1st time buyer?
Answer:
Babes in the woods.
First off, do NOT use the listing agent. NEVER EVER EVER. Their primary responsibility is to the seller. Dual agency is a really good way to get rooked. Find yourself a good buyer's agent.
Second, talk to at least half a dozen different loan officers - I recommend brokers over banks. Yeah, the worst as welll as the best work for brokers, but if you get half a dozen, you'll find at least one or two good ones. Ask them the questions here:
http://www.danmelson.com/posts/114746602.
Third, you might want to check out this consumer ed site to learn A LOT MORE
http://www.searchlightcrusade.net/.
Find a good mortgage person. The Realtor can find you a house, but the mortgage person will help you figure out how to pay for it. You could get a mortgage without a down payment, and there is also federal money out there for 1st time homebuyer. If you do not have a good mortgage person, ask your Realtor and they will be able to refer you. Good luck! This is a great time to buy a house! There is a lot to pick from and great deals out there!
First, you need to know your credit score. It is one of the most important things to know, not only for a house, but for every purchase in the future. You might not need a down payment (depending on your credit score-hense, you see the importance.) There are grants and programs for first time buyers, so check to see if those are available to you. Also, you need to get pre-approved with a lender to see how much of a home you can buy (the maximum price you can spend.)
try this site. You can get tons of free information and some in book form.
www.fanniemae.com
First off. make appointments with two or three realtors, not just one. It's a big decision, and an expensive one, and you have to be sure you are comfortable with your realtor. So line 'em up and try them all, and keep the one you like the best.
As for questions. what you posted here is exactly what you should ask. Ask the realtors to walk you through the whole process, explain how your credit impacts your mortgage rates, anything that is on your mind. They won't have all the answers--- your realtor won't be able to tell you your credit score, for example--- but you'll get a sense of their style and depth of knowledge. That way you can decide which one works best with your personal needs and style. It's really important because you will have dozens of questions that come up at every stage of the process, not just at the beginning.
A good realtor will spend a reasonable amount of time on each of your questions, put things into words you can understand, and in general sound like an expert, but they should also sound like someone you feel comfortable talking to.
go to your bank and talk to them. 1st time buyers have lots of advantages like discounts and such. they will have to run a credit check and score.
if you aren't looking at buying now, i would say wait.
my husband and i were looking about 4 months ago, didn't find anything, and now, there is so much out there to fit our price range.
also, don't try to buy a 300K house if you make min. wage. try for something under 100K.
take your bills and see if you can afford 800+ $ for a mortgage payment, plus you should have some extra like 5K for 'move in expenses' such as new carpet, or a new fridge, you get my point.
make sure you also talk to more than 1 bank. lots of banks give great rates, and make sure you get a low rate.
i don't know about points, i think its when you borrow 10K you get `1 point. thats for the bank to explain to you
if i were you, i would take some $$ you got now and invest in some 12 month CD's at the bank, let them roll over for 2 yrs, then cash out.
aside from the realtor, you need a mortgage loan officer. He'll check you credit himself and tell you what else needs to be done he can even hire and appraiser for you help you find insurance etc.
They will do a credit check on you.For proof you'll need your W2's for the past 2yrs.Pay Stubs..Utility Bills.Phone Bill.Letter from your landlord when it's time to give to a Broker when you finally buy a house plus you'll need a down payment.Ask questions about the house plumming,wiring,if it is city water or a well there are alot of tests that need to get done in the long run between all the tests & inspections expect to have about $8000.00 cause that's what it cost me down payment on 120,000.00 was $6000.00 the rest of the money went to inspections & broker fees the realtor won't cost you a dime hopefully she'll be a nice one we worked with ours for 1yr before we found the right house.A Good Deal could be a Dump so watch out alot of people try to sell you a worn down house as is don't do it cause it's expenise to fix up once it's yours it becomes a money pit cause I found that out 2 months down the road now I want out but I'm waiting another year so we can save up to move down south.Good Luck
try to talk with different loan officer from mortgage company- they have access to more mortgage programs.
The good deal you found probaby will get even better later (except Seattle or Texas, I heard they are doing better).
In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/08/24/news/eco.
http://money.cnn.com/2006/08/23/news/eco.
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