Current Events > I'm starting the homebuying process. What's step 1?

(+) Yeah! (+)

any advice please and thank you very much

Do not buy anything that is part of an HOA

be rich

Figure out how much you can afford a month for mortgage and down payment. Google has a simple mortgage payment calculator.

Apply for a mortgage loan from the bank. See what your credit score is.

Look for houses and hope you dont get outbid

???

Profit!

get a mortgage approval or the agents will not take you very serious as a buyer

Step one: Apply for a mortgage and get approval letter from the bank
Step two: Contact realtor, provide the approval letter and let them know what you're looking for
Step three: Realtor will send you a list of houses that are on the market in your price range with the features you want
Step four: Pick some houses to check out
Step five: Some corporation already paid 50k over asking for them
Step six: Realtor will send you a list of houses that are on the market in your price range with the features you want
Step seven: Pick some houses to check out
Step eight: Some corporation already paid 50k over asking for them
Step nine: say "fuck it" and rent forever

Get your stuff in line (pay stubs, account statements) they're gonna ask for all of it over and over until underwriting is finished

I contacted a realtor first

After like 5 questions, she told me what to do next and then continued walking me through every step of the process. Overall, it's just get approved for a loan and then look at houses. Then offer, inspection, get keys. Realtor did everything else for me

Get preaproved for a mortgage and find a realtor

Can you put 20% down?

If you can ask realtor about it. There are certain concession that can be made you might want or you might not. Depends on you. Things like you don't have to pay your insurance to the mortgage and can do it directly.

Honestly i don't even know. I talked to a realtor first and she basically handled everything. Very easy process overall.

So I guess my suggestion is to find a good realtor.

WingsOfGood posted...

Can you put 20% down?

If you can ask realtor about it. There are certain concession that can be made you might want or you might not. Depends on you. Things like you don't have to pay your insurance to the mortgage and can do it directly.

Yeah. Thinking even 25% with my cash situation. I aint paying PMI

1) If you're married, get on the same page. Then when you think you're on the same page, make sure you're really on the same page. If you are not married, make sure everything is only in your name.

Find a good realtor.
We've been using the same guy each time we want to move/sell and have always been successful.
Oh, and don't pronounce it "realitor" there's no "i"

Well, you could look for a real estate agent who specializes in new buyers. I got one and it really helped out. One big thing though is that if you can do 20% down payment you get the MUCH cheaper homeowners insurance that will save you thousands and thousands of dollars.

So I would say figure out what your price range is going to be and save up the money to do the 20% down payment.

The next thing is to tell your realtor what your price range is and what features you care about and then go out and start looking at houses. I looked at 11 in person before I found the one I really wanted.

Then you have to negotiate with the sellers. That'll be .....interesting in the current market. I was able to get the sellers to pay all the closing costs of the sale, which ended up being like $5k value right there.

Then you sign a bunch of papers, write the biggest check of your life, get the loan and escrow started, they move out and you move in.

You may need a washer+dryer and a lawn mower if those don't come with the house. You'll also need to sign up for your electric, water, waste disposal, and internet services at the new place.

It's a lot of stuff all at once. Oh and also actually moving your stuff in. Get family or friends to help if you can. Congrats.

TaylorHeinicke posted...

Yeah. Thinking even 25% with my cash situation. I aint paying PMI

you only need 20% why do you add the extra 5%?

WingsOfGood posted...

you only need 20% why do you add the extra 5%?

lowers the monthly right?

TaylorHeinicke posted...

lowers the monthly right?

by a very miniscule amount

better to keep that cash in your bank account for emergencies, unless you already have a solid emergency fund built up then go for it

littlebro07 posted...

by a very miniscule amount

better to keep that cash in your bank account for emergencies, unless you already have a solid emergency fund built up then go for it

makes sense. especially since im not exactly looking for a mansion

Depending on your interest rate every $1000 down reduces your monthly payment by like $4-7 iirc