Looking to purchase a home, not anytime soon unless we find a good deal. Any do's and don'ts because we have no idea what we are getting into?
2007-01-04 14:17:25 · 7 answers · asked by tell 4 in Business & Finance ➔ Renting & Real Estate
Few tips:
1) Don't buy unless you intend to stay in home for at least 5 years
2) Even though their are many deals to get into a home with no down payment, save up 5% to use as a down payment. You will get a much better deal on the mortgage.
3) Bigger is not always better. Start with a small & simple home first. Get used to paying all the repair, heating, water, taxes, insurance, mortgage,...etc (so many bills).
4) Build up a reserve savings account prior to buying the home with 4 to 6 months of expenses in case an emrgency happens.
5) Research homes for at least 4 months. There are a lot of homes that "look good" but if you spend 4 months looking, you will really know if you have a good deal or not.
GOOD LUCK!!!
2007-01-04 14:32:03 · answer #1 · answered by MR MONEY 3 · 0⤊ 0⤋
Do... find out about the whole process before jumping in. Talk to a mortgage broker first to discuss what payment you would be comfortable with and how much house you can afford based on that payment.
After you get the mortgage approval, find a Realtor that you feel comfortable with.
Check out my blog to learn more about the mortgage process itself: http://explaintome.blogspot.com
If you're in Pennsylvania you can check my website: http://pamortgagereports.com
Don't.... wait until you are ready to pull the trigger and buy before you do anything. Your mortgage broker can review your credit and give you some pointers to get your score even higher to get a better rate. This will only work if you have some time to work on your debts.
You don't want to be rushing to get all the pieces in place last minute because you found your dream home. Get the approval, then take your time and enjoy the process.
Best of luck!
2007-01-04 16:01:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Check out this Report called
"4 Biggest Buyer Mistakes and How to Avoid Them"
http://www.yourfreehomebuyingsecrets.com/buyer_mistakes.aspx
The report is provided by a great mortgage planner that I've worked with personally.
2007-01-05 07:46:32 · answer #3 · answered by Prpl_Hoo 1 · 0⤊ 0⤋
First of all you need to know the price ranges you guys want. Second you should go get a loan pre- approval. Third find you a realtor. Make sure that whatever house you purchase you get an inspection and radon test if it has a basement
2007-01-04 14:23:23 · answer #4 · answered by pinkkidsclubbing 2 · 0⤊ 0⤋
Invest a 1/2 day in a 1st-time buyer seminar. There are many non-profit organisations that give them free to give you the basic info you need before you jump in.
2007-01-04 14:31:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Contact a REALTOR® and get some representation. You can have someone represent you with no out of pocket money. Most listing agents offer compensation to buyers agents for selling their listings so you get free representation.
2007-01-04 14:44:29 · answer #6 · answered by Karen R 3 · 0⤊ 0⤋
Good advice, get a house detective to inspect the house.
2007-01-04 14:25:09 · answer #7 · answered by Larry L 2 · 0⤊ 0⤋