Monthly Archives: May 2015

6 Easy Steps to Buying a New Home

learn tips to buy a home for saleDon’t be overwhelmed by the home buying process.  Here’s some basic steps to get you started.

Get Your Credit Report 
Before you go see any banks or lenders, make sure you have a recent copy of your credit report. Look it over and make sure everything is accurate and if there are any issues listed on the report, address them if possible. Your credit score, which is based off items that have been reported to the credit bureaus,  is one of the key factors used in measuring what kind of loan you will qualify for.

By law, you are allowed one free credit report each year, but there are many companies out there offering this service but then charge you for it. The truly free credit report is found here: Free Annual Credit Report

Look at your Future Plans: Moving? Kids? Job Change?
Have an honest sit down talk with yourself about what you can comfortably afford based on your income and where you see yourself living in the next 5-7 years. You don’t want to make any long term financial decisions if big changes are coming in the near future.   Moving out of a home shortly after you purchase it often presents certain types of financial risk for the buyer, so make sure you are ready before you take the plunge into home-ownership.

Discuss Loan Options
Find an established mortgage lender in your area and give them a call. Mortgage lenders can sometimes be a better route to take vs going to your local bank for a home loan. This is because mortgage lenders specialize in all things mortgage and are well versed in each and every new program that becomes available for home buyers. If there is a special discount or program to help home buyers, they will know about it.  Looking for a Lender in Northwest Arkansas? Contact

Get Pre-Qualified 
Get your documents together showing your gross income and any current debt payments and set up an appointment with your mortgage lender to get pre-qualified for your home loan. This will give you your ballpark range for how much money they will be able to loan you.  Get a buyers checklist  for knowing what documents you need. Next up, start shopping!

Find a Professional Buyers Agent
Find a knowledgeable Buyers Agent in your area and show them your pre-qualification letter. A Buyers Agent works solely for the buyer in a real estate transaction.Typically real estate agents tend to represent sellers, but they can do both.

Showing your Buyers Agent the pre-qualification letter gives them a well-defined financial range to stay within while they hunt for homes for you.

Get Pre-Approved & Make an Offer
Once you’ve found that perfect home, meet with your lender and get pre-approved for the specific property. This is done last so that your credit does not get ran multiple times while you are just shopping. When you have the pre-approval, you hand it off to the Buyers Agent and they get to work negotiating the details for you. It’s that simple!

Contact Buyer’s First Realty today and get started on your journey to becoming a homeowner!