Buying a house, and I need advice...

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.

Don't fall into the trap of buying in Daleville or Newton or another one of those small towns around just because you can get more house for your money.

Buy the best 105K 3bed 2bath house in the best school district.

Absolutely have an inspection. Worth every penny. Appraisal will be required. Your mortgage banker will hold your hand for pretty much all of the rest.

Don't be afraid to shop around for a mortgage. They'll tell you that you don't need to, but you do. Interest rate will be pretty much the same from place to place if you're comparing apples to apples. Some lenders may offer a lender paid PMI product for a slightly higher interest rate, and others may offer a lender credit, which is basically a cash credit to use at closing. I'd go to at least 3 and find out what they offer before you commit to one.

You will have 2k in closing costs + 4Kish between title insurance, inspection, and up front escrow. Seller should pay realtor fees and appraisal.

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what about appraisals and inspections? what other fees am i looking at?

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You usually pay for the inspections. General home inspector will be about $400.

Appraisal gets wrapped into you closing costs.

First step is going to the bank. And an FHA loan is as little as 3.5 percent down payment.

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.

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You usually pay for the inspections. General home inspector will be about $400.

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I generally tell people to expect $600, around $400 for a general, then a termite and video pipe inspection.

Make the seller pay closing cost and inspection

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Buying a house, and I need advice...

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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.