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First time home buyers

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Your Real Estate Agent 2
Little Miss Knowitall 3
Allen 1
Texas gal 1
dmc21 2

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Texas gal --- 10 years ago -

I was needing some advice of the step's of buying a home. my husband an i are new at this and don't know where to begin. I would love your advice of the process steps etc..Thank you 0  

dmc21 --- 10 years ago -

First, figure out how much you can afford. There are many calculators out there that you just punch in numbers and it will figure it out for you.

Next, figure out what you need in a home. What you want in a home.

Then go online and search for homes! There are many websites out there, usually the same ones that list rentals will also have homes for sale. You input your needs/wants/price and pick your home. Websites have the agent listed so you can call that way.

You can also just pick an agent, and they will walk you through the above steps.

Good luck! It can be a fun, and frustrating, process! :) 

BOOM BOOM BOOM --- 10 years ago -

After you figure out how much you can afford find out how much a loan co will lend you. Have a monthly buffer for repairs. 

dmc21 --- 10 years ago -

yeah, totally didn't even think about the financing part. lol

Get preapproved. You can do this on your own. Research interest rates, call your current bank, etc.

If you are going to be using the VA (if you have it), make sure you get the certificate or however they do it now. 

BOOM BOOM BOOM --- 10 years ago -

Rates i think are going up. So buy em now! Lol

There are tona of foreclosures in the area. That may be your best bet financially. 

Little Miss Knowitall --- 10 years ago -

Foreclosures are a nightmare to deal with unless you aren't in a hurry to move.

I wouldn't recommend attempting to buy a foreclosure your first time buying.

Also, just because the bank approves you for a certain amount of money, doesn't mean you should go out and buy a house for that much.

If you PCS will you be able to rent the home for what you pay out each month for mortgage/taxes/insurance?

Take into account your lifestyle. Do you like to buy a new car every few years? Travel? Do you have kids/plan on having kids?

NEVER pay listing price for a home.

Keep an open mind when house hunting.
If you are buying a resale, forget about the color of the walls, they can be painted. Flooring can be replaced, etc.

If buying a resale, have a home inspection. The inspector should be of YOUR choosing, not the seller. 

Your Real Estate Agent --- 9 years ago -

Alot Of Nice Homes From Newport To new bern. 

Your Real Estate Agent --- 9 years ago -

There is 100% Financing Home Loans with No Money Down available to everyone. You do not have to be in the military or prior service. You do have to have a decent credit score and the lenders will offer you rates that are the lowest around. Always ask the seller to pay for you closing costs, a home warranty, and your termite inspection (you'll need that for your loan). Its really a pretty easy process to buy a home, being an EDUCATED buyer is key. 

Little Miss Knowitall --- 9 years ago -

There is 100% Financing Home Loans with No Money Down available to everyone.

And this is why the market tanked... 

BOOM BOOM BOOM --- 9 years ago -

I was always told to put down 20% when purhasing a home or car... 

Little Miss Knowitall --- 9 years ago -

I was always told to put down 20% when purhasing a home or car...

At least. No money down doesn't give the buyer any incentive to actually keep up the payments. They have nothing invested.

I'll only finance a vehicle if I can get 0% financing. Same thing with big ticket items like furniture and appliances. 

Allen --- 9 years ago -

Buy on 15 years-not 30-if you can't afford it-don't buy it. Big down payments are not necessary and may not reduce your payment much, crunch the numbers first in each scenario, if I put 5, 10, 15, 20% down, etc. what is the payment? 

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