Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

Anyone experienced home buyers here?

I'm thinking about buying a house. Do you have any advice (on finding the best price, financing / mortgage, etc) you can give me from your experiences of buying a house?

Update:

I'm a first time home buyer.

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  • 1 decade ago
    Favorite Answer

    When you are buying a house, what is your overall objective? Are you going to be there for a long time? Is this a starter house?

    Don't buy more house than you can afford. Although adjustable rate mortgages can be attractive initially, a fixed rate won't give you unforeseen payment increases that may force you to sell when you aren't ready or can't afford to.

    Check your credit online and see where you stand now. Make sure your debt to income ratio is not to high. Put off buying anything new on credit for the next 6 months. Buy AFTER you have purchased the house.

    Do you have kids? Are the schools going to be important in choosing your home? How about the crime rate?

    Start looking at open houses. Find out what you like after you know what you can afford.

    Once you have done the above, you are probably ready to align yourself with a realtor. Ask your friends if they were happy with their agent. We have referred lots of folks to our agent who we were happy with. And we have steered folks away from agents who we felt were not right for us (didn't listen to what we said we were looking for, too pushy, got cranky when we didn't buy after they showed us 3 houses, etc)

    The realtor will probably want you to get pre-qualified with a mortgage company. Don't just take what a mortgage company offers and think you don't have options. On the other hand, don't go to a dozen folks who are going to pull your credit. Be selective in who pulls your credit. Inquires will bring down your score. The lower your credit score, the less you can borrow and more you will pay.

    Hope that helps

    Source(s): real estate investor
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  • Anonymous
    1 decade ago

    The first step before all others is to secure financing. This will let you know how expensive of a house you can shop for. Once you have this information you can get an agent and begin your search. You can get a no obligation mortgage quote and even a preapproval quickly and easily. Simply go and fill out the form!!! Good luck.

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  • 1 decade ago

    Location location location is very important- and esp when it comes to resale- I bought a hud repo that needed very little work- moved to another city- bought one that need cosmetic stuff and roof- and is now worth almost 300 percent more- bought another hud repo on the outskirts and doubled my money in 18 months- for 1st time home buyers- there are special loans- and if you go for 15 yr you will save tons of money-If you don't want a fixer upper or a repo- go for a good affordable neighborhood, and a decent price- qualify for a loan ahead of time to see what you can get and afford- then you will know your price range-and find the best rates-D

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  • Anonymous
    1 decade ago

    www.naca.com

    They have an educational series of workshops to educate people about credit and the homebuying process. They also do their own mortgage financing. They are a non-profit housing advocacy group who got their money by suing Fleet Bank for predatory lending practices. They use the settlement money to help finance home ownership to people who might not qualify with traditional lenders. It's a fixed rate loan at usually under market rates.

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  • Anonymous
    1 decade ago

    Get pre-approved by a bank. Pre-Qualified is nothing. It means you can fog a mirror and have a job. Next find a Buyer Agaent. They use ABR (Accredited Buyer Representative) after their name. Have the bank or Agent put you in touch with Rural Development. They have great programs for first timers. Go to: REBAC.com and jackosullivan.net for more info.

    Good Luck.

    Source(s): An Agent
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