Advice for a first time home buyer.
#21
Exactly, all the loan officers got greedy, and did not care if someone could actually afford the payment or not, the "made if work" so that you could practically make minimum wage, and buy a $500,000 dollar house. All the loan agencies wanted was their commision check.
I can't stress it enough FIXED RATE! Plus intrest rates are really low right now. I wish I could afford to buy right now, but when houses are $500-750,000 for an average home, its kinda hard.
I can't stress it enough FIXED RATE! Plus intrest rates are really low right now. I wish I could afford to buy right now, but when houses are $500-750,000 for an average home, its kinda hard.
#22
Definately get the home inspection as other have mentioned...spend a little today, save a ton down the road. Also, get insurance quotes before submitting an offer. Down here in FL, insurance is hell, and you don't want any insurability issues with an older home. It is a buyers market, so make sure that the seller pays all costs(title & closing). In your budget, make sure you have some money set aside for repairs...stuff happens when you get your first home. Also check on if there are any warranties left on the appliances that come with the house. Have the seller purchase a home warranty as part of the deal, not sure the availablity on older homes, but if you can get the seller to spring, go for it. If anything is deficient on the home inspection, seriously consider walking....any reapir that is recommended at inpection will likely cost you 3X that much when all is said and done.
Remember, its all about location...by the least expensive home in the most expensive area you can afford....corner lots are nice as you have fewer direct neighbors...
Ok...that is all I can think of. I worked in real estate until the bust, so I know a bunch of stuff about the closing and mortgage process if you want some unbiased opinions.
Remember, its all about location...by the least expensive home in the most expensive area you can afford....corner lots are nice as you have fewer direct neighbors...
Ok...that is all I can think of. I worked in real estate until the bust, so I know a bunch of stuff about the closing and mortgage process if you want some unbiased opinions.
#23
I work for a home builder (tough times), and one complaint I always voiced to my employers: you keep building more expensive homes with each development, you will suffer eventually. Well, when buyers were able to get mortgages with no matching income -- we sold plenty. Now, of course, sales are down. What's selling are the only moderate homes we did provide. Sorry I was right -- our company has downsized, and is hoping for a Spring recovery. With that in mind, a lot of the home builders in our area have cut the prices on their new homes -- so go that route just to get an idea what's out there in the newly-built market.
If it all possible, after following all the suggestions other posters have given, try to get a house with a decent amount of land. Small houses can be enlarged if there is sufficient land. Houses which overwhelm their lot usually mean expansion is out -- and neighbors who can reach out and touch your home are a reality.
If it all possible, after following all the suggestions other posters have given, try to get a house with a decent amount of land. Small houses can be enlarged if there is sufficient land. Houses which overwhelm their lot usually mean expansion is out -- and neighbors who can reach out and touch your home are a reality.
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