How do you go about buying a home of your own?

Question

Do you need a lawyer? How do you go about getting a bank loan? Would you use a real estate agent or do it yourself?

Answer 1

My answer is more to the point.

If you want a home-- begin NOW to save. The best credit/bank loan will be there if you have saved considerable cash. Considerable cash is 20% of the price of the home.
I can hear you now--- No! I can't do that-- well, yes you can. The other benefits??? you will have leverage like you won't believe with that cash at hand--- No, it isn't impossible-- it's the best way to get the home you want. As you mature, you will find that what you wanted even 5 years ago isn't what you want today.
So, defer those "wants" and give yourself a huge break-- begin to save now-- and add to those savings at any chance to do so-- i.e. tax returns--
I wish you very good luck.

Answer 2

Find a lender and get pre-approved. Meet them in person if at all possible. They will run your credit report while you're in their office and tell you what they see. If your credit is good, they will ask you some questions regarding income, how long you've lived at your current address, worked where you are currently employed, etc. If everything is a go, they'll set an amount for you that they are willing to finance and at what interest rate.

Once you have that information, find a Realtor. The best way to find one that you can work with is to call the Realtors showing homes that you are interested in. Go meet them, talk with them and you'll find one you really like and trust. Then get them to begin showing you other homes. Unless you are knowledgeable about all the fine print and what documents you need to provide or sign, then definitely use a Realtor.

Answer 3

The best thing to do is check your credit 1st... if you have anything late or any judgments, pay them off.

Then, contact a reputable mortgage company... get referrals from friends. Have them prequalify you.

Then, go look at homes listed online in your area or visit open houses. As a 1st time buyer you probably should seek assistance of a realtor but they do cost $$$.