I want to buy a house, for the first time--is there a link for this...or..?

Question

do you have your own experience as a first time home buyer?

Help!!!!

Answer 1

You are now entering into the land of the most misconcieved industry there is. Because we get asked that question so much we created a pamphlet that explains what you are getting into. It is 14 pages and it's called Basics of Buying and Selling Real Estate, Pamphlet #1. This pamphlet is free and it is about the only thing that you'll probably get for free as you progress in your endevour. We do it as a public service.
All you have to do is go to: http://www.realestateformnm.com/pamphlets.html and click at the bottom of the page to order the pamphlet the staff will email it to you. Best of luck

Answer 2

It really is not as difficult as you might think. Just be prepared to spend more money than anyone tells you. (Not on the house, I mean on things like closing costs). I just bought my first house a few months ago, and the whole process was very simple. Talk to any mortgage lender to get an idea of how much you can borrow, then go and find a house you can afford, and it will all fall into place. Really, they want to lend you money, the agent wants to sell the house, between them they do almost all the work.

Answer 3

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.


Good luck!

http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm

Answer 4

Try contacting a local real estate agent. They will know everything there is to know about the area, can tell you where/when/how to buy and will know how to negotiate the best terms possible. A really good website to browse local real estate/real estate agents is: http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php
(just click on your state)

It's really easy to navigate and is full of info about realtors with links to their personal websites, so you can do some research before you contact anyone.

The "featured" agents would be your best bet, but the rest are lovely as well. Good luck! Hopefully that works for you. Good luck!

Answer 5

I do have experience in that, and its a lot of work, make sure you do your research before jumping into anything. My husband and I thought owning a condo would be cheaper, but with the condo fees and everything it was just as much as paying a mortgage on a single home.

Answer 6

A friend of mine got her home through www.ameridream.org. She put down $500. They were very helpful to her. I don't know all the qualifications but isn't it worth a phone call for down payment assistance and information that will help you as a consumer???