New first time home buying tips from buyers agents to loans pre-approval qualifying.

Offering new first time buyers home buying loans tips that can save buyers a lot of time, money and frustration. Tips weather you're first time new home buyers or a veterans selling your old house and buying a bigger, better one, right now is the first time to arrange for your new home buying or loan transaction. Current mortgage interest rates are still close to their historic lows. During the slow selling season, many house or condo sellers who have a property listed for sale are usually highly motivated and negotiable. If you're a shopper for a new house or condo, here are five first time buyers tips to make your new home buying loan easier so you don't pay too much or buy the wrong property.
Tips - 1. Obtain at no cost to you, a pre-approval. The lender will actually pull your credit report, verify income if necessary and obtain a mortgage commitment for you before you find a property to purchase. Most experienced real estate agents won't work with prospective new home or first time buyers who do not have in their possession a loan pre-approval from a mortgage broker or lender in writing showing how much of a loan the buyer qualifies for. A good faith estimate of loan fees is available upon request so you can prepare for your down payment and closing costs. Real estate buyer's agents know that a first time buyer that is pre-approved for a mortgage loan is sincere and serious about doing it right. Mortgage pre-approval, not just a pre-qualify, shows the seller that the offeror is a qualified prospect and will negotiate more favorably with them. If you need to qualify for a higher amount you may want to consider an adjustable rate or even a program that allows payments of only interest and no principal for qualifying. Consult your counselor on this.
Tips - 2. Don't get in a rush. Buying as new first or second time home buyers is a huge decision that has long term consequences and should not be entered quickly. There are many things to consider. Schools, shopping, transportation and demographics are just a few. Internet web sites are excellent places to start the search. More than 60% of people buying a home use the internet to explore available properties for sale and contact real estate buyer's agents. First, time spent in new home buying research will uncover potential pitfalls. When you finally locate just the right one for you, make your purchase offer without hesitation. Don't risk missing out on your ideal property due to unnecessary hesitation.
Tips - 3. Find and work with the area's most reputable buyers agent. Ask your family, friends and associates for referrals of whom they used as their agent. Soon you will have a reliable list of agents to talk to. Personalities often have a big impact in that choice. Most agents require their prospective clients to sign an exclusive agency agreement ranging from 30 days to several months in duration. Insist on a 30-day agreement, with the understanding that you will renew if the agent is performing well for you. You don't want to be obligated for a long time with an non-productive or difficult to get along with agent.
Tips - 4. Inquire as to why the seller is selling. A great way to ask the seller is "Why are you selling such a lovely home?" A truthful answer can help you decide if this is the right property for you to purchase. For example, if the property is being foreclosed on and the court sale will occur in two or three weeks, you may not be able to close that quickly if you're not already pre-approved for a mortgage loan. This is another example of how loan mortgage pre-approval is can be of benefit.
Tips - 5. Before making a purchase offer for buying a new first time home, have your buyers agent prepare a Competitive Analysis of Prices. It shows recent sales prices of nearby comparable properties, list prices of those currently for sale, and list prices of expired listings that didn't sell. With an accurate analysis prepared by your buyers agent, you can make sure if the seller's price is reasonable. If not, don't hesitate to make an offer at a dollar amount you think is fair. Your loan mortgage pre-approval will add some wallop to your offer.

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