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im trying to buy a home please help thanks

im 22 and i have never bought a home and would like to know what i should do thanks in advance

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dreaminmama

Asked by dreaminmama at 4:27 PM on Apr. 23, 2009 in Money & Work

Level 2 (6 Credits)
Answers (10)
  • The first thing you need to do is see if you can get pre-approved for a loan and for how much. If you can't, then you can't buy a home. If you do get approved, go find a realitor you can trust.
    ABPeterson

    Answer by ABPeterson at 4:30 PM on Apr. 23, 2009

  • should i go through my bank for a loan and should i find my credit report out .....thanks
    dreaminmama

    Answer by dreaminmama at 4:31 PM on Apr. 23, 2009

  • First....find out how much home you can afford. There are online mortgage calculators that will tell you what to expect with a 20% down payment. Then get pre-approved for a loan.

    Then start looking!
    gdiamante

    Answer by gdiamante at 4:33 PM on Apr. 23, 2009

  • thank you :)
    dreaminmama

    Answer by dreaminmama at 4:35 PM on Apr. 23, 2009

  • I would buy the book Homebuying for Dummies, it explains everything in detail. It a fantastic resource for buying a house and learning the ins and outs of mortgages. I will say one thing--DO Not Hire a Home Inspector. Its a waste of money. Instead hire a professional for each discipline, electrial, plumbing, heating and air, pest inspection, and a general contractor. It might cost a bit more, but you only need an hour or so of their time a piece. We didn't and ended up getting a clean bill of health on our house. We had a major gas leak, that we didn't find out about for a year (cost 1600.00) and we have bats in our "attic" which wouldn't bother me so much but they get in our house. The estimate to have them removed was 1800.00 dollars. I haven't consulted an electrician yet, but we go through lightbulbs like crazy. Also if you overfill our tub, the over flow isn't tied into the plumbing, and so it "rains" in my kitchen.
    Lesli

    Answer by Lesli at 4:35 PM on Apr. 23, 2009

  • Oh, and our home inspectors were a well recommended national chain. Not someone who didn't know what they were doing.
    Lesli

    Answer by Lesli at 4:36 PM on Apr. 23, 2009

  • fIRST PULL YOUR CREDIT SCORE, THEN GO GET MORE THAN ONE HOME LOAN APPROVAL, COMPARE SHOP YOUR BANKS. YOUR BANK MAY NOT BE THE BEST IN RATES. THEN GO TO A REALATOR, CHOOSE SOMEONE WHO IS A LOCAL AND STICK WITH THE BIG GUNS. ALSO YOUR FIRST HOME IS A GOOD BUY CAUSE YOU GET A FIRST HOMEOWNERS BENEFIT, DEPENDS ON YOUR STATE MAKE SURE YOU GET IN THAT PROGRAM. FIND YOUR CREDIT SCORE, YOUR BANK AND SERIOUSLY KEEP YOUR HOUSING PAYMENT ONLY 30% OF YOUR INCOME OR LESS OTHERWISE YOU WILL CAN LAND IN HOT WATER FAST.
    Hol-e-Mole

    Answer by Hol-e-Mole at 4:36 PM on Apr. 23, 2009

  • First go online to find out how much house you can afford. You have to factor in cost of utilities and repairs and property taxes and deduct that from how much you think you can spend. Then what you have left is the maximum monthly payment your house should be. Oh and homeowners insurance too. Don't forget to factor that in. Then you will want to go to a few different banks and compare rates and see if you get preapproved. Once you do get approved, find a realtor. Let them know EXACTLY what you are looking for, and your price range. They will take you around and show you houses that compare to what you want. OH and before I forget do NOT do an ARM (adjustable rate mortgage). Anyway after you find the house you want, you will put in a bid for it and if they accept then you get the house, if not then you have to up the bid if you want it. ALWAYS get the home inspected thoroughly too BEFORE buying!!! Don't sign withou inspecting
    AprilDJC

    Answer by AprilDJC at 4:48 PM on Apr. 23, 2009

  • You need to get pre-approved first. You can go to your Bank or Credit Union and see how much you can qualify for and you will mostly likely need to have a 20% Down payment to qualify, due to the credit crisis. No easy loans anymore. Once you know what you can afford you can go and find a Realtor. Find someone that has a good reputation in your area, and he will most likely be able to recommend a mortgage broker, or they might even have their own financing in house, so you can get the best rate possible. I disagree about not hiring a Home Inspector. I would never buy a home without having it inspected, but people have different experiences. Good Luck
    SonjaSC

    Answer by SonjaSC at 8:09 PM on Apr. 23, 2009

  • Oh and one more thing. I totally agree with not getting an adjustable mortgage rate or a Interest only loan, if they still do interest only loans. Get a 30 year fixed rate loan and if possible have your taxes and insurance inpounded in your payment.
    SonjaSC

    Answer by SonjaSC at 8:14 PM on Apr. 23, 2009

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