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 Finding and Financing a New Home Online Two days before Thanksgiving 2001, a new homeowner watched as movers carried the last of her furniture up the front walk of her dream house. Then she began unpacking the boxes that surrounded her. She was determined to sit down to a holiday meal with her family in their new house on Staten Island. And she succeeded. It was the third time she had found and financed a new house. What made it different this time was the Internet. Going online helped her shop the houses for sale in her new neighborhood, their prices and the changing interest rates. Her mortgage company’s Web site helped her determine how much she could afford, took her through the process of qualifying for a loan and getting an approval. She has a demanding job, family responsibilities, and a full schedule. Using this new kind of home search, she could conveniently push the process along at her computer, any time of the day or night. The research she did up front – refreshing her knowledge about different kinds of mortgages, points and fees, and analyzing the real estate marketplace in her new neighborhood – gave her the confidence she needed to make informed decisions. The human factor. But it wasn’t simply a matter of pointing and clicking. Just as important, if not more so, were the two professionals that guided her – her realtor and the consultant assigned to her by the mortgage company, both just a phone call away. “These people knew their industry and I needed their expertise. More than that, I had to develop a trust in both of them. By the end of the process, I considered them friends,” she recalled. “So, my first piece of advice to prospective homebuyers would be to find people they are completely comfortable working with. That way, you’ll know you can ride out any problems that arise.” Negotiating the bumps in the road. Her own situation was complicated. She wanted to move to an unfamiliar neighborhood, and she wanted a new – or almost new – house. But, most important, because she was in the middle of selling the house she was in, she was feeling deadline pressure. This increased considerably when her house was sold and a closing date was set. The mortgage company approved the mortgage with a best-price guarantee before she began shopping. The clock was ticking, so she could attend only a limited number of “open houses” that were advertised in the local newspaper. Using what she learned during those inspections, and from real estate listings on the Internet, she set specific requirements. The realtor she found in the new neighborhood took the time to thoroughly understand those requirements, the client’s financial picture and the lifestyle she was seeking. Together, they began inspecting houses. “Several times, we were close to a deal when it was unexpectedly de-railed,” recalled the new homeowner. “I had to ask the mortgage company to extend the loan approval while I literally started over. They were incredibly cooperative.” It all came together during the week of Thanksgiving – the closing on the new house (six months’ old and move-in ready), the arrival of the furniture, and a memorable holiday feast. April 4, 2002
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