12 Great Web Resources for First-Time Home Buyers

Rich Ellinger
Tue, 05 Aug 2014 00:00:00 +0000

There is nothing more exciting than buying your first home. This is a big step in your life, both personally and financially, but once you made the move you will be glad you did.

The process you follow from beginning to end will be similar for most first-time home buyers. While some have a solid idea of what to expect, others are unsure of what they will face as the process unwinds. Fortunately, there is plenty of information available for every phase of the buying process.

In addition to the assistance you can receive from industry professionals, such as a realtor or mortgage broker, you can unearth plenty of information online.

Let’s take a closer look at five of the primary steps of the buying process, with a focus on where to turn when searching the internet for advice.

Obtaining a Mortgage Pre-approval

Before you ever begin your home search, you need to receive a pre-qualification letter from a lender. Not only will this help you better understand how much you can afford to spend, but it will go a long way in making your offer stronger when you finally find the home of your dreams.

You can obtain a mortgage pre-approval by contacting any lender, from local banks to large institutions such as Wells Fargo.

Would you rather work with a mortgage broker? If so, you can use the Association of Mortgage Professionals directory to find a professional in your local area.

For those who worry about choosing the wrong lender, it is best to rely on a website, such as Bankrate.com, that can help you compare rates and fees.

Selecting a Real Estate Agent

It is easy to believe all real estate agents are the same, however, this is not true. Agents differ in many ways, including the following:

Experience

Knowledge of the area

Availability

With so many agents scattered across the country, with thousands in bigger cities, making a decision on whom to contact can be a challenge. To make your life easier, search through real estate agent reviews on Zillow. This will give you a clear idea of which professionals have the best reputation in your area.

Choosing a Home and Neighborhood

As a first time homebuyer, you need to know how much you can afford to spend (see above), as well as what you are hoping to get in return for your money.

Although you may have a long wish list, there could come a time when you realize you have to knock some items off the list. Remember, it is hard to get everything you want in your first home. There is nothing wrong with compromising.

To help you with figuring out the things that are important to you in a house as well as what they might cost in different areas, here are some popular web resources:

Houzz: perfect for deciding what you like and don’t like in a home

Zillow: not only can you find homes for sale on this website, but you can learn more about past sales (including the price), size of other properties, and neighborhood information.

Trulia: this company’s tagline says it all. Your Home for Real Estate.

Picking a specific neighborhood is another important step in the home buying process. Neighborhood Scout is a web based application that provides you with information on every neighborhood in the country. You will gain access to powerful data, including but not limited to:

Median home value

Schools

Home appreciation

Crime

Demographics

The Inspection Process

What you see on the surface of a home does not always paint a clear picture. It takes an experienced home inspector to dig down deep, searching for problems you may not be able to see on your own.

From the condition of the roof and foundation to the age of the plumbing and electrical systems, there is no replacement for a thorough home inspection.

To find a home inspector in your area, you can visit The National Association of Home Inspectors or American Society of Home Inspectors websites.

If you prefer to learn more about the many inspectors in your local area, including how other users have rated them, Angie’s List is the resource for you.

Time to Close the Deal

Now that you have secured a mortgage, negotiated a solid deal, and completed the inspection process, it is time to close the deal. This is the most exciting part of buying a home, as you are closer than ever to receiving the keys.

Your real estate agent will setup the closing for you, ensuring all your ducks are in a row.

A title company typically handles the closing. If you need to find your own title company or are not happy with the one selected by your lender, visit the American Land Title Association online to begin your own search.

What Are You Waiting For?

With so many web resources at your fingertips, it has never been easier to learn more about buying a home online. As a first-time home buyer, pay close attention to the details of each phase. Don’t make any decision, no matter how big or small, until you've done your homework. Happy house hunting.