There are several options available for you. Find a mortgage professional you can trust and they will go over all your choices with you. If you don't know anybody, ask your friends and family for referrals. Any good mortgage professional gets a huge percentage of their business through referrals.
As a first-time home buyer, you want to keep several things in mind. They are:
*how much can you afford - make sure you don't get in over your head with a mortgage that you can't afford. Keep in mind that you'll have to cover expenses such as utilities, taxes, private mortgage insurance (which you may have to pay unless you have a 20% down payment or get a non-traditional loan), property insurance, and money for emergency repairs.
*closing costs and fees - make sure you know exactly how much this will cost you. This can vary greatly, so make sure your real estate agent and mortgage professional explain this to you in detail.
*making an offer - once you've found the house you want, make an offer that the seller will accept. And if you work with a mortgage professional that can offer you full-approval (meaning that you will absolutely qualify for a mortgage for the amount of the offer) you will be a stronger buyer than a person who only is pre-approved. Have your mortgage professional explain the difference. You can negotiate many things when you make an offer (appliances, updates to the house, etc.) so make sure you get that in writing.
*type of mortgage - know the difference between a fixed, adjustable, interest only and even a negative amortization loan. Make sure your mortgage person goes over all payments and the differences between the types of mortgages. Don't settle for just one option. Ask to see them all and pick the one best for you.
* know your credit - if you have any credit issues, you may be able to take some easy steps to improve your credit and get a lower interest rate on your mortgage.
* location of your home - pick a home for what's important to you. Are schools good? Proximity to parks? Near good shopping? Or is a lot of land more important?
Keep these things in mind when shopping for your first home and you will end up with few problems and the home you really want.
Good luck.Any advice on how to go about finding a home for a first time buyer?
Talk to a local banker who works with CRA programs. In Miami you could qualify for up to $70,000 in FREE money.
Most people don't know about this so make sure you find someone who specializes in CRA (Community Reinvestment) programs!
Also, call Wells Fargo Bank Home Loans and see what you qualify for... according to Wells Fargo. Note, they are very good at what they do, but you can find a better mortgage if you search for it.
Find your mortgage first, then go house shopping with a PROFESSIONAL... not a newbee that calls himself a ';realtor.'; Make sure you ONLY work with people who really know what they are doing. Note, 80% of the people you talk to are just average... not true professionals. Always remember this and remember... they work for you, period. Be careful, many just want a commission and won't work hard for you.
Good luck!
I'm a realtor and I've worked with many first time home buyers. I would suggest talking to a realtor who can recommend a lender to you. The lender will be able to tell you what loan you qualify for and how much you can afford. Sometimes you can get a good deal on a forclosure, but sometimes they are more trouble than they are worth. The most important thing is to get a home inspection and do not buy anything on credit or open any credit cards until after you have closed.
Usually banks have a department for foreclosed homes they want to get rid of. Also check with local property tax offices as to what's coming up for bid and when.
realtor..?
Talk to a mortgage broekr or lending institution and see what kind of loans you can qualify for. 45-50 k should be enough to get a decent loan, enough for a house in most areas
Hi Mela ~~~ big life-time decision ~~~ so think in terms of 30-40 years of happiness.
Buy near your work or your spouses or better ~~~ both.
If you wish to raise a family think in terms of are the schools all within safe walking distance.
Where are the stores and church. If you buy close to a fire department house insurance is lower.
Check out the cost of property taxes ~~~ they can break a family's budget if they are high and keep going higher every year.
Is the home located in a winter state like Minn. or N.Y. ~~~ check for insulation in the walls and attic floor, storm windows. In some states people have to get up in the early morning hours and pre-start their car to warm it up so it is ready for work.
I bought my home 45 years ago and looking ahead has kept me in the same place with a home that is now paid off ~~~ not the banks ~~~ mine.
Depending on what state you're from, you may be able to find a HUD home.
Http://www.hud.gov
You search state by state and they list forclosed homes and you bid on them. (You do however have to bid through a realtor, so that needs to be your first step.)
Also, before getting an actual loan shop around for different interest rates. You don't have to have an account with a bank to get a loan from them, and your own bank may have high interest loans.
My advise would be to wait. It's only started....
http://www.youtube.com/watch?v=QqkbHV3C9L4
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