Post # 1
Sooooooooo Fiance and I have decided to start looking for a house. First and foremost, we’re going to be see if he qualifies for a loan (since he’s a veteran he can get a loan backed by the VA). All of it seems a bit confusing and my question is, what is something you wished you’d known/were glad you knew when you bought a house?
Post # 3
1) Find a buyer’s agent you TRUST. Ask friends and family who have recently purchased for their recommendations.
2) Look at lots of different kinds of houses in your price range. We ended up with a type of house I didn’t think I would like (ranch over a garage).
3) Make a list of house requirements. Ours was broken down into “Must Have” (3+ bedrooms, off street parking, etc) “Would Be Nice” (garage, master suite, finished basement) “Prefer Not to Have” (split level, brick, etc) “Must Not Have” (mold, dense neighborhood, etc). This will help you look at houses more systematically and objectively.
I’ll see if I can think of any more!
Post # 4
That is awesome, AWESOME advice. What was the loan process like?
Post # 5
One thing that helped us a ton when we bought our first home was the First Time Homebuyer course offered by our local Wells Fargo branch. A lot of big name banks and even local credit unions offer these classes for free (or for really cheap). It was just so helpful to go into meetings with agents/the mortgage company/banks/etc… and be a little bit familiar with the process and the terms used when buying a house. Good luck in your search!
Post # 6
Have all your paperwork handy including tax forms, employer information (including past employers sometimes) any student loan information, savings accounts, checking accounts, 401ks, IRAs and credit card balances etc. Then, you’ll need to prove all that stuff, so make sure you have statements handy to send in. You’ll need to prove how you have what you have.
Consider having the seller pay the closing costs.
Get a home inspection!
You can change the color and decor but you can’t change the location and the square-footage.
Post # 7
For our loan, scheduled an appointment with a mortgage specialist at our local bank. He was our contact throughout the process. He met with us, pulled our credit scores, took our paystubs, investments info, etc. and we left him with a pre-approval letter. We got pre-approved for what we could afford based just on my husband’s salary and didn’t even use that much. Our realtor wouldn’t show us houses until we were pre-approved for the loan amount.
Post # 8
Thats a great start! Im glad that I had someone break all the terms down for me…PITI and escrow and all these words I had never heard of. I spent an hour in my loan lady’s office (i forget their official title) having her go over eveything with me.
Post # 9
- Wedding: September 2009 - City Hall
If you are getting a loan like FHA, etc.. they will watch your savings/checking like hawks. They will want to know where every dollar comes from, etc. At least, that was our experience. Family members gave us a gift to help with moving expenses, and the bank made them fill out a freaking GIFT NOTiCE with their financial info and everything on it. So I guess my advice would be that if anyone else is going to help you purchase the home (downpayment help?) or move in (moving expenses), you either get that money in to your account before you start the loan process, or deposit it after you have closed on the house.
Post # 11
I am going through the same process with my Fiance. We have absolutely no idea either! All of it is over my head. He is also a vet so we have that helping us. I feel like I need a first time homeowner 101 class. So much to think about!