You've decided to take the big step and purchase your own home. For many people, this may be the largest financial transaction of their lives. It can be both an exciting and challenging time.
With a little planning, you can build your knowledge and streamline the process. Wells Fargo Home Mortgage can help provide the tools and information you need every step of the way.
Location, location, location
This first step is to understand your needs:
- What kind of neighborhoods appeal to you?
- Do you want to be near schools, shopping, or public transportation?
- How close do you need to be to your job?
Make a wish list
Before you start looking at houses, make a list of the home features that are most important to you.
- How many bedrooms do you need? How many bathrooms?
- Would you like an older home with character in an established neighborhood, or are you drawn to the benefits of a newly constructed home?
- What kind of amenities and features would you like? How about a gourmet kitchen or a fireplace?
- What about the exterior: wood frame, brick, or stucco?
Most homebuyers need to make compromises, and it's helpful if you already know which items are "must-haves" and which are simply "nice-to-haves." You can download our Wish List (PDF)* to help you prioritize.
Finding your home
When you are ready to look for your home, you can receive valuable information and assistance by working with a real estate agent to locate properties for sale that meet your needs.
Choosing a real estate agent
Most home sales take place with the services of a real estate agent. There may be dozens of real estate firms in one area, so it's best to do some research before selecting an agent.
- Ask friends, relatives, and co-workers for references.
- Note the names of agents on "for sale" signs to help find professionals in the areas you’re interested in.
- Look for information about real estate firms and agents online.
Once you narrow the field, you can interview two or three agents in person. Find out about their experience, licensing, and access to listings. Let them know if you're a first-time homebuyer and be candid about the level of service you expect. Ultimately, you want to be comfortable working with the professional you choose.
In addition to considering what you need in a home, you should also estimate how much you may be able to borrow. Begin with a free prequalification from Wells Fargo Home Mortgage. A prequalification doesn’t require a credit check or a completed mortgage application.
If you have any questions about the homebuying process or possible loan options, contact a Wells Fargo home mortgage consultant today.