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First Time Buyer 101
What Do I do? Where Do I Start? What Do I Need To Know To Avoid The Wrong People!
Take a deep breath, grab a cup of coffee and start reading.
We're here to help you relax, learn and take control. Our FOCUS is to provide a clear
understanding of the process, the terminology and the professionals involved.
Knowledge makes all the difference in the world.
FOCUS will attempt to answer all of your questions regarding the process, the specific
roles for each professional involved and tips you can use to make your purchase a
positive experience. After all, this is your biggest investment. Should you have a question
or are confused about anything at all, please Contact Us. We would be happy to answer!
During the process, you will have direct contact with the following professionals.
Becoming an owner for the first time is an exciting experience, yet it can also be a bit daunting if you’re not prepared. To
help alleviate a bit of the stress involved, please visit our glossary page to learn some of the terms you will hear in the
process. If ever a term is used that you do not fully understand, your loan broker, realtor or escrow officer are available to
answer any questions.
1) Get Prequalified Today
This is probably the most important first step you can take. This is the first place to start the home buying process. By
pre-qualifying for a loan, you’ll understand just how much home you can afford. This allows you to focus on homes that
are within your budget and avoid wasting time and emotion in the wrong home. With our simple online pre-qualification
form, Focus Home Loan Solutions makes it easy to begin the process.
Take a deep breath, grab a cup of coffee and start reading.
We're here to help you relax, learn and take control. Our FOCUS is to provide a clear
understanding of the process, the terminology and the professionals involved.
Knowledge makes all the difference in the world.
FOCUS will attempt to answer all of your questions regarding the process, the specific
roles for each professional involved and tips you can use to make your purchase a
positive experience. After all, this is your biggest investment. Should you have a question
or are confused about anything at all, please Contact Us. We would be happy to answer!
During the process, you will have direct contact with the following professionals.
Becoming an owner for the first time is an exciting experience, yet it can also be a bit daunting if you’re not prepared. To
help alleviate a bit of the stress involved, please visit our glossary page to learn some of the terms you will hear in the
process. If ever a term is used that you do not fully understand, your loan broker, realtor or escrow officer are available to
answer any questions.
1) Get Prequalified Today
This is probably the most important first step you can take. This is the first place to start the home buying process. By
pre-qualifying for a loan, you’ll understand just how much home you can afford. This allows you to focus on homes that
are within your budget and avoid wasting time and emotion in the wrong home. With our simple online pre-qualification
form, Focus Home Loan Solutions makes it easy to begin the process.
2) Make Your Needs List
Create a list of your needs and use it as a guide to selecting the right home.
To start, some items to consider are:
3) Explore the Neighborhood
By spending time in the areas where you would most like to live, you will get a strong sense of their character. Walk
through the neighborhood, visit the local stores, observe the traffic and explore the local parks and recreation facilities. It’
s also a good idea to visit on different days and at different times of the day.
4) Be Prepared to Move Quickly
Once you have found the right home you need to be prepared to write an offer. By having your finances lined up ahead of
shoppingyou will feel more confident about going into a contract. The sellers will also look at your offer as a strong offer
if you provide a Pre-Qualification Letter with your contract.
Create a list of your needs and use it as a guide to selecting the right home.
To start, some items to consider are:
- Monthly payment your budget can handle
- Neighborhood
- Current and future needs of your family
- Square footage and number of bedrooms and bathrooms
- Storage and cabinet space
- Entertainment space (patio, great room, kitchen)
- Proximity to quality schools, transportation, work, shopping
3) Explore the Neighborhood
By spending time in the areas where you would most like to live, you will get a strong sense of their character. Walk
through the neighborhood, visit the local stores, observe the traffic and explore the local parks and recreation facilities. It’
s also a good idea to visit on different days and at different times of the day.
