how to buy a house buying your first house in 2011 advice help

how to buy a house buying your first house in 2011 advice help.

You know the old story: a guy is walking down the street in New York City. He goes up to a local and says, "Excuse me, can you tell me how to get to Carnegie Hall?" And the New Yorker replies: "Practice." It may be an old joke, but the concepts in it are still useful. If you want to buy a first home it’s a good idea to get directions from people who’ve been there, and it couldn’t hurt to practice.

Practice
"Don’t jump into buying the first home you see," says Stacie Zoe Berg, author of The Unofficial Guide to Managing Your Personal Finances (Macmillan, $15.95). "Go to open houses. Get to know the market. Investigate many neighborhoods, and if you’re going to buy a newly built home, look at a lot of different models," she says. "Don’t be afraid to play around, underbid, and see what the process is like. Practicing when your real money is not at stake is a low risk way to learn."

Remember it’s an investment
"The most important thing for someone buying a home to keep in mind is that it will likely be the biggest investment of their life," Berg says, "What often happens is that people get so excited about buying a home of their own that they forget they are dealing with real money. And the fact is that since most of the money being invested is borrowed, it’s not even their money."

"Another problem first-time buyers run into is that the amount of money that the lender qualifies them for might be more than they can afford to borrow," cautions Berg. "First-timers don’t know how tight it can get. They may borrow too much, buy too much house, and then wonder why they suddenly can’t afford groceries."

Get your credit in shape
"Make sure that your credit is in good shape before you start the process. If it’s not, get to work on it," says Berg. "Mortgage lenders determine what kind of loan you qualify for by using computrized credit scoring systems. The bottom line question to answer is how likely are you to pay back the loan. Any factor that brings your score down will be reflected in the cost of the loan to you."

Think about your down payment
Lenders generally look for a down payment that is twenty percent of the purchase price. So if your dream house costs $150,000, you need to accumulate $30,000 to make the down payment.

"If you can put down twenty percent, you eliminate paying Private Mortgage Insurance (PMI)," says Berg. "PMI protects the lender if the borrower defaults on the loan. It’s usually required if you borrow more than eighty percent of the purchase price. PMI is an extra cost, and you want to avoid if you can."

What if you can’t put down twenty percent? There are low-money-down loan programs available. You must qualify for these programs and your mortgage rate may be higher. Your buyer’s agent (see below) should be able to help you find lenders with programs that are right for you.

The amount of time it will take to accumulate a down payment is different for each buyer. It’s a good idea to meet with a financial planner, as soon as you can, to create a program that will help you reach your goal.

Get pre-approved, not pre-qualified
"If you have a pulse you can probably get pre-qualified for a loan," says Ray Brown, co-author (with Eric Tyson) of Home Buying for Dummies (IDG Books, $16.99). "Pre-qualification means that you are ready and willing to borrow. But your ability to borrow has not been verified by the lender."

Brown recommends that buyers get pre-approved by a lender before they get serious about house shopping. "It’s a seller’s market in most parts of the country. If there are 5 offers on a new listing, having pre-approval can make your offer stand out," says Brown, who was a real estate agent for thirty years. "When you are pre-approved, it means that the lender has verified your financial status and they’re willing to lend you a specific amount. In essence you’re shopping with a letter of credit."

Get your team together
You will probably need to assemble a team of professionals to help you through this process. The four professionals you are most likely to work with are: a buyer’s agent, a mortgage lender, a certified home inspector, and an attorney.

Brown suggests that you interview the people for your team carefully. "If you don’t trust someone, don’t do business with them."

1. The buyer’s agent: "A buyer’s agent exists to make the deal fairer for you, the buyer. Their responsibility is to you, not to the seller," says Berg. "The seller’s agent, who may be the realtor with the listing, and may even show you the house, is obligated to give any personal information (your salary, pre-qualified loan amount) to the seller. Don’t tell your secrets to the seller’s agent."

Tips on choosing a buyer’s agent:
Ask the agent for an activity list that shows the properties they’ve sold in the last 12 months. The list should include property addresses, dates sold, closing prices, buyer’s names, and whether the agent represented the buyer or seller.
Check to see if they’ve been closing sales regularly throughout the last 12 months. If not, ask them why.
Check the geography. If the agent hasn’t bought or sold houses in the neighborhood you want, find a different agent.
Check closing prices. If you want to spend $200,000 and the agent’s lowest (or average) closing price is $500,000, you need a different agent.
Use the activity list as a reference list. Call at least two of the agent’s clients from one, six, and 12 months ago. Ask the buyers what they think of the agent. Do they think the agent got them a good deal? Was the agent responsive, reachable, and trustworthy?
Interview the agent. Make sure that they are a full-time agent and will be acting exclusively as your buyer’s agent and not as a dual agent (you and the seller).
If the agent wants you to sign a contract, don’t commit to more than 3 days. If the person is not aggressive enough for you or your personalities conflict, you want to be able to move on.

2. The mortgage lender: "There are as many kinds of loans now as there are flavors of ice cream at Baskin Robbins," says Brown. "When I started in the business, you could have any kind of mortgage you wanted as long as it was either a 15 or 30 year fixed rate. Now people are blown away by the choices."

Tips on choosing a good lender:
Interview lenders, just like anyone else on your team. A good lender will help you find the loan that works best for you and you should understand your options once you’ve spoken with them.
Ask your agent for a referral. You may not end choosing that lender, but it’s a good place to start researching.
Look for a lender that has a competitive spirit and ask them if they are willing to negotiate their fee schedule. With interest rates rising and fewer people refinancing, lenders may be hungrier for your business.

3. The certified home inspector: "The inspector checks to make sure the home is structurally sound and that everything is in working order," says Berg. "This is especially important with a newly built home, because if the inspector hasn’t written something down, then the warranty won’t cover it once you’ve closed."

Tips on choosing and using a home inspector:

Get an inspector that is a member of the American Society of Home Inspectors, the national trade organization that certifies inspectors. You can reach them at (800) 743-2744.
Make sure you hire a full-time property inspector.
Make sure that you get a foundation-to-roof inspection.
Be there, with your agent during the inspection. That way the inspector can show you exactly what the existing and potential problems are. This information can be essential in negotiating price.

4. The attorney: Real estate contracts are legally binding and can be confusing. If you ever have a legal question, contact an attorney. Before you sign contracts on a newly built home, or an existing home, have an attorney read the documents.

The tip of the iceberg
Like any major investment, buying a home requires time and research. "You can’t be expected to know everything about every aspect of buying your first home," says Brown. "And fortunately, you don’t need to know everything as long as you put together a team that does."

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