How to Hit a Home Run as a First Time Home Buyer in the Tulsa Area

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Trina Davis, of eXp Realty, invites you to join her for a free 30-minute consultation over a cup of coffee. There’s no cost, or obligation, to sit down and have an interview. You can reach out to Trina at 918-906-2649.

Buying a home is one of the best ways to build wealth and create stability. As you begin the process of buying a home, take time to sit down and interview agents. Look past the hype and excitement of buying a house and review the necessary facts.

One of the first steps to pursue when buying a home is to get your finances in order. Meet with a lender to get pre-approval and set a budget. This process will help you to know how much you have to work with, and establish realistic expectations from the beginning.

Pre-Qualified vs. Pre-Approval

When seeking your pre-approval letter, there’s a difference between “pre-approved” and “pre-qualified”.

Pre-Qualification

The lender accepts your application, the information you give them, and they say “you qualify for this amount of money”. They may provide you with a letter which says you are pre-qualified. However, the pre-qualification doesn’t actually go through the steps to verify the information is correct. It’s not a pre-approval. The letter may say “subject to verification of assets, income, or employment”.

Pre-Approval

A pre-approval letter is a reliable letter which indicates the applicant has been through underwriting. The information has been verified, including income and assets. This letter assures the real estate agent and seller, that the lender qualifies for “this much” money. Therefore, if the lender submits a contract, you can rely on it, and that they are ready to proceed.

TTCU Federal Credit Union offers options which are great for first-time home buyers, including two conventional type loans which allow for no money down, however the buyer is responsible for closing costs. Keep in mind, down payments and closing costs are separate. The down payment is the amount being paid towards the home, while closing costs include all the “extras”, such as taxes, insurance, escrow, and lender fees. Additionally, TTCU Federal Credit Union will take 0.125 percent off your interest rate when you close with them; the loan must be a purchase transaction and close at Integrity Title and Closing. TTCU offers some of the lowest closing costs in Tulsa! Visit ttcu.com to fill out an application online, or get more information.

This stage of the home buying process isn’t glamorous or fun, but it is the foundation of your home search. It’s possible your dream home receives multiple offers. Having your pre-approval letter from a reliable lender may help your offer get accepted.

While buying your first home is exciting, there’s a potential for issues to arise along the way. It truly helps when you choose a Realtor® who is experienced and knows how to try and prevent these issues from arising.

Schedule an appointment with The Baskin Real Estate Specialists, with no cost or obligation, visit askinforbaskin.com.

 

Featured Properties

  • 7957 S 78th East Ave. – Located in Sweetbriar. Wonderful layout with 3 bedrooms downstairs plus bedroom suite and theater upstairs. Semi-detached office w/outside entrance, outdoor living area. Great value! Listed at $225,000
  • 6708 S Atlanta Pl – Spacious home with 4500 SF; 2 bedrooms on first floor, 2 upstairs with possible 5th bedroom, formal living, dining, and family rooms. New hardwood floor and plenty of closet space! Office with separate entrance and Circle driveway. Listed at $294,000
  • 8954 W 51st Street – Well priced Grand Colonial home with beautiful entry! 9042 SF on 5 acres, 6 bedrooms, 6-full/2-half baths, chef’s kitchen, and 8-car garage. Listed at $999,999

For a complete list of active listings, visit homeguidetulsa.com.

Photo attribution: www.ccPixs.com

 

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