My boy-friend and I are starting the process of buying our first home. We have our pre-approval but is there any advice on how to make this whole process go a little bit smoother?
2007-07-05 05:36:58 · 7 answers · asked by Marie C 2 in Business & Finance ➔ Renting & Real Estate
* Make sure you have enough $$$ for all the closing costs (average 5%-7% of the total purchase amount of the house).
* Makes SURE you LIKE the house & check into the neighborghood 1st.
* Don't just buy the 1st house you see
* Don't buy on impulse.
* Make sure you can afford the monthly payment.
* IF at ALL possible, try to take out the loan for 15 - 20 yrs.
* Negotiate!!!
* Oh & if you are looking into older homes, check out the electric plugs. The home we bought only had 1 in every room & didn't have one in the bathroom!!!
2007-07-05 05:42:32 · answer #1 · answered by *Fickle Pickle* 4 · 12⤊ 8⤋
A good Realtor should be able to ease the process an in most cases you won't have to pay him/her a dime since commission is paid by the seller. The biggest issues that arise come from the loan process. Mortgage companies often tell buyers they are pre-approved based upon running your credit and asking you how much you make, but nothing is approved until everything is verified which often isn't done until the bottom of the ninth inning when the stress factor is high. To add to the stress, mortgage brokers often suddenly become hard to reach during this time too. Hence it is good to be pro-active and vigilant with your mortgage broker right from the start.
2007-07-05 06:07:55 · answer #2 · answered by linkus86 7 · 4⤊ 2⤋
Take into consideration all the advice above. A few things I would add: Make sure you LOVE your agent, not just like. Remember, this is the person who helps you decide the biggest financial purchase of your lifetime. If you feel funny about your agent when you met them, ask to speak to someone else. If your agent keeps showing you houses that aren't really what you're looking for- speak up! Don't feel bad...it's your decision!! Also, if you have a chance to talk to neighbors before you purchase a house DO IT!! They are a key part to your happiness as homeowners. And make sure you have a great lawyer. Your agent should be able to help with that.
2007-07-05 05:49:29 · answer #3 · answered by dizprincess387 2 · 3⤊ 0⤋
Get a good real estate agent that likes to work with 1st time home buyers. You will have a lot of questions and need someone willing to take the time to walk you through the whole process.
2007-07-05 05:41:38 · answer #4 · answered by QuarterRoy 2 · 1⤊ 0⤋
write out what you are looking for in a house. Always go bigger then you think you will need. Learn to put others opinions into yours, you will fight over what you both want so settle before hand. good luck
are you two engaged, it is a little dangerous buying a house with bf gf, I had my gf live with me and we ended up breaking up. Not that that will happen to everyone.
2007-07-05 05:40:56 · answer #5 · answered by I got 2 points for this answer 4 · 10⤊ 0⤋
Make sure you don't lie or fail to disclose anything to your loan officer. Provide requested documentation immediately. Lastly, know what you want in the terms of your loan and the price range for your new home and try not to waiver from that.
2007-07-05 05:54:48 · answer #6 · answered by vintagechuck 1 · 1⤊ 3⤋
Do your homework -
Know the market,
Know your budget,
Find an agent you can relate to,
shop around - a LOT,
stay emotionally detached.
2007-07-05 05:41:32 · answer #7 · answered by Jeff the drummer 4 · 3⤊ 2⤋