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visjac | How do I start the process for purchasing my first house? I don't know the best way to go about it.? |
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 |
 
KL
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Step one: find out what your credit is
Step two: determine how much money you have for a down-payment
Step three: speak with a lender.
After that, it's a breeze. If you don't know a realtor, your lender can refer you to one. Just make sure you have your personal finances in order before contacting the lender. |
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d2ewilly
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u cannot do without insurance for ur new home....contact 408-937-9498 u will find the best broker of CA here ie if u belong here... |
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northernbornsoutherner
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The first rule is: you are on your own. You need to be as educated about it as possible to protect yourself.
When you shop around for mortgages, places will tell you excitedly "You can afford XX times your salary!" but remember they are in the business of making money.
Find an informational website (like from the gov't) that has a mortgage calculator on it. When you see a monthly amount you like, see what kind of mortgage amt. you're looking for. That will help at a bank.
A Realtor always works for the seller -- no matter what they tell you -- because a house sale = money for them too.
That does not make realtors bad folks. I now know their value. I bought my house (my first house) from a For Sale By Owner, and I know now... a realtor really is worth EVERY FRIGGIN PENNY.
Just do as much homework as you can and keep on everyone's tail who is supposed to do things on your behalf, and you too can join that country club of home ownership. |
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daniel r
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get a realtor and visit with a mortgage professional to determine your needs, ants and what you can afford. email me i can recommend someone in your area.
www.danroemer.com
droemer05@yahoo.com |
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arlene
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wait until you make sure this is what you want, get an inspector to inspect the house. and make sure that you can get out of contract, if house is in bad shape, and get a real estate lawer to help w/contract. |
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KB
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First, go to a mortgage lender or a bank and get prequalified for a loan. This will let you know how much you can AFFORD to buy - then you know what your upper limit is - then find an agent and start looking at houses. But you need to know how much of a loan a bank is willing to give you before you start looking at houses. |
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jayquan228
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hey a lot of the responses you got are all good. i dont know where your located, but im a realtor in new jersey so if i can assist you in anything out here i'll be more then glad to .
jayquan228@yahoo.com
973-851-6933 Mr Solis THE 3% GUY+ |
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Rick B
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We have a information page called the "home buyers roadmap". It goes into detail about the home buying process
Get pre-qualified for a loan is your first step and finding a good buyers agent is your second step. To read more:
http://www.paccrestinspections.com/firsttimebuyerprocess.htm |
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Price is what you pay for value.
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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.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
http://biz.yahoo.com/brn/060909/19463.html
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 |
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Skip
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Buying your first house can be frustrating if you don't understand who to see and what to do.
There have been a few here that are near and close to where you should be.
First and foremost find a mortgage "Broker" each person that will be on the mortgage should take with a copy of their current pay stubs for 1 month in a row, 2 yrs fed tax returns, 2 yrs W-2s, 6 months bank statements from all investments and bank accounts to include statements from you employer's based 401k and profit sharing.
This mortgage broker will run your credit report, thus getting your credit scores, which will tell him and you the loan programs you are qualified for. They can tell if you will have to bring money for a down payment or if you qualify for a 100% loan.
Based on what debts are on your credit report and the amount of earning you have from your w-2s and pay stubs they can decide the money amout you are qualified for.
Now with those things done the broker can now issue you a pre-approval letter. (Not a pre-qualified letter) You or he if he knows a real estate agent can now go looking for a house to purchase.
Once you and the real estate agent has found a house that you like and want to purchase. The agent will draw up a purchase contract, and give it to the mortgage broker.
The mortgage broker will then order an appraisal to determine the value of the property you want to buy. He will also get you a title report as well as set up a escrow closing agent.
After that has been set in motion, he will set a time for you to sign your loan docs which will have your interest rate, the number of years your loan is amortized for, the monthly payments, and any pre-payment penalties.
Once you have signed you loan docs shortly thereafter you will be getting key to your new home.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Reaper King
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find out what your credit score is. not your highest score but you middle score. this will let you know if you will need a down payment or not. generally 620 and above will get you a 100% loan. the lower you go the more you'll need in down payment. generally 540 is the bottom of the barrel. if you're below this, ain't getting a house sad to say.
find a house or houses that you are interested in. disregard the asking price and shoot for a little lower than it. example if you find a house that's selling for 250,000, try and get approved for a loan for around 225 or even 210. this way you force the realtor to either balk at your price or mull it over and just sell you the house. worst case is they'll say no and you can go on your merry way. either way, don't use the lender/broker that the realtor supplies you with. if the house is for 250k, they'll try and get you to apply for a loan for 250k. profits for everyone, all at your expense. so, find a couple of houses and play the field. get your own mortgage broker and see what you can qualify for, then strike out and find the house most suited to your loan package. |
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dajuan_n_only
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Before you even step foot into a realtors office I would suggest you get approved for a mortgage. You can get an official approval, competitve rates and programs at my company site www.JustGetALoan.net. Getting approved does two major things for you: 1 it lets the realtor know they have a real client, I know it sounds lame but they will treat you 100% better when you have been approved. 2) Being approved gives you buying power. Imagine you were the seller if you wanted to sell your home for $300,000 and i walk up to you and said Ive been approved for $285,000 and can close within weeks they are more willing to take that official offer than trying to hold off for people who they do not know they can really buy the home. This creates a better situation for you becuase now you have equity or money in the home. If you would like further assistance feel free to contact me at 866 530 7300 ext 7305 or email me at jfreeman@bourdeaufinancial.com |
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bigmary2
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get a good real estate agent: http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php
just click on your state and you can check out local agents/homes/rentals without having to contact the realtor first. |
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