Brandon Patton Tri Cities: The first step to buying a home

Brandon Patton Tri Cities

Brandon Patton is the Owner and Designated Broker of Tri Cities Real Estate Market Leaders. If you are thinking about buying or selling a home in the Tri Cities Real Estate Market then Brandon Patton would be happy to help you out. Brandon Patton has sold over 500 homes in the Tri Cities with a total volume of sales over 75 million dollars in inventory. When you hire a Real Estate Broker it is important that they have experience negotiating contracts and that they understand effective ways to use Marketing to sell your home.

Brandon Patton has an MBA Degree and 3 other degree related to his business. He is the Owner and Designated Broker of Real Estate Market Leaders. He uses Drone Video Tours when he list homes for sale in Tri Cities and he offers huge rebate to people who use him as a buyers agent when they buy a home for sale in Tri Cities.

Brandon Patton Tri Cities Real Estate Past Sales on Zillow

Friday, February 25, 2011

The first step to buying a home

A good home buyer gets prepared before they look!
The First thing a home buyer in Tri Cities should do is talk with a mortgage broker about their financial situation and what their best options are for buying a home. Each home buyer will have different resources available that should be identified (VA, FHA, CONV, Buyers needs) and each mortgage broker will have strengths and weaknesses that match the buyers needs. For Example, if you are shopping for a new home and decide that you want to buy land and put a manufactured home on the land you may find that one bank (mortgage broker) may tell you that you need to put 10% down on the purchase to be able to get through their underwriter. Another bank may tell you that you need 5% down to do a similar purchase. Just remember that not all home loans are structured the same and that maybe one lender may offer you something that will work better for you than another lender.
The typical buyer in Tri Cities will fall into the category of buying a stick built home between $180,000 and $225,000. They will find that the average lender will tell them that they should put 3.5% down if they are buying a home using a FHA home loan or 5% down if they are buying a home with a conventional home loan. If the property is an investment property (not occupied by the owner) they may have to put up to 20% down. If the buyer is a veteran they should take advantage of the owner occupied 0% down VA program (get a certificate of eligibility). Also, there is a difference between buying new construction that has not been built and an existing property that already has been occupied. Some lenders specialize in custom home construction and others don’t offer good programs for developing land.
When you start talking with a mortgage lender make sure you compare at least three different good faith estimates from different lenders. Make sure to look at the points that are included and don’t forget to look at loan origination fees. By this point the home buyer should have an idea of what they are going to need financially to accomplish their real estate goals and they are prepared to start working with a Realtor to show them what their options are within their budget.

Don’t forget to ask for a pre approval letter!
Thanks,
Brandon Patton
www.tc509.com