Post # 1
Can somepoint give me some advice or point me in the right direction of a site that explains FHA loans, mortgages, and the home buying process? I get sucked into these brochures that I get in the mail about home move in specials and wondering if we can ever get a house. Any help?
Post # 3
@Pupperoni: Can’t necessarily answer you main Question above… in regards to YOUR needs (assuming here you are in the USA and I in Canada, so things are somewhat different)
BUT I can answer your Title Question… “How Do I START To Buy A Home ?”
Save money… save LOTS of money.
Houses are EXPENSIVE. And everything will cost a lot more than you every imagined.
Be it that initial Downpayment, the Home Inspection, the Closing Costs, Taxes & Fees etc… and you still haven’t gotten inside the front door.
Then there is Moving Costs, Utilities, MUST HAVES (Appliances, Tools, Lawnmower, etc) and Necessary Trimmings (aka Window Coverings)… not to mention the ongoing things & renovations you’ll want to do to make the place YOURS… Paint, Furniture, Repairs & Maintenance
A House literally is a MONEY PITT do a TON of research up front so ya don’t get in over your head… there are 1000s of folks who have found themselves drowning… and that is WHY so many folks are in debt up to their eyeballs, or have lost their homes to foreclosure.
Post # 4
Talk to someone at your bank – they know how to advise you. They’ll help you figure out what kind of mortgage you might qualify for, and how much money to save for the down payment. You don’t have to be ready to buy, just thinking ahead.
Post # 5
The first thing we did was decide how much we felt we could comfortably afford. I wanted to have this number just in case the bank told me I could afford more than I felt I could afford. After you decide this, you should talk to a mortage broker at your bank. They can let you know exactly what you qualify for, and if you don’t qualify yet, they can tell you exactly what you need to do to qualify. They can also help walk you through the steps and everything.
Post # 6
What resources did you all use outside of talking to your bank? Were there any books or websites that you found helpful?
Post # 7
Honestly, I kind of had the inside track: my father was a business professor, and taught real estate management. I went to him first.
He’s the one who told me to make an appointment at the bank.
Post # 8
I have a friend of a friend who is a real estate agent. He suggested that I go see a mortgage lender first, see where the numbers fall, and do a “soft inquiry” into my credit and basically lay the ground work for a pre-appproval.
My lender was able to look at the various rates, see what programs I was eligible for, and select the best mortgage for me. I ended up getting a VA loan, since I am a veteran.
Then, I gave my realtor a price range, and we went from there. Having the pre-approval letter in hand and ready to go is the ONE THING that got us into our house over a competing bid. The sellers didn’t want to wait over the weekend for the other person’s pre-approval, and they liked our offer.
Post # 9
I agree with the other posters, make an appointment to talk to someone at your bank. But I’d definitely sit down beforehand and figure out what number you feel comfortable with for a mortgage payment. Just because the bank approves you for a certain amount doesn’t necessarily mean it will fit with your other lifestyle costs.
Post # 10
Go see a mortgage lender, have a good idea of what price range you want to be in and how your credit is. Have no more then 30% of available credit used.
Post # 11
@Westwood: <— true. I was approved for almost double what I ended up using. Keep in mind that you will have mortgage insurance, homeowner’s insurance, property taxes, etc…