Approved to buy my first home!

[NannySlayer]

I’ve just been approved to buy my first home! Hired a realtor and scoping some places out this weekend. Got a great deal on interest rate and hitting the ground running.

What are your suggested do’s & donts for a first time home buyer?

I’m uneducated on this process but my lender is helping me along quite a bit...


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[whitetailtrail]

Whatever they say you can afford, you can't! Don't be house broke. Enjoy the process and stick to whatever your numbers tell you is right for your budget, if you have one. Homes can be emotional purchases but always good to check yourself with realistic numbers. Ask about taxes, hoa, trash pick up, ask for recent electric, gas and water bills to get an idea of what expenses might look like.

[AntlerCollector]

Lol. I was gonna say the same as above. They will sell you more house than you can afford. Get what you need. Get what you want later. Congrats on a first home.

[HogHunter34]

If you can buy in a good reputable school district is always good for future quick sales if you decide to relocate or upgrade. I try and be present during home inspection to ask questions & allow inspector to explain findings so it’s visual and sometimes more informational than a report

[mikeyb_23]

Remember as your house appreciates your mortgage goes up to. Make sure to give yourself some breathing room on your mortgage.

[RascalArms]

First of all, congrats Steph! Secondly, totally agree with the aforementioned folks....don’t over extend anymore than you know you can afford. It’s tough when you are being held hostage by a mortgage.

Oh.......and get a DARN GOOD HOME INSPECTOR!

[gatt40]

Congratulations. Agreeing with what has already been said

[flywise]

Dont get an ARM

[Rick]

dont over extend yourself, good rule of thumb is total payment being 25% of takehome, you will qualify for a lot more
don't buy into a HOA unless you are sure you want that added expense/oversight
get seller to pay for home warranty for year or 2, then drop it, keep a fund for repairs
use a good home inspector


congrats!!!

[Uncle Saggy]

Congrats. All the above is good advice


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[RR 314]

Dont get an ARM

With the Chinese devaluing their currency this will result, almost certainly, in historically low interest rates in the US in the short term. Should be able to get a great rate but certainly you will want a fixed rate vs ARM.

[lilbradford]

I’ve just been approved to buy my first home! Hired a realtor and scoping some places out this weekend. Got a great deal on interest rate and hitting the ground running.

What are your suggested do’s & donts for a first time home buyer?

I’m uneducated on this process but my lender is helping me along quite a bit...


Sent from my iPhone using Tapatalk

As a new home sales professional, I would recommend you make a list of things that are important to you. 3 car garage, storage, separate tub/shower for master, etc. whatever you lost may be. It might even be to not buy something used so you don’t have to cover things that break or are workmanship defects. (Not trying to sell you something, I’m in Houston.)

Get a 3rd party inspector. Atleast get 2-3 more mortgage quotes and make them fight for your business.

Don’t go look at 500 houses. Use that list you made and narrow it down. It will get overwhelming.

If you buy new, make sure the builders lender or your lender are fully disclosing property taxes based on the full value of the home, not just the land value. That’s one way lenders/builders will make their quotes look better, then boom. 1 year later your payment is $500 higher.

Make sure wherever you go you have your realtor with you or have your realtors card. Some open houses/builders won’t sell you the home and pay your realtor if the realtor is not there. I’ve seen this happen to several people here in houston.

If you are buying new and you have any questions and just want to bounce ideas off somebody in the industry PM me. Either way, good luck out there!

[jer_james]

Location is a thing ... a BIG thing.

[tps7742]

Congratulations on this new opportunity in life’s path. It’s exciting times I am sure. As stated above keep your mortgage payment plus escrow within your budgeted amount. Buy what you need starting out because you can always buy a different house later. Try and put money back for house hold uh ohs. You may want to consider a home warranty if the house is older. If I rember correctly they aren’t that expensive. Again congratulations on accomplishing this on your own.

[Huggybear]

Do NOT GET AN ARM, do not overextend yourself! It’s a whole lot better to own a house, but don’t let the house own you!