up to you.

Next thing you want to do is find out if there are any first time buyer programs you qualify for. Those depend on the neighborhood your credit and various other things but they are good to help with closing cost and other things that can keep some of your bread in your pocket.
 
and check for homeowners insurance. Things like a security system, smoke detectors and flood monitors can lower what you pay.
 
dasailr03 said:
Fam

I'm in the market for a new house. I'm a first time home buyer looking to buy a new house in a new subdivision that's on point. Any home-buying advice in regards to;

(1) getting pre-approval

(2) credit checks,

(3) things to look for / consider when buying a new home

(4) using the Sellers lender vs getting my own realtor to handle the transaction

(5) how to find a good mortgage/financing company

(6) Upgrades to get & to avoid at all cost.

If you are realtor, please share tricks of the trade I should be aware when dealing with realtors.
If you buy & sell houses for a living, get at me with info I should know or be on the watch out for
Click to expand...

are you a veteran?
 
booty_visionary said:
If you have kids look at the schools in your zone. That's the biggest indicator of the value of your house.
Click to expand...
Yes, I heard about this and agree. the school system by and large seems to be on point. a lot of great reviews and over the years I heard nothing but good things so i feel like I'm good with the area. In fact, the school system in the primary reason why the area is my first choice. I got a young one in school and gonna be there a while , so getting in the good school system should help with future issues (or least I hope).
 
donwuan said:
If it's new you don't new an agent. Get pre-approved by your own lender. Research lenders on the internet. All builder upgrades are over priced but you can finance then in. Not worth it if your handy. Get an inspection even if new. We found a few cosmetic defects and saved a few dollars.
Click to expand...

Not really Handy with it and don't have the time. I'm willing to pay for someone else to do shit, I dont have the time or desire to do. As far as lenders, I don't have one right now, which is what im working on, getting my pre-approval but don't know where to start looking. Looking up lenders on the internet seems no different than me, just opening the white pages and randomly picking a lender (just saying). I would prefer to go with someone tried and true and reputable.
 
bgbtylvr said:
Don’t use Wells Fargo unless it’s a last resort. They suck!!!! Be mindful of PMI and if you can avoid it, do so. If you have to pay it, find out what stipulations allow to remove it in time. Once you the loan and move into the crib. Immediately consider extra money towards the principle. One extra payment per year will not 7 years off a 30 year loan. You can do it but splitting your monthly payment by 12 and adding that much extra toward the principle each month. Many banks allow you to, for instance if your payment is 927 a month, round it to the 1000 with the exta $73 directly to principle. Just an example. Don’t let them charge you to automatically do that shit. You can call and set it up after you close.
Click to expand...

haha, I plan on staying away from Wells Fargo for many reasons. good looking out on the PMI. I'll have to research this a bit more. I plan on doing the extra payment, once I get setting in and whatnot. Thanks for the heads up about not letting them charge me for something i can do myself.
 
HellBoy said:
(1) getting pre-approval
I used LendingTree, it was painless.

(2) credit checks,
Don't make any big purchases that will affect your monthly bill total. That is a factor lenders consider.

(3) things to look for / consider when buying a new home
(As said above) Look at the schools - A-rated will help with home value/appreciation
Drive the neighborhood, make sure the HOA is enforcing the rules and keeping the area nice
If you can afford it, put down 20% to avoid PMI
Do not do the closing the same day as the house inspection. They'll try to rush you through so you'll miss things they need to fix.
If you can afford it, get the biggest house offered.
If you can afford it, get the best lot offered if the premium isn't ridiculous. Corner lots are a lot of work to maintain, but are larger than the standard.

(4) using the Sellers lender vs getting my own realtor to handle the transaction
No realtor needed.

(5) how to find a good mortgage/financing company
See #1

(6) Upgrades to get & to avoid at all cost.
If blinds are an upgrade, get them.
Click to expand...

Thanks Fam, Great information.... will follow this advice. I heard of Lending Tree.. I'll give them a shot and see whats the deal
 
J.A. said:
Get a Real estate agent. They can negotiate closing costs and extra options in the home. The price as well. We purchased in December of 2016. Came out with seller paid closing. And close to 10 Grand in upgrades.
Click to expand...
Yeah, this is what I hope my experience will be also. I want every advantage i can get.
 
(3) things to look for / consider when buying a new home






Bring a clipboard/binder and highlighter with you. Jot down and highlight the many pros & cons you find with properties while checking out open houses. That way you can quickly cross-reference the spec' sheets when you're looking at comparables. Especially if you're checking out a number of properties in an immediate area. A friend at work had bought a place a year before me, so I'd bring him the spec' sheets after the fact and he'd give me additional advice on certain districts. What he thought was good value. Conversely what wasn't. Back when I was doing the open house visits in 2008/2009, one of the main selling points was that rapid transit (skytrain) would be introduced a number of years later. This came into effect in late-2015 or 2016, so when that happened it drastically increased property values along that 15-or-so minute trek between 3 districts.
 
dasailr03 said:
Not really Handy with it and don't have the time. I'm willing to pay for someone else to do shit, I dont have the time or desire to do. As far as lenders, I don't have one right now, which is what im working on, getting my pre-approval but don't know where to start looking. Looking up lenders on the internet seems no different than me, just opening the white pages and randomly picking a lender (just saying). I would prefer to go with someone tried and true and reputable.
Click to expand...
Who do you currently bank with? Are you in a credit Union? Start with your current bank and get some numbers. You don't have to use them but it's a good idea to check with various institutions and see which ones has the best offer. Just do your research on the lenders before accepting anything. I believe Realtors won't even put in an offer for you, if you don't have that pre-approval letter. Hell, some might not even bother showing you anything without it.
 
doggish_098 said:
What’s your credit score? Debt to income? Do you have any outstanding federal debts student loans taxes? Not questions for you to answer here but questions for you to ask yourself.

Next you want to find a broker you can go the online route but I would go with a reputable person. I’m big on personal relationships I like to feel like I’m the only person but that’s up to you.

Next thing you want to do is find out if there are any first time buyer programs you qualify for. Those depend on the neighborhood your credit and various other things but they are good to help with closing cost and other things that can keep some of your bread in your pocket.
Click to expand...

I'm pulling my credit score now, it was above XXX the last time I checked but will check again. as far as debt to income ratio, I only have two credit cards, paid on-time, never late and keep a minimal balance. No plans to make any major purchases anytime soon. Im interviewing a few realtors and they said they will work to ge the best deal, upgrades, etc. etc.. but time will tell.
 
dasailr03 said:
I'm pulling my credit score now, it was above XXX the last time I checked but will check again. as far as debt to income ratio, I only have two credit cards, paid on-time, never late and keep a minimal balance. No plans to make any major purchases anytime soon. Im interviewing a few realtors and they said they will work to ge the best deal, upgrades, etc. etc.. but time will tell.
Click to expand...
Aside from closing costs, put a few G's aside for other surprises after you move in.
 
TimRock said:
Who do you currently bank with? Are you in a credit Union? Start with your current bank and get some numbers. You don't have to use them but it's a good idea to check with various institutions and see which ones has the best offer. Just do your research on the lenders before accepting anything. I believe Realtors won't even put in an offer for you, if you don't have that pre-approval letter. Hell, some might not even bother showing you anything without it.
Click to expand...

I back with Capital One and two other credit unions.
 
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