1st Time Home Buyers: Part 1

What is a first-time Home Buyer?  

A first-time home buyer can be described as someone that has never owned a home, or a person or persons that has not owned a home in 3 years or longer!

In this blog series, I will be addressing some of the questions a first-time home buyer may have about the process.

Where Do I Start?

Start with connecting to a Real Estate Professional that will be by your side every step of the way, from the 1^st meeting to the day you get your keys to your new home and beyond!  I want to be your Real Estate Broker for life!

Where and what happens at the first meeting?

For our first meeting, we will meet at a coffee shop or lunch place of your choice. You share what your goal and expectations are for your next home. I share my story and what I have done in the past for my clients.

What about my Credit?

The next question I get is I don’t know what I can afford, or my credit is kind of messed up, and I am not sure what to do.  I have some preferred lenders that I work with that I will connect you with. I will never know the specifics of your financial situation (income, debt, etc.) unless you share it with me directly. All I need to know is what price point you are approved for how much you have for your down payment etc.

What is the lender going to ask me for?

A lender will ask for the length of employment, pay stubs, past tax records, bank account statements, and additional qualifying information.

What happens if I think my credit is marginal?

Well, I am glad you ask that question. I had a client that had that situation, and he was working very hard to get the issues fixed. Unfortunately, he was not putting emphasis on the right thing and not making very much progress. After speaking with one of my preferred lenders, the client was put on a different course, and he was able to improve his credit score in a short amount of time to be able to get approved for a home loan. Shortly after that we were able to get him in his forever home and buying that home has changed is financial future to the positive.

Stay tune for Part 2 of the blog about being a first-time home buyer!

If you can’t wait don’t hesitate to reach out to me at any time!

Let’s Connect!

Tom 206.948.2598/ tom.knowlton@Century21.com

Century 21 Real Estate Center, Lynnwood WA