How to buy a house first time home buyer? Are you a first time home buyer ready to get your first
house? Oh, it is exciting time to buy a house? Interest rates are low, inventory is great and it
is time to go. I'm going to show you exactly how you can get your first house right now. Let's go.
I'm going to share with you a detailed step-by-step process on how to buy a house
and get a mortgage to buy said house. I'm going to share with you 3 tips to getting a house fast. And
last but not least, I'm going to share with you my dirty little secret on how to buy a house without
cash or credit. So, making the decision to become a homeowner is very smart. Now, I'm not saying
that it's the smartest investment ever because that is really not true. As someone that owns lots
of properties and has been in the mortgage and real estate business for nearly 20 years, I can
tell you that home ownership is a key component of building your wealth. However, I want to warn you
that buying a house is not the best investment. It is not like the end-all be-all that's going to
make you rich. Buying a home is a smart decision, But I'm going to get to why a little bit later
because there's so many benefits to real estate, period. One of them is that real estate is
a physical asset. It's something that you can have, you can borrow against. You can leverage.
It has value that is going up called appreciation. You can turn your property into a rental property
and make money off of it. Or you can sell it and then make money off of that asset.
So, buying a home definitely is a smart decision and you are definitely on the right track. So,
let's talk about how you get it done. So, let's talk about the mortgage process because this is
so important. Many people that want to buy a home need a mortgage. Meaning, they need
financing. And a mortgage loan and application process can be very daunting for most people.
Especially first-time home buyers. So, when you go to buy a home and you apply for a mortgage,
they are going to be looking for your ability to repay the loan. They want to see how much money
do you make, your income. They want to make sure that you have stable employment and a source of
employment that is stable. Have you been working for 2 years? Is your income expected to grow?
These are the things that they're going to be looking at when it comes to income and employment.
Additionally, they're going to be looking at how well you've paid your bills in the past.
Do you have good credit? Have you paid your rent on time? Are you someone that pays your credit
cards your card notes and the other things that they have given to you? So, they're going to check
your credit. And then last but not least, they're going to check your assets and see, "Hey, does
this person have any money? Do they save money? What are their saving patterns?" And they're going
to ask for a few months of your bank statements to verify this. So again, the mortgage process is
very simple when you understand what they are looking for. However, for most people, it can
be very daunting. As a former mortgage processor, mortgage underwriter and then a mortgage manager,
I can explain to you that this process is tedious for most people. The mortgage processor will
continuously ask the person for certain documents. They will ask you for letters of explanation. They
will ask you to explain all of the things on your credit report, your addresses, where you've lived,
why this says that, who checked your credit, why did they check. And again, it can be very daunting
for most people. However, banks are there to lend mortgages. They want to make money. You have to
understand. They want to make sure that you have the ability to repay. But in most cases, they do
want to lend money and those mortgages are backed by the government in many ways. Whether it be
through Fannie Mae or Freddie Mac or FHA or VA. Many of mortgage loans are securitized in some
way by the government so they are incentivized to lend you money. So, don't think that you can't get
a house because there are tons of outside forces what we in economics call macro forces that are
pushing onto the economy and onto the people to lend money. And so, there's large banks,
legislation, and all different types of laws designed to help you get a house. So, let's talk
about that because you can do it. So, before you find the first house that you're looking to buy,
you want to get pre-approved for mortgage. Many people will go the mortgage process and think that
this is a process that happens after they find the house that they want but that's not true. The
process that you should follow if you really want to buy a home is you need to get pre-approved. And
I don't mean pre-qualified, I mean pre-approved where you go through the entire process. You
show them your pay stubs, your w-2s, your bank statements, your credit report. And let them make
a real decision as to how much money they will lend you so that you have a true pre-approval
letter and then you can go shopping for a house. Again, this will make the process much simpler
if you get pre-approved then go find the house and then go through the mortgage process again. Again,
I know it's a little bit tedious. Pre-approval, find the house, then mortgage approval. But that
is the true process. So, basically, what you are going to do is go through the mortgage
approval process twice. You go through it once when you get pre-approved, you find the house
and then you resubmit documents after you found the house with the contract and things like that
to actually buy that house. The bank or the mortgage lender or your mortgage broker will
pre-approve you by looking at all of those things. But because you haven't picked out a house,
it's just a pre-approval. It's not an actual mortgage approval yet. So, let's get to the next
step. So, once you have been pre-approved for a mortgage, the next thing that you want to do
is find a house. Again, most people do this process absolutely backwards and they find
a house that they love and then they call a mortgage lender to see if they can get approved.
But this is absolutely the wrong way to do it and it ends up wasting a lot of time. You want to go
through the mortgage approval process first then find a real estate agent to find you a house. Now,
as a licensed real estate agent in the great state of texas and the great state of Florida,
I can tell you that real estate agents are awesome at helping people find a home. In fact, Noelle
doesn't really help people find homes anymore. I've grown past that and I really like investing.
But there are tons of real estate agents that love helping buyers find the perfect home for them.
However, let me give you a warning. Most real estate agents... And again, I am a licensed
real estate agent. We are not trained on how to find houses like a real estate investor.
So, when you go and find a house with a real estate agent, they're going to be trying to find
a house that you say that you want. They're not necessarily helping you find a great investment.
If you say, "I want a house with 3 bedrooms and I want to be in this school district and I want
a house that's 2 stories or 1 story" or whatever it is. They will help you find that criteria.
But very few, again, not all agents. Very few know how to help you find investments. Properties that
you can buy now maybe live in and then turn into a rental property later. So, my strong suggestion
is find you a great real estate agent that is also an investor. Any property that you buy,
even if you plan to live in it at first, you want the ability to make it a rental property
so you can build a portfolio and truly become a wealthy person. Now that you've found your house,
you're going to write a contract. Once you write a contract on the property, the real
estate agent will write a contract. You will leave earnest money and then you will go through the
mortgage process again with a real property. Now that you've identified a property and it
has a contract, the mortgage lender will make sure that that property fits what they gave you for the
pre-approval and it will make the mortgage process so much simpler. Because you already went through
the process of giving them your pay stubs your w-2s, your credit report, and all of those things;
so long as you find a house before the pre-approval expires, you should be okay. But
here's another mistake that many people make. And I'm going to give you this advice because I just
love helping. Many people get a pre-approval and it's only good for 30, 60, or 90 days. Maybe 120.
It really depends on the lender. And sometimes people will get that and they just kind of look
and look and wait a really long time to find a house. This is a big mistake. Pre-approvals
do expire. The reason that you're getting the pre-approval is so that when you find the house
you can quickly go forward with the process. You don't want to have to redo the whole thing and go
through the process again and not get approved because things have changed on your credit
or in your assets or in your job or anything like that. So, as soon as you get pre-approved,
go find a house and put a contract on something. I'm not saying you want to rush but you don't
want to wait a long time. Get moving and start building your portfolio. So, I have created an
entire course that teaches you how to invest in real estate. And you can do all of this absolutely
free. I have a free training that i created just for you at noellesfreetraining.com. That's noelle
(n-o-e-l-l-e-s), noellesfreetraining.com. I teach you my exact formula for investing in real estate
with little to no money and to make big profits. It has created millions of dollars for me my
business and lots of other students. And I encourage you to check it out. Again,
it's absolutely free. I want to make sure that you have all of the resources, all of the knowledge,
and all of the tools that you need to be successful. This is Noelle, to your success.