As a first time home buyer Maryland I really had no clue where to start when I decided to finally take the big step and buy a home this year. I had no clue where to start the process in buying a home. So I spoke with my parents about their experience with home buying and came across this valuable information from them. If you want to have a smooth experience hire a good Realtor and choose a good lender.
It was great to find out that hiring a Realtor would not cost me anything since I already had to pay for the down payment on the house, home inspection, appraisal, homeowners insurance. I was really surprised to find out that my Realtor got paid from the sellers real estate fees. I found out also from my Realtor that if negotiated I could request that the seller pay my share of the additional closing costs involved with buying a home. This really helped me out too.
So to start the process I first interviewed several Realtors and asked them many questions to try and determine who I should hire as my Realtor. On advice from others I looked for a fulltime Realtor as they are most likely going to devote more time assisting me with buying a home. I also asked them what makes them stand out from the competition. For me one Realtor stood out as they were always available to me for answering any questions and always returned my calls promptly if they were unavailable when I called. Next I asked for 3 references from former clients from this Realtor.
After calling the three references my instincts were confirmed and I chose the Realtor I liked the most as all 3 references vouched for this Realtor with great references. So now that I secured a Realtor to help me find and purchase a home I next needed to find a lender to secure financing on a home. For starters I asked my Realtor if he had any suggestions on a lender. In fact he did refer me to someone he had worked with in the past.
Holding true with the advice of my parents I also spoke with two other lenders to see what loans and programs they could offer me. I spoke with my local bank to see what they could offer me and them found a local lender online a Mortgage Broker and got quotes from all of them. I was really surprised to find out that each lender offered slightly different interest rate quotes and has somewhat different loan programs. After choosing my top choice for a lender I asked again for 3 references of former clients and spoke to each of them before making my final decision on which lender I would choose. I really found this advice from my parents very helpful and highly recommend any and all home buyers to do the same. Do your homework, ask questions, get references from several Realtors and Lenders before you hire them.