1st time home buyer?
Answer:
The first step is always to find out what you can afford.
I have a PDF flyer that explains the 19 steps of the home purchasing process, feel free to drop me a line if you'd like a copy.
You should familiarize yourself with your local market and whats available, the more you know about the other homes on the market the better you will be at making a fair offer and haggling for a final purchase price.
You should also read up on the different loan programs, and all the options that are available for them.
If you plan on moving from this home in ten years or more, but not less than 7 years you should / might be looking at 10/1 ARM or 15&30 year FRM's. There are too many variables that I do not know about your situation before I could recommend a specific program for your needs.
Additionally, you should check out http://www.annualcreditreport.com. and get a copy of your credit report absolutely free from all three credit bureaus, and make sure you start working on fixing anything that may look derogatory.
A professional mortgage planner could answer alot of your specific questions and guide you in the right direction on many of these issues.
Hope that helped a little, feel free to ask more specific questions if you have any.
well, id first advise you to go to a real estate office, someone u can trust. my mom is a realtor, and her services are free. most are. you have to pay for a home application, (around 50 bucks more or less), but you have to no matter where you go. that will start u on the process, untill then, maybe read some books on the subject, talk to your realtor, there is really no way for the realtor to take advantage. .my mom takes people from the beggining of the process, she even shows homes and sometimes drives people around to help find the best deals, without charging a red cent!
I think you're better off taking the homebuyer's workshop cuz' this is a question that demands more than what any answer from here can provide. I suggest talking with family and friends you know who have bought. I agree that you should save your VA for the purchase you really want. I would be wary of a FHA loan because there are extras that raise the loan payoff when it comes time to sell the home you purchase. consider mortgage repossessions. look at the area/community where the house is located; will it increase or decrease the value of the house. what are the property taxes; county/city. you mentioned VA, so if you are military-related, contact the insurance company USAA -- they have an excellent resource for home buyers and also offers a movers advantage bonus $$ if you use a realtor from their program.
I hope some of these will help but there are many more concerns to consider.
Congrulations
If you give us more information, we can help you more, but first think you should do is find a right Loan Officer, he or she can give you more information, after they give you figures,then yo should start to go shoping for your house because your Loan Oficer can help you to figure Loan amount you can take from bank, and how much you will be your monthly payment.
Than you can find your 1st home, and buy it very fast.
If you need more information, write me
bizbizicapital-residential@yah.
I can help you to compare rates and expences I am a Loan Officer.
Good luck.
toll free 1-877-242-2717 ask for Joe for free advice from a lisenced loan originator
Try this Site for lots of good free information and Ideas:
http://www.realmoneyideas.com Go to the "Real Estate" page.
Lots of good info, and a "checklist" of what to look for on the
inside and the outside of the house so you DON"T buy a home
with lots of problems.
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