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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Pre-approval for Mortgage

Getting pre-approved for a mortgage is crucial as it clearly defines your budget, ensuring you focus on homes within your financial reach. It strengthens your offers, making you a more attractive buyer to sellers by demonstrating your financial readiness. Pre-approval speeds up the closing process since much of the necessary paperwork is already completed, allowing for a smoother and more efficient home buying experience.
 
Pre-approval letter gives you Confidence and a competitive edge in your home search.
 
Getting Pre-approved for a mortgage is an important first step in the home buying process.
 
Process:
  • CHOOSE A LENDER - Select a reputable lender or mortgage broker.
  • SUBMIT DOCUMENTS - Provide financial documents like income statements, tax returns, and credit reports.
  • ASSESSMENT - The lender evaluates your financial health and creditworthiness.
  • PRE-APPROVAL LETTER - If approved, you receive a letter stating the loan amount you qualify for.
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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My Goal Is to Provide You with The Most Personalized Service that Is Designed to Help You Buy Your Dream Home.

Schedule A Consultation
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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Finalize Your Loan Application

Now is the time to go back to the mortgage lender who pre-approved you and finalize your loan. 

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

Testimonials

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  • I’m very pleased to have Yasmin Bailey as my realtor. She’s very professional, kind, compassionate, and more than willing to follow up with clients.
    — Tracy G.
  • Yasmina was very helpful and patient with the sale of my house in Bridgeport CT. She showed it as expected and did a superb job.
    — Sriani C.
  • Throughout my home-buying process, Jasmina was incredibly communicative. She promptly answered calls and emails, keeping us informed about every development. Her ability to clearly explain was particularly very helpful. She is very honest trustworthy, and intelligent and She is always willing to help beyond her job. She is not pushy at all. Loved working with her.
    — Rahat C.
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Contact Details

Yasmina Delacruz - Bailey

Phone

(646) 938-4879

Email

[email protected]

Address

Monroe Office: 588 Monroe Turnpike Monroe CT 06468 Bridgeport Office: 3775 Madison Avenue Bridgeport CT 06606

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