Profile picture for tarisha

what is the first step in buying a house

  • September 04 2010 - US
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Answers (9)

The first step is getting pre approved or qualified so you know what type of financial position you are in.  This way you know what price range you can afford and then you can start looking.  You also want to speak with your mortgage consultant about taking a First Time Home Buyer Class so that you can educate yourself on the process.  Also working with a Real Estate Agent in your area will help, they specialize in the First Time Home Buyer and can answer all the questions you might have while getting started.

  • September 05 2010
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Profile picture for Dunes....
The First thing you need to do is understand you are talking about perhaps the Largest Financial Decision you will ever make..A long Term Financial Decision..

You need to Understand RE Agents are SELLING SERVICES as are Mortgage Brokers/Lenders...Some are Good, some are Bad and some are just Disastrous Financially for any who use them.

You need to know how to tell one from the other in order to protect yourself Financially and to achieve the goals you set for yourself...

GET AS INFORMED AS POSSIBLE BEFORE YOU MAKE DECISIONS THAT CAN IMPACT YOU FINANCIALLY....

I would recommend you begin by looking at this Fed Gov site which explains the Home Buying Process Step by Step...Choosing a Lender is Step#3 according to them and choosing an RE Agent is Step #5..
Learning your Rights as a Buyer/Consumer is Step #1
Give it a Look..Link

Check out this Gov Site which has all the Fed Gov Loan Programs currently Available. (FHA/USDA ect) You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program. Link

Check out the Fed Gov Home Buying Programs, view the Properties they have available and learn about the options they provide/make available..Hud, Fannie Mae, Freddie Mac, Vet, USDA..all here
Give them a look..Link

The Banks have also created Web Sites for the Public to view their available Properties and learn about the options they have..Sites like
Chase...Bank of America...Wells Fargo
Give them a look and you'll find the links to Bank Sites here..Link

Become informed about the Process of this Large Financial Commitment and then choose who YOU feel will best assist YOU from those who are Selling Services if you decide to move Forward
 
  • September 05 2010
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The question I will ask myself aftrer knowing how much I'm qualified for is: How much do I really feel confortable spending and how much do I feel secure with as a mortgage payment?  Just because you are qualified for X amount doesn't mean you want to or should spend X amount of money. 
  • September 05 2010
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I throw in my two cents - get prequalified by a direct lender   Too many times I have worked with buyers who felt I was pushing them to do something that they felt should be done AFTER they found the house - you can be surprised and have to start all over - it's pretty common for people to do online "mortgage calculators" that don't take escrows and the actual rate that you will qualify for into consideration.   Nobody is going to push you to buy just because you prequalified - it's the right place to start and makes the process fall into place for you.
  • September 05 2010
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You have gotten some great answers already. Make sure you have a mortgage broker / banker you are comfortable using. While getting a good rate and low fees are important, having someone you trust, feel comfortable using, and can get the loan closed in your time frame is worth paying a little bit more.
  • September 05 2010
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Tarisha,

Good Evening.

Everyone's advise below is solid. I think the first step is to get funding in order. Keep in mind you may be approved for "x" amount, but you want to
make sure that you want to pay "x" amount. It's not always the price of he home, it's the monthly payments.

I hope that helps.

-Shawn
  • September 04 2010
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Have your down payment together, get pre-approved (not pre-qualified) through a lender, find an agent you are comfortable with.
  • September 04 2010
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Profile picture for the_country_hick
Step 1 determine how much you can comfortably afford to pay for housing each month. This is based on your budget not what a lender tells you.

Step 2 determine which is better buying or renting. It could be either way depending on your unique situation.


Look at the 2 blogs below for more detailed information.
"Does it make more sense to buy, or to rent? Here is the way to find out for sure."

"Why rent if you could buy for less money? Valid reasons inside."

Step 3 you need money to buy a house. In this case a down payment. If you do not have on the blog below gives some solid ideas on how to create one.
"How do I get a down payment to buy a house? The ideas below worked well for me. They could help you also."

I would also research foreclosures and bad loans in your area. Those are going to be strong until 2012 with bad loans creating foreclosures. That will drop prices even more. 


Look for things in your area you want in a house. It could be location, it could be price, it could be closeness to (or distance from) certain things. Define what you want and where in a general way. 

For more useful information look at more blogs by the same author.
  • September 04 2010
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Profile picture for cynthiahbehr
I would recommend talking with a lender and getting pre-approved financing in order to determine what home you could afford.  This will help you with your search process.
  • September 04 2010
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