what do i do 1st in trying to buy a house first time buyer.?

Answer 1

Ok I am going to break it down step by step for you. I just went through a really bad deal that fell through because of the sellers.

1. Make sure the sellers have the means to cover their part of the closing cost UPFRONT.
2. Have the house inspected.
3. Get all of your Tax return information, bank statements, and check stubs together.
4. If you are going 100% financing choose whether or not you want to pay your closing cost or roll them into your loan.
5. Interest rates are down so if your credit is good don't let them stick you with a rate above 6.75%. If they try to walk away.
6. Drive around and see if the house is within 5 miles of a firestation. If it is mention that to whoever you are getting your homeowners insurance from and you will get a pretty decent discount.
7. If you have anything you want done to the house before you get it make sure it is in writing AND on the good faith estimate.

Other than that, you should be good to go. I had to learn the hard way and it can be frustrating. Hope this helps.

EDIT: Oh yeah and don't call that Broker guy. He will want to do nothing but charge you fee on top of fee. Talk to your realtor and have them recommend someone they use frequently. The realtors are out to get the house sold so they will want to make you happy and get the transaction done. They have no hidden agendas.

EDIT EDIT: You may also ask your lender about splitting the mortgage into two loans to avoid paying the PMI each month. This is a personal mortgage insurance. Its usually around 80 to 100 dollars a month and you pay that each month until 20% of the loan is paid. You can avoid that by doing the two loan thing.

Answer 2

First, check your own credit and maybe get a pre-approval amount that you qualify for. Do a budget to determine how much you can pay in mortgage, insurance, real estate taxes, and still pay your other bills. Be sure to have a trusted attorney review any proposed contracts to avoid real estate scams.
Second, as you are researching your homes, get a home inspection only if you are truly ready to buy. Get the parcel number from the tax assessor in the area you wish to buy and get a real estate tax history. The reason is that real estate taxes raise each year in Illinois and you might find yourself qualifying for a mortgage only to lose your home because you won't be able to afford the real estate taxes. See how much the taxes have increased over the past 10 years. Then when you decide to buy your home take the purchase price (price you will pay) divide it by three and multiply the result by the tax rate in the community you are planning to move into. That will tell you what your taxes will be when you buy. Remember real estate taxes are based on the sale price so they will be substantially higher than the taxes the current owner is paying.
Third. Check the utility charges for the home you are considering. Utilities can bankrupt you as can real estate taxes.

Answer 3

Reguardless of what some may say, get your credit score. See if you need to fix anything. Then check the "amount" and type of "1st time buyer" programs/loans that you qualify for. Don't buy more than you can afford to keep up with the Jones' and don't settle for living in the hood with Ba-be's kids. By all means, dont get an adjustable rate unless you are buying investment property.

Answer 4

The first thing is get pre-approved for a mortgage. This will be vitale in the home buying process. It will motivate your realtor because they are working with a "CLIENT" not just someone looking at homes. I know it sounds shallow but the treatment you recieve will be 100 times better. Secondly what this allows you is buying or bargaining power. If you know you can get approved you can work the price because the seller wants to sell fast. If you are looking to find the best possible deal available to you than log onto http://www.justgetaloan.net for low rates, great terms and service. For further assistance feel free to contact me direct at 866 530 7300 ext 7305 or by email at [e-mail]

Answer 5

You can purchase a house with no money down - and not even have to pay the closing costs. My program teaches how -

Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred's of thousands of dollars. The key is to do as much work as you can on your own.

Did you know that you can make $40,000 + on a house, and never even own it?

Take a look at my website - I just put it online last month -

Please realize that Flipping Houses is not a "Get Rich Quick" Scam!

Do as much research as possible before starting on your first flip -

http://www.learntofliphouses.com

Kind Regards and Good Luck!

Adam Monforton

Answer 6

The FIRST thing you should do is contact a lender to get yourself pre-qualified so you will know how much house you can buy at this time..Then you can have the pre-qual letter so when you write an offer on a property the seller will know you are serious..You can call a local Realtor and get the name and number of a GOOD lender in your area..And good luck!!..

Answer 7

I am going thru this now. My best advice would be to save as much money as possible even if you have to wait a little. The more money you have saved the better loan you will get.

However now is the time to buy, housing is at an all time low and so are interest rates.

Answer 8

when i did, first i got pre-approved with a mortgage company so i knew how much i was working with. they can help you determine what you need. then i found a realtor. (the mortgage company recommended one for me and she was great) she helped me find a house that i liked and was in my price range. i made an offer, it was accepted and i went to the closing at a title agency with my realtor to sign the papers. it wasn't difficult at all. the realtor worked things (what they called concessions) so her fees, the down payment etc. came out of the mortgage. the sellers had to agree to it, which they did so i actually ended up getting money back at closing and paid nothing out of pocket. we did the FHA thing, you might want to check into that. oh yeah....you also have to arrange for an inspection before you buy the house. that cost us a couple hundred dollars but you must do that.

Answer 9

All of these so far are good answers. Find a Buyer Agent to help you. It costs nothing and an ABR or CRS can be of enormous help in the process. Interview a couple and find one you like and trust. Also, tell your agent and lender EVERYTHING. They will maintain your confidentially.

Answer 10

Get pre-approved to see what you are able to handle in your expenses... and remember, if your going for a "two income" family unit, if you get pregnant, can your hubby afford the bills alone? Always take that into account...

Also, try to pay one extra payment towards the house a year, because it cuts the years in half!!

(You will find that you probably only pay 2 cents towards the principle in the first payment anyways!!! its a shock!)...

I wish you well..

Jesse