Chris Mamone, Senior Loan Officer (Keller Mortgage)

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Rainmaker
693,398
Sara Wagner
The Woodland Companies - Adams, WI
Stevens Point Rentals

Listen to the advice of your agent, and follow it.

Oct 18, 2018 02:44 AM
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Listen to both your lender and agent. Don't depend on HGTV for real estate advice or tactics...

Aug 04, 2015 04:24 AM
Rainmaker
831,478
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Have a safety net.

In other words don't buy ALL that you can afford. Leave some room for the unexpected.

What do I advise most during the process?  DON'T BUY ANYTHING ON CREDIT!!!!!

One buyer did not BELIEVE and ended up with a garage full of kitchen cabinets. tile and appliances and no house into which they could be placed.

Aug 04, 2015 03:39 AM
Rainmaker
212,605
Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

-Get a pre-approval from a good lender and don't make any big purchases or anything with credit.

-Look at houses valued at less then what you are pre-approved for.

-Listen to all professionals involved be that Realtor, Mortgage Broker, Inspector etc. (assuming they are good & professional)

Aug 04, 2015 03:26 AM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Chris Mamone Don't take on more than you can handle. Stay within your means and don't get house poor.

Aug 04, 2015 03:10 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Set up a budget that you can comfortably manage for your first home purchase.

Aug 04, 2015 03:08 AM
Rainer
21,525
Amanda at VA HLC & FedHomeLoan
VA Home Loan Centers - San Diego, CA
Social Media, Content & Client Relations

Don't rush to pay off your mortgage. Make sure you save for other things you need in your life. Also, aim small, at first. You can always buy a larger home 15 to 30 years down the line once the mortgage is paid. Especially look for federal home loan programs where you don't need to make a down payment or can leave a very small one. 

Aug 04, 2015 02:50 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Save 20% down, don't pay PMI no matter what and if you can afford it only do a 20 year mortgage.

Aug 04, 2015 02:43 AM
Rainmaker
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Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

- Find a lender who is well versed in first time homebuyer programs to see if they qualify.

- Don't think your questions are dumb.  They're important to you, so they should be important to your realtor, lender, etc.

- Buy conservatively if at all possible.

Though they shouldn't have to ask, the realtor and lender for first time buyers (any buyers, really) should explain the process clearly so they know what to expect.  No one wants to feel blindsided.

 

Aug 04, 2015 02:41 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Interview more thatn one agetn and more than one lender

Apr 08, 2018 11:43 PM
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Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

Save as much  as you can and give the highest DP possible

Aug 04, 2015 10:28 AM
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Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Chris - I would recommend that they never max out their purchasing power on a home. Buy within their means and have enough money to live life.

A first home is just the beginning to a long life of investing in real estate (even if it is your primary residence), so take it slow. No reason to be house poor, especially on first home.

Aug 04, 2015 09:02 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Do not max out your qualification amount.

Aug 04, 2015 08:40 AM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Put money away for a rainy day. Lump sum that you never touch that can keep you paying the mortgage no matter what happens. WHY? I don't want you lose what you have worked so hard to get

Aug 04, 2015 08:05 AM
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Tony Grech
Luxury Mortgage Corp. - Southfield, MI
Helping folks purchase and refinance since 2001!

Speak to a good loan officer and get pre-approved well in advance of buying.  And just because you CAN doesn't mean you SHOULD. What I mean by that is just because you can BARELY qualify for a loan doesn't mean you should go out buying a house right away. Do yourself a favor and save up some more money and get your credit in great shape. It will pay off in the long run because Lord knows you're going to need money for paint. movers, appliances, etc. Don't leave yourself house poor in your quest to become a homeowner. The goal is not just to buy a home but to keep it!

Aug 04, 2015 06:42 AM
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Dream big but start small.  Separate emotions from the transaction and realize that in most cases the first home is an investment in the future.   Buy the home like an investment - think cash flow, area (will it appreciate), and exit strategy.  Choose a loan based on those things.

Aug 04, 2015 05:05 AM
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S. Leanne Paynter ☼ Broward County, FL
United Realty Group, Inc. - Davie, FL
Davie, Plantation, Cooper City & Weston Specialist

Improve their credit as much as possible, get pre-approved, don't buy any unnecessary or large ticket items prior to closing and don't expect to find the "perfect" house... if you can get 80% of what you're looking for in a house, you did good.

Aug 04, 2015 04:56 AM