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What all do i need in order to purchase my first house besides down payment?

I have the cash for a down payment, however in order to complete the whole process, what else do i need?
Does anything need to be paid up front?
  • December 25 2011 - US
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Answers (5)

First you need to find a lender and see if you are qualified for a loan and determine how much you have to spend for a home.  Then you should either find a real estate agent to help guide you through the process or do a lot more research on the process. There are things like inspection fees, appraisal fees and other fees that will occur before you buy your home.  There are also some very specific timelines for different things like how long you have to respond to request repairs that you need to be aware of.  If you aren't familiar with all of the timelines, you may not be protected.  If you use a real estate agent, it will not cost you anything. The seller pays for all the commission and the agent should guide you through the process and protect your interests.
  • December 30 2011
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You need a Realtor to assist you! I have had buyers interview me before and you might want to think about the process of seeking a Real Estate Professional. They are licensed and there to protect your interest in the transaction. Another thing you should do is get with your local lender to assist you in the lending process. Many good Realtors will have contacts. Securing a good loan and a Realtor would be the next..good step in moving towards home ownership. With these low rates, there's never been a better time to buy!! Thank you for your question.
  • December 27 2011
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You need a good credit score.
You need a steady job (2 yrs or more) with good income.

Yes, there are upfront costs:

mortgage application appraisal
1 yr prepaid home insurance
home inspection fee
other various closing costs.
  • December 26 2011
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Hi. Congratulations on pursuing your desire to own a home! One of the first things I would do is to meet with a lender in your area. It's always good to make sure your ducks are in a row when it comes to the financing. You will need to get a pre-qualification letter from your lender and have it ready when you make an offer on a home. It will most likely be included in the offer to show the seller you have the means to actually purchase the house. I would also start to search for a realtor to assist you in the process. They will keep you on track with deadlines and procedures and keep an eye out for you. Nothing up to this point should cost you anything. In the future, be prepared to have some money saved up for your due diligence costs. This would be your home inspection, termite inspection, survey and any other possible items you feel is necessary to thoroughly check out a home you are interested in purchasing. You will also need to plan on putting some amount of earnest money down and your agent can guide you as to the amount, based on the cost of the home you are making an offer on. Good luck!! 
  • December 26 2011
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Thanks for your question "KHoward93".

Hopefully you will have a Realtor represent you.  Keep in mind the seller pays BOTH the buyer's agent AND seller's agent's commission so it would be wise to have one working on your side.

One of the things you get when you have a Realtor working on your side is their ability to do a "cost estimate" sheet estimating a buyer's closing costs for that particular property & if were not cash it would show monthly payments including taxes, principal & home owners.

You will incur fees like title search & insurance fees along with other charges.

Contact a local Realtor.  Good luck & hope this helps!
  • December 26 2011
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