How To Buy A House | First Time Home Buyer - YouTube

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.