When it comes to buying a home in today’s current economy we need all the help we can get. This is especially true first time home buyer. Whenever, I meet with my good friend Craig Ballhagen, I am amazed at his insight. Below is a reprint from his blog, MyFristBoiseHome.com. I truly believe reading will give you some tip that will save you money and frustration when you go to buy a home.
Boise’s next generation of first time home buyers must step up and take control of their home loan process and take responsibility for the documents they are signing. Remember you are borrowing hundred’s of thousands of dollars and required to pay it all back.
Take the time to gather the information about the loan process and examine ALL of YOUR loan documents.
It is the loan officer’s duty to explain everything to all first time home buyers. If your loan officer doesn’t look out for you, no one else will, until it is too late. TAKE CONTROL!
Here are a few things to keep in mind when purchasing your first Boise Idaho home
- Make sure you have complete underwriter pre-approval, not just pre-qualified. In today’s fast moving purchase transactions, buyers need to be completely ready to go.
- Obtain a full credit report with all 3 bureaus
- Insist on a Good Faith Estimate upfront. A GFE has complete breakdown of all of the costs and down payment associated with the loan process.
- Print out your own loan application and fill it out. It will only take you 20 to 30 minutes. That gives YOUcontrol. Remember the HUGE COMMENTMENT you are about to make. Take the time to do it RIGHT!
- Do not do any unnecessary spending or obtain new credit. .
- I would recommend attending the Idaho Housing Authority First Time Home Buyer Class located at 5th and Myrtle.
- Make sure your first time buyer home loan is processed and underwritten locally here in Boise and your loan consultant is able to meet with you face to face at anytime if necessary. If your loan consultant is out of state, are your best interests a top priority?
For more information and help with buying your first home go to MyFirstBoiseHome.com. Mention to Craig The Shopping Nazi said hello.
