What to expect when buying a house?

Question

(keep in mind im purchasing a brand new home and this will be my first time) what kind of cost will i expect... do i have to have a down payment?? this is on about a $192,000 home...what is the best company to finance from with the best and cheapest rates???

My credit is in the high 600's almost close to 700 and me and my husband have no reserves right now(just got brand new higher paying job) w/ only $5,000 in debt that we are paying on right now ...

Answer 1

There are tons of great websites with info on the subject. I just bought my first house (condo) four months ago and it was much easier than I anticipated.

1. The main thing to do first is to get preapproved for a mortgage. Many sellers will not take your offer seriously if you're not pre-approved. Plus you want to find out how much you can afford BEFORE you pick out your dream home and find out it's too expensive.

2. It's always best to have a downpayment. You'll get better terms and rates, plus your mortgage payments will be lower because you'll have to borrow less.

3. Find a mortgage broker who can shop rates for you. He/she will find you the lowest rate that you can personally get. I found a great lender through lendingtree.com. Just fill in your info and you will have tons of brokers/lenders emailing and calling you.

4. Other tips: Make sure your credit is good before you start the buying process. That way you can qualify for the best rates. It's worth it to spend a year or two building your credit before buying a house if you have to. Also, get a fixed rate mortgage. Rates are at historical lows. 15yr is best if you can afford it, but 30yr is fine too.

Good luck!

Answer 2

If you already have a house picked out then you should already know whether a down payment is needed or not. You should put down at least 15% but you can go to certain financers who will give you a first time home buyer loan where you don't need a large down payment or any depending on the property. You can expect a lot of unexpected costsuch as your closing cost. Plus once you get the home theres all the utilities and the added cost of getting them turned on in your name. Good Luck.

Answer 3

My husband and I own 6 properties. The best advice I can give you is not to take advice from anoyone other than a professional. Get a certified Realtor and get a certified Mortgage Broker. They will inform you of all the guidelines and ensure you are not taken advantage of. There is no "cheap" way to get a house. Your broker will negotiate on rates for you. If you give 20% down payment and have excellent credit you'd be lucky to get a 6.2% 30--year loan. But if you have no down payment and only so-so or bad credit, expect to pay upwards of 8%+ on a 30-year loan.

Answer 4

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Answer 5

you left a whole lot out.
Credit score first and foremost
Income
Reserves
yes you should have cost. That is up to the contract you signed and the type of loan you are getting.