A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a Real Estate Agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

Adriana D.
Patricia C.
Maya M.
Jenelle B.
Buyer
Evie W.
WHAT MY CLIENTS SAY
Was a very nice experience meeting Lorraine Silva, Aragon Realty Corp. Her expertise, her kindness and her willingness to help us in finding our new home made ours a wonderful experience in our new country United States. Thank you Lorraine for your great work!!

— Adriana D.

WHAT MY CLIENTS SAY
Lorraine is such a great realtor,! I used to do real estáte and she really impressed me. She is very kind, gives you great suggestions, treats you like family, goes the extra mile, very honest, excellent communication in every detail. Her service is more than extraordinary!!! I am very pleased and happy with everything she did helping me with the rental of my property. I would definitely do business with...

— Patricia C.

WHAT MY CLIENTS SAY
Lorraine was an absolute pleasure to work with. She was easy to trust, attentive, responsive, and a great advocate for us and our desires/needs. I would highly recommend her to anyone needing a realtor in Miami!

— Maya M.

WHAT MY CLIENTS SAY
Lorraine D. Silva from Aragon Realty was simply fantastic! As a first time home buyer, the process can be a bit overwhelming and not only did Lorraine answer each question detailed and clearly, but her cheerful attitude and limitless patience in attending to my needs new to this whole process was extremely appreciated. Her knowledge, strategy, quickness, and professionalism were excellent, and I look for...

— Jenelle B.

WHAT MY CLIENTS SAY
We came to Miami to study with no idea where to rent. As we were walking in Coral Gables one day, we came across Lorraine's office and walked in. Lorraine immediately sat down with me and my family and explained what all our options were. We did not have a car so we needed someone who knew the area well. She most certainly did and even explained public transportation to us. Not only was she very patient ...

— Buyer

WHAT MY CLIENTS SAY
Lorraine has been our Realtor® on 3 different real estate transactions, both as a buyer and as a seller. The most impressive transaction was a "lease with option to buy" deal she negotiated on our behalf that secured our current home. The lease year gave us the ability to live in our desired home for the time we needed to fix up our previous home to get the best sale price. Once our house was upgraded, r...

— Evie W.

Work With Lorraine

I would be honored to have the opportunity to work with you and help you find your dream home in Miami, especially in Coral Gables.