2022 Boise Idaho Real Estate Blog

First Time Home Buyer's Guide for The Boise Idaho Home, Part 1!

Main Boise Homes for Sale
Core Group Realty and HouseHuntersofIdaho.com explain the process for buying Boise Idaho Homes for Sale!

The home buying process for a first-time homebuyer is often an experience that is prideful and exciting; however, the experience can also be confusing, stressful, and wearing. The majority of first-time homebuyers are not aware of all of the steps in the home buying process, and are often surprised by the complexity of the real estate transaction process. Some of the steps when purchasing a home include: choosing a real estate salesperson, getting pre-qualified and pre-approved for financing a home, choosing the best home based on needs and wants, signing multitudes of paperwork, and understanding the escrow and closing process.

One of the most important steps in purchasing a home is choosing the right salesperson to assist in the multifaceted buying process. A Realtor can be a wonderful tool in guiding the homebuyer in understanding real estate documents, finding the most qualified inspectors, and narrowing down the mass number of homes available based on the individual’s needs and wants.

Many people throw around the term “Realtor” when describing any real estate salesperson, but the term “Realtor” is not correct for all sales agents. Only real estate salespersons who are members of the National Association of Realtors are appropriately called Realtors. Realtors are held to a higher standard than any other real estate salesperson; including but not limited to, subscribing to a strict code of ethics, treating clients with the utmost fiduciary duty, and they are expected to maintain a more advanced level of information when it comes to the home buying and selling procedures.

The bulk of first-time homebuyers are not able to afford a home without the aid of a real estate loan. Due to this fact, additional extremely important steps in purchasing a home are getting pre-qualified, pre-approved, and assisting the final underwriter to approve official funding of loan. The terms pre-qualification and pre-approval sound the same, but are actually very different. With pre-qualification, the loan officer obtains basic information from the potential homebuyer such as names, addresses, yearly income, basic debt, and social security numbers. This information allows the loan officer to give a basic qualification amount to the home purchaser without the guarantee of funding a loan to him or her. The pre-approval is a much more detailed process, as the loan officer will require two years of W2’s, income tax returns, all employer information, bank statements, current paystubs, and will run a credit report. The loan officer will run all of the buyer’s information and complete some debt ratios in order to determine the amount of money they will loan out. Once the buyer is pre-approved, the financing is typically guaranteed unless the appraiser comes back with a lower home value or there turns out to be some major health and safety concerns in the home that can’t be fixed.

For a list of your Core Group Realty and HouseHuntersofIdaho.com agents, or to contact a lender today. Click here!

Tune in tomorrow for part 2 of the home buying process.

Posted by JessicaD at 11/5/2012 9:21:00 PM

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