Looking to buy my first house but dont know where to start,is it better to get aprooved first /find house firs
Question:
Answers:
get a loan first so you aren't desperate and in a hurry at the last minute. you'll have more power if you already have a loan.
My husband and I are looking as well, and we have decided to see what the bank will give us for a mortgage and then start looking, that way we know what we have to spend before we get our hearts set on something. And instead fall in love with a place that is within our price range.
You will need to get approved first so that you will know exactly what your price range. (The amount for which you qualify.)
Always get pre-approval. Also, get your own attorney, do not use the sellers attorney.
You can ask him to proof read to make certain you word the offer to purchase and advise you what to write.
Your own attorney should be able to help you cut your cost where ever possible, he'll look out for you.
Verify all of the cost for the loan and shop around for a loan.
Get pre-approval from the finance company first. My wife and I just bought our first home last fall. We got pre-approved for the mortgage, then started to seriously look at houses. We only looked at houses that fit our budget. It saves a lot of time and potential disappointment that way. It really sucks to get your heart set on buying a certain house, just to have the bank say no.
When you do find a house you like, make sure it comes with a warranty and has been inspected by someone you hired, not the seller. Consider the age of the house, and the major appliances. Old furnaces, water heaters, etc., could fail at any time and need to be replaced. The same applies to an older roof. Older homes can be a real bargain for a handyman, but they can also quickly become a bottomless money pit.
First of, have an idea of how much house you want to buy, then gather your down payment. Don't forget to put your closing costs aside (about 2% of the price of the home you are planning to buy).
Get preapproved so you know how much you can afford, you don't want to look at a house and falling in love with it but then realizing when you go to the bank that you cannot get a mortgage to cover the cost and end up disappointed.
Build your team up (realtor, lawyer, building inspector...)
Get a house that is a bit cheaper than what the bank says you can afford because there are a lot of unforseen stuff that come with owning one and you don't want to end up being house poor either.
Before you decide to purchase one, make sure that you look around the area for things you need for your everyday life (Schools, Grocery stores, convenient public transportation [if you need it], so on...). Keep in mind that you are also going to have to pay for your hydro, natural gas, property taxes (they usually put this on top of your mortgage payments), water and so forth...
Don't rush!! eventhough you have your team taking care of stuff for you, you still have to do some work too: when they take you for a walkthrough of the home pay a great deal of attention to every detail and don't be afraid of asking questions. Before signing anything read, read and read... don't let anyone rush you.
Good Luck!
More Related Questions & Answers...