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na | What is the best way of buying my first house? |
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Denver
 |
First research your financial situation. You have to know how much money you can afford to spend on a mortgage payment per month. Once you have established a maximum amount that you can afford to allocate on a mortgage payment, you can then start looking for a home.
This is by far the most fun part of the process. As you look for a home, make the determination if this is a house you will want for 3 years, 10 years, or more. Is this for you or for you and a family? This will determine not only the size home you need, but the type of neighborhood and mortgage you will choose. If you decide on a start up home, you may choose to live in a more Hip, up and coming neighborhood, with the hopes that your home will appreciate enough to allow you to move up in home size and neighborhood prior to starting a family. And if you plan on moving relatively soon, an adjustable rate mortgage may make more sense than a traditional one.
Once you find that perfect home, research the neighborhood a bit, How much to homes go for there? What is the average home appreciation in the past 5 years? Are there any government or commercial projects planned (new parks, new malls, prisons)? What is the crime rate? Do most people own or rent? Most of this data is available on local city or county websites. All of this information gives you an idea of if the neighborhood is moving in the right direction, and if it is a good fit for you.
Once you have made a bid on a home, and been pre-approved...
Now you need a mortgage broker...FHA loans are typically the easiest way to buy your first home, they require little down payment and many communities offer FHA classes which will lower your mortgage interest rate. Once your finances are in order, you will need to find an insurance company and begin the process of finalizing the purchase.
The most important part of purchasing a home is getting a good inspection! Hire a home inspector who is familiar with the age of home you are buying, and those who have a background in structural engineering are usually the best. The last thing you want is a house which is about to slide off of its foundation.
Once inspection items have been resolved, and your loan is ready to go, it comes down to signing documents until you can't hold a pen anymore. |
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jjeessiiccaa
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Get a realtor from a well trusted group and then buy a house |
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ki_kompton
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get a loan and get financed |
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Brandi S
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I'm was trying to figure out the same thing a couple of months ago,and find out not to jump on the first house i see because you want something you can move right into not something you are going to have to fix after being there only 6 months,Remember this is where you will make your memories. |
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jareds_girl2000
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look for the best percent rate for a mortgage and check out the taxes and ask alot of questions to the realtor even if you think its the most stupid question it will get answered believe me.Dont get pressured into buying a house you do not want and also check out the neighborhood make sure its close to transportation,schools,stores all that and see if the neighborhood has any police activity within the past 6 months im helping my parents buy their second house and im only 20 lol also check out mortgage sites or call the realtor and if there are any cracks in the ceiling or whatever make sure they can be fixed before you move in or if they will fix it if you want the house |
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morena
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to my mind, of course, if you have enough money, your first house must be a comfortable one, not so big, and not too luxerious. it must corespond your age and your budget. But if you have a lot of money, you can buy any house you like, and live there with so many expencive things. so buy a house u can afford you to buy. :) |
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uniquebutsweet
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the best way is to first see if the time is right for you to do so? you can get a idea whetther it really is by doing this first, for at least 3-4 months add 45% of the rent your paying now to the amount of rent your paying now. put the difference up somewher or in savings and if you can go for that lenghth of time without missing/wishing you had /and especially go without getting into it (JUST TO GET BY ) etc than you can afford a new home with a reasonable mortgage. because if you cant do that how are you ever going to pay a higher pymnt maybe, bills,property taxes, and dont forget you are now the responsible party for ALL repaors minor or major!!! no landlord or maintnance man so... untill you can at least do that i wouldnt even think of buying. this goes for everyone whether your rent now is 300,700.1200,and whether your mortgage pymnts are going to be the same or less than your paying in rent now, oh yeh dont forget if you borrowed or got a loan..... interest! thats another reason testing out the waters this way is great. it worked for me! |
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rollieoolie
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http://www.howdoibuyahome.com |
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Smudgeward
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Figure out what part of the economic cycle you/we are in (top now,)and save to buy when the price will be relatively low ie between 3 to 4 times one man's national average wage. |
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Reality's Dimensions
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Don't borrow any money. Even if it's not the best house in the world, you'll be glad you saved later on. |
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la_la_la
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I noticed nobody mentioned procurring a downpayment! A good downpayment is typically 25% of the sales price, but some lenders may ask for more or less.
