Need serious advice for first time homebuyer.?

My husband and I are planning to purchase a home. We are first time homebuyers and would like any serious advice/suggestions on how to position ourselves for the buying process,etc. I understand how stressful it can be.


Thanks in advance!Need serious advice for first time homebuyer.?
The one mistake we made with our first house - Know the surrounding area. You want your house to be about midway {value} for the area. We bought the most expensive model in the area. It was difficult to sell a few years later.Need serious advice for first time homebuyer.?
Try to read up and understand the whole lending process. Some realtors have people to help you get financing, but if you don't know what they are signing you up for, you could really get screwed over your loan terms. My husband and I went out on our own and got our own financing through lendingtree.com so that when we found the home we wanted, we were already set with our financing. Understand your interest rate, and points. Lendingtree had different lenders calling us with their offers and programs, and we sat down and went over each one (they give you like 4) carefully to understand everything.





Also, make sure you do a home inspection. It can alert you to possible red flags with the home, and whether whatever issues the house has will be okay for you to handle. Good luck, it is very exciting!
Make sure you pick your own agent and not use the agent person that's selling the house. Your agent will work for your needs and wants not the sellers. Also your payment should be no more the a quarter of what you make every month. Shop around for you mortgage company don't go with the first one. go with the one you trust. Cheaper is not always better.





Home Inspections can make or break a deal. THIS IS A MUST DO. Its worth the money
Work with a mortgage company and get a pre-approved amount. Make sure you stick to payment you can afford.


Tell your Realtor what your budget is and what your requirements and preferences are. If they keep showing you houses over your budget, or that don't meet your needs go somewhere else.





Get a home inspection done by an inspector you and your agent choose, not the sellers inspector. Either discount your offer for things that need fixing, or require the seller corrects the problems before closing.


Ask to see the utility bills for the home.


Be patient. Don't jump on the first house you like. This will be the biggest investment of your lives. Be sure it's the house you want.
I suguest getting pre-approved for your loan. You can call around to Morgage Lenders and they will be able to tell you what all you need to do. ';what paper work you need to have ready. It's alot';


This saves you from falling in love with a house then them telling you that you can't afford it or your credit will not handle it. Not saying anything is bad with yours though I don't know you. But


that is what I did with the house I finally bought and It was the best experience I'd ever had. After searching and getting shot down by the price being to high when I went to do finiancing.


I don't believe you need to have a realtor to look at homes but if you know a local one that can represent you and you want them to get the commission that is fine. Instead of calling the realtor on the sign in front of the house just call your realtor and say hey I found a house lets go see it. That's what I did..


I did do my own searching, even though my realtor did searching too. It was nice because the house I'm in was only listed for one day. I seen the sign falled in love with it.. I knew I was approved for this amount and I called my realtor and told her it was mine. It blew other realtors away when they called and she told them it was off the market already.. I loved it.. Makes you feel in control of the situation when your pre approved....


But because I was pre-approved I knew how much I could spend.


You will need to have money for 1 yr of insurance on a home, so you can call around to find out what agents cover your area. You will need money for the appraisal, inspection, title search and insurance. If you have enough money to put down you don't have to go into escrow. I like paying my insurance and taxes once a year. Some like to have it in escrow so they don't worry about coming up with that kind of money once a year or paying that note monthly. It is up to you.


HAPPY HOUSE HUNTING!
Definitely check with other lenders. You may qualify for other programs with a higher interest rate based on your credit score.





Or, some state programs offer downpayment assistance or loan programs for buyers with less than perfect credit.





The other option is to try to improve your credit first before buying your first home. If your credit improves, it may be easier to obtain a loan at a competitive interest rate.





Check out the sites below to learn more. Good luck!