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Buying a house, and I need advice...
Posted on 1/19/18 at 11:33 am
Posted on 1/19/18 at 11:33 am
Hopefully, if i can find a deal, i plan on buying sometime this year. I doubt i'll have the funds for a 20% down payment (unless i hit it big in the crypto market) so i'm sure mortgage insurance will be a must.
what are the usual steps that are involved in buying a house? is it different than buying a car? btw, i'm thinking $150k seems to be my limit. and it'll be in the Dothan, AL area more than likely.
what are the usual steps that are involved in buying a house? is it different than buying a car? btw, i'm thinking $150k seems to be my limit. and it'll be in the Dothan, AL area more than likely.
Posted on 1/19/18 at 11:34 am to finchmeister08
Go to bank or mortgage broker and find out how much you can loan. Find house, call real estate agent, put in a bid on house.
Posted on 1/19/18 at 11:19 pm to finchmeister08
I felt just like you in 2011 when I bought my first house. If you find a trustworthy realtor and mortgage broker in your community they will hold your hand and guide you through the process. Other than coming up the money, it is quite simple when you have trusted professionals guiding you. You should absolutely have an inspection done (it is well worth the money, as I have canceled a purchase agreement after an inspection) along with considering an HVAC and termite inspection in addition to the traditional inspection of the structure prior to closing.
Posted on 1/19/18 at 11:47 pm to finchmeister08
You can also always request in your offer that the sellers pay (x) amount in closing costs, prepaids, and escrow. Doesn't mean they will.
The best advice I can give if buying, get a realtor and not the realtor that has the house listed.
The best advice I can give if buying, get a realtor and not the realtor that has the house listed.
This post was edited on 1/19/18 at 11:49 pm
Posted on 1/20/18 at 11:07 am to finchmeister08
See what the bank approves you for, then cut the number in half.
Posted on 1/22/18 at 8:17 am to finchmeister08
quote:
Buying a house, and I need advice...
Put as much down as you possibly can. You'll save thousands in the long run on interest. Biggest regret of mine was not saving for another 6mos-year.
Also, absolutely shop mortgages. Going thru the home buying process for a 2nd time and I shopped. I found a broker who works for himself and waves alot of the petty fees.
Lastly, to best guess your monthly payment, pull the taxes from assessors office and contact a home insurance broker and get 2-3 quotes for home insurance. A lot of mortgage lenders are conservative on this line item and you can hurt yourself. Also, on the insurance side, read into what the deductibles cover. A lot of policies are going 2% insured value for deductible. Make sure you can swing that too.
Best of luck
ETA: Roof and A/C systems are the 2 common expenditures that can hurt. If sellers don't want to work with you and roof/AC are aging, get a few quotes to see if you can swing it.
This post was edited on 1/22/18 at 8:43 am
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