Buying a new home can be both challenging and exciting! There are many things to consider when buying a home, and if you're a first-time homebuyer the process can be quite complicated and confusing. So, to help you stay on track, we have put together some useful information that should make your experience more pleasant.

For most, buying a home is the largest financial commitment they will make in their lifetime. So, it's important to have enough information to make the right decisions. With the assistance of your Real Estate Agent and Loan Officer, buying a home should be an efficient and rewarding experience.

The role of Your Real Estate Agent:

1. Present a variety of homes suitable to your needs as you've defined them.

2. Help you determine if a property will be a good future investment because of its neighborhood, market appeal, etc., or if it may have the chance to lose value in the future.

3. Help negotiate the best deal for you. Using a Pre-Qualification letter, your Real Estate Agent will be able to present you as a qualified and capable borrower. This sometimes influences the Seller to accept your offer rather than someone else's, even if your offer is the lower.

The role of Your Mortgage Broker/Loan Officer:

1. Assist you in selecting the best loan solution to meet your financial situation and home-selection goals. Choosing the proper loan structure can often add up to significant savings over the life of the loan.

2. Stay in contact by keeping you informed of your loan status throughout the entire process.

3. Work hard to secure the appropriate loan for you at the best rates and fees available, thus saving you significant money at “closing” and throughout the life of the loan.

4. If necessary, offer suggestions on how to improve your credit score to get a better financing arrangement.

Your role:

1. Clearly define your needs before shopping for a home. You should consider such things as close proximity to schools, transportation, entertainment venues, and work. You should also consider what size home you need, its amenities, and re-occurring expenses associated with owning property.

2. Express your needs to your Real Estate Agent, and keep in contact with them to present questions or concerns should they arise.

3. Provide documentation and make decisions as soon as reasonably possible to keep the process moving.

4. Remain objective throughout, and keep in mind that buying a home involves making a business decision.

5. Get pre-approved for your loan as soon as possible. This will help speed the process along when you find the home you wish to buy.

6. Order an up-to-date credit report so you are personally aware of what it contains and what may be effecting your financing.