First Time Home Ownership
A Journey to the American Dream
Each step along the way will get you closer to your goal of home ownership.
Home Ownership Steps
Mortgage pre-qualification - The first step in most first time home owners is finding out if they can get a mortgage. The pre-qualification process will give an indication if they qualify and for what loan amount.
Mortgage pre-approval - A mortgage pre-approval means that a lender has taken a detailed examination into the borrower's credit information and has issued a preliminary credit review, pending documentation and the property information.
Down payment - The down payment presents the biggest obstacle to home ownership for most buyers, especially first-time buyers.
Rent or Buy - The decision to renting versus owning must be made before starting the process to buy a home.
Find Dream Home - Everyone's dream home is different. How to begin looking for a home is very individual process.
Find Neighborhood - Finding the Right Neighborhood is the first and most important question to answer for the first time home owner.
Dream Home Checklist - Creating a home buyer’s checklist benefits the buyer by setting priorities and makes the home searching process less time consuming.
Improve and Fix credit problems - Find out if there are any Repair Credit Issues. Then take action to fix the problems.
Make sure lender able to give pre approval letter - Time is the friend of a credit issue when found early. Time is the enemy when found late in the process. The pre-approval letter is the best time to find out if there are any problems.
EMD and Down payment ready- Having the earnest money deposit (EMD) and down payment ready is a key step in home ownership.
Visit areas looking to live - Experience the neighborhood before owning the neighborhood solves many problems before they become problems. It is essential to visit the neighborhood different times of the day.
Check out School, Shopping, Crime - Three very important aspects of a neighborhood are schools, shopping and crime. Know what they are before owning will prevent any surprises.
Get pre approval letter - The key point in a pre-approval letter involves verification of the information. Make sure the lender is ready to issue a pre-approval letter when needed.
Find the right property- All the preparation of finding the right neighborhood, knowing the correct price range and having a clear picture of the house wanted now come together in finding the right home.
Real estate is not like buying a car. Buying a car is find, car do paper, own car. Real Estate contract to buy does not always end in sale of house. Completing the transaction is a difficult and problem landing process. Escrow is a process where a neutral third party acts as the closing agent for the buyer and the seller
Mortgage problems - Problems with the mortgage application process with in the current regulation climate are normative. The first time home buyers should not feel singled out when problems occur in the mortgage application process.
Real estate problems - The key to understand for the first time home buyer is that there will be real estate problems when trying to close a real estate transaction. Problems are not a sign of anything wrong, until they cannot be solved.
Close the deal and own a home or go back to step 3 - The real estate and mortgages problems get solved and the property closes. Or there are problems that make it so the property does not close. When a deal goes bad, go back to 3 steps and start looking for a new home. Don’t take it personally. Keep focused on the dream.
Coffee Real Estate more choices superior service
Home Buyer Guide
What are neighborhood demographics and median incomes?
How is the school district?
Check crime statistics
Determine how much debt you can afford
Understanding the credit score system
Take steps to improve your credit score
AND MUCH MORE....
Find the Right Mortgage
We know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.
Find the Right Real Estate Agent
Coffee Real Estate Professional Agents do more for our clients.
Home buyers dream of finding a new home inspires us to exceptional diligence when searching the real estate market place. Not only do we look at the houses on the market we will canvas a community to find properties that “just right home” for our clients.