0% down offers are usually too good to be true, so always read the fine print. Believe me, there's always a catch. Lenders aren't typically generous...They're going to make that money back one way or another.
Prequalification is common sense, as you really don't know what price range you can look in until you know how much you can afford.
If your exisiting financial institute offers lending programs, speak to them first as they may be more negotiable on the terms. Credit card companies sometimes offer this as a service and can work with you if you're a customer in good standing.
Best of luck! And work with a licensed realtor...They have the time and the expertise to get you what you want! I'm a licensed real estate agent, but I deal exclusively in commercial real estate. I plan on hiring a residential agent when I buy my next house, because they are more skilled in that department. |
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jhnnybgd7
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FHA loan for first time home buyers! low money down! low int. rates! Give it a try. I did! |
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texandc2002
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The BEst way is Cash...you don't have to pay back interest. |
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bent
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Educate yourself thoroughly! talk to as many people in the field as possible,read all you can,use the Internet like you are here in other sites.This is IMPORTANT try to find a friend of the family who is experienced in several aspects of home construction.The most Important thing to remember is location,location,location then you want a sound well built home GOOD LUCK! |
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thegrimgangster
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smoke marijuana, and let the flow drive you... |
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schent2003
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If you are handy, look for one that needs repair (handyman's special.) |
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DogsofwAR
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If wanting to move into a smaller city, then try going to the USDA for their guarantee home loan |
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hollabak_at_me
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my advice..dont buy those "wellington" big house.the bills will catch up with you. |
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makena78753
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house buy one, now |
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jamacian
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You need to save up 20% for a down payment your mortgage should be a 15 year fixed rate and the payment should be no more than one fourth your take home pay (one weeks take home pay). |
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Cheshire Cat
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100% down. This means that ALL of the appreciation on the house is yours and you never pay "rent" to a loan agency, or (why you would ever want to!) pay so much in interest that it would be like having an apartment where you got to pay for and do all the maintenance too! Think through carefully how much your house will appreciate versus how much you will loan and the rate at which you borrow money. |
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deadlyfu
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select the house,pay the amount and get it registered after duly checking the title rights.Take home loan ieven if u don't need so that any problem on title will be double checked by bank officials |
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Orlando57
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save 10 % Then call a realtor that is highly recommended. fannie mae has owner ship classes. contact a credit bureau and they will know wher classes are ,or a librarian in biz tech, If you talk to a habitat volunteer the people have to attend ownership class , a banker at your branch can tell you the paths ahead ,talk to people that you know that have purchased recently, then call a professional home inspector with construction experiance to inspect top to bottom ,you can get a list that the owner will repair ,or knock off the price. its worth 1 hundred to 5 hundred to get good advice. |
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rivermercy911
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Find out if there is a first time home buyer program in your city. You can even apply for first time home buy grants. Take your time and do a little homework. You'll be glad that you did. |
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Tulip_tulip135
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First important thing is location,
second is people who will be ur neighbour,
House price specially,
Atmosphere around of the house,
Design of house,
Area of house according to ur house members,
Look that is house open, airy, neet and clean or not and is location towards from where air blow. |
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ukrajai
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The following criteria should be followed:
1.Your budget- allow for a cost escalation of 20%.
2.Choose and satisfy about the locality.
3.As far as possible, buy materials, and engage a contractor to build your house. This will satisfy your needs better, than buying a ready made house.
4. Consult people who have constructed their houses, and seek their advice.
5.Construct a house just enough to accomodate you and your immediate family.Building very houses unnecessarily will lead to maintenance problems. |
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fuzzzboxx
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have some cash |
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Bear Naked
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Cash |
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Rocket
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try this link http://www.gmacmortgage.com/Purchase/Buy_Your_First_Home/firstHome.html |
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♥ F@$H!0N ♥
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Check it out. Make sure everything is good and has no problems. Then get the price. If its too high for some junk dont buy it. Oh yea you also have to make sure that the area the house is in is good. |
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chelsi_amour
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buy the house that you could afford and work to have money to buy some furnitures |
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