I want to buy a house… what do I do first? Do I buy a new home? perviously owned? what a good interest rate? I don’t know were to start! Every agent I speak to wants to sell me one of their listings. I just need some honest help on what to look for and what questions to ask, whats a interest rate, a good motrgage payment, etc. My credit is pertty good about 750 & I make about 70,000/year, have a few large bills like tuition, car payment & some mics, stuff. to pay. IS that goos enough to buy a home? What price range should I be looking for? I live on the border of Texas & NM. Any web sites that can help a first time home buyer? Help me with real estate jarjon, etc…
First, you need to figure out what’s important for you in a house. I suggest creating a “nice to have” list and a “don’t care about” list. In other words, make a list of what is important for you in a house. Are great schools a major factor in where you want to live? Is access to public transportation important? Nearby parks? Proximity to your job? Do you prefer urban, rural or suburban living? What isn’t important to you? Make this list and then you’re ready to start
Start with open houses in an area where you might want to live. You can walk through homes and get a feel for what’s on the market. Then, you also may want to consider a buyer’s (real estate) agent, but, that’s not really my area of expertise.
What I can help you with is “the basics” of shopping for a mortgage. Keep in mind, the interest rate isn’t really as important as the impact on your monthly budget. How much of a payment (don’t forget to include taxes and insurance!) can you afford each month? Knowing the answer to this question will help you find out your target home price. And don’t forget to include in your home-buying budget expenses such as closing costs, appraisals, fees, ect. You really need to talk to a mortgage professional as soon as possible to get specific information.
Overall, your credit score and income sound solid, but don’t forget that there are four parts to getting approved for a mortgage: income, credit score, assets and the property itself.
Check out the link below for a complete walk-through of the first-time home buyer’s process. I think you’ll find most of your questions answered there. I hope this information helps.