4) Be Prepared to Move Quickly
Once you have found the right home you need to be prepared to write an offer. By having your finances lined up ahead of
shoppingyou will feel more confident about going into a contract. The sellers will also look at your offer as a strong offer
if you provide a Pre-Qualification Letter with your contract.
5) Follow the Time Lines in the Contract
Your contract will have time lines that need to be met. You will have a certain number of days to get your inspections
completed. Your Real Estate Agent will coordinate and you may want to attend the inspection. Read you contracts and
know when you need to complete your obligations. Typically, in a purchase contract you will have around 17 days for
your financing to be secured. It usually a good idea to have a contingency for financing in terms agreeable to you, the
buyer. The appraisal will be ordered either by your Real Estate Agent or Mortgage Broker. Ideally everyone will work
together to ensure a smooth transaction, but expect a bump now and then or the proverbial hurdle.
Your contract will have time lines that need to be met. You will have a certain number of days to get your inspections
completed. Your Real Estate Agent will coordinate and you may want to attend the inspection. Read you contracts and
know when you need to complete your obligations. Typically, in a purchase contract you will have around 17 days for
your financing to be secured. It usually a good idea to have a contingency for financing in terms agreeable to you, the
buyer. The appraisal will be ordered either by your Real Estate Agent or Mortgage Broker. Ideally everyone will work
together to ensure a smooth transaction, but expect a bump now and then or the proverbial hurdle.
6) Give Notice on Your Current Rental
Once you have been approved for the loan, you may want to notify your landlord that you will be moving. It is better to
have a few days over lap than to be staying in a motel with your home in storage. Your broker will have a feel of when the
loan is safe and should be able to tell you when to give notice. The entire process takes between 30-45 days once your
offer gets accepted. If you are in a lease, consult your lease agreement. You may have a penalty or there may be a
clause for buying a home. If you leasing agent does not make provisions for buying a home in the contract, you may be
able to come to an agreement. Make sure any agreement notes dates and is in writing. Otherwise you may want to
plan your home purchase after your lease period is up.
Once you have been approved for the loan, you may want to notify your landlord that you will be moving. It is better to
have a few days over lap than to be staying in a motel with your home in storage. Your broker will have a feel of when the
loan is safe and should be able to tell you when to give notice. The entire process takes between 30-45 days once your
offer gets accepted. If you are in a lease, consult your lease agreement. You may have a penalty or there may be a
clause for buying a home. If you leasing agent does not make provisions for buying a home in the contract, you may be
able to come to an agreement. Make sure any agreement notes dates and is in writing. Otherwise you may want to
plan your home purchase after your lease period is up.
| Focus Home Loan Solutions a division of Aim With Focus, Inc. |
| Loan Broker |
| Realtor |
| Title & Escrow |
What They Do: Access many
lenders for the best loans and
programs available. Prequalify
borrowers credit history, income,
debts & eligibility. Collect any
documentation requested by the
lender. Educate borrowers about
the loan process, more...
lenders for the best loans and
programs available. Prequalify
borrowers credit history, income,
debts & eligibility. Collect any
documentation requested by the
lender. Educate borrowers about
the loan process, more...
What The Do: Hold deposit as a
neutral 3rd party. Acquire all prior
to fund documents and host the
signing for each party. Disperse
lender funds to the various parties.
Provide title insurance and title
report.
neutral 3rd party. Acquire all prior
to fund documents and host the
signing for each party. Disperse
lender funds to the various parties.
Provide title insurance and title
report.
What They Do: Help buyer's
assess their family's needs in
housing. Ideally, a Realtor works
closely with the loan broker to
ensure client's can stay within their
budget and qualifying loan
specifics. Realtor should be able
to educate buyers on more...
assess their family's needs in
housing. Ideally, a Realtor works
closely with the loan broker to
ensure client's can stay within their
budget and qualifying loan
specifics. Realtor should be able
to educate buyers on more...
We will be adding more to this page soon.
Please forward your questions to add to
our FAQ page.
Please forward your questions to add to
our FAQ page.