how to buy your first home

How to buy your first home

how to buy your first home – What you need to know before buying a house the first time. I know this is frightening at first but after everything is done and you own the house and live in your house you will be happy. First you need a real estate agent, well a hard working and great communication is a must. I can refer you to a great real estate agent if you need one in Virginia, Washington DC and Maryland. I did also buy my house and that is why I am sharing what I learned by the process.

After you have chosen the real estate agent you will need someone that will lend you the money, you need a lender. You need a bank Mortgage. The bank lends you the money and buys you the house and then you pay the bank monthly or however you and the bank agrees. I used a lender that did not have good communication and postponed my closing day 3 times. Good thing that on the 3rd time I got the house. I have lots of inconvenience with this lender because he was too slow to get my loan a grant of 5k only because I was a first time buyer so that was good and it lowered my interest. So if you are a first time buyer you should ask you loan officer about any grants or help from the government. The loan amount that you get is from how much you make on your job, so the more you make the better. It means you can afford to pay the mortgage. I was paying rent for about 10 years now and I was sick and tired throwing my money away and worst part is I can’t even dig a hole outside. So think it over, if you paying rent for 1k a month you could be paying that money towards your new house mortgage and owning your new home plus utility bills too. I also have a good credit history so that helped me getting a 3.8% interest and you also should and must do a fixed interest. Fixed interest means your interest don’t go up or down so no worries of amount you pay monthly going up and losing your loved home. Please do a fixed interest when you buy a new home.

If for some reason your loan is not approved and loan officer has bad communication please make arrangements on the property you live to stay longer and don’t give your landlord a date until that closing day. You better prepare to stay where you live until you have your keys for your new house.

Now I own my home and I can plant whatever I want, listen to loud music, dig holes and cut trees outside. I can cut grass, I can put a trampoline or a playground or whatever I want. I just need to pay utility bills and taxes but if I don’t lose my home and pay it off I will have money later on.

One more thing, you will need to pay for homeowners insurance prior to closing day, that is one other thing my loan officer forgot to tell me, so that would be about 500-700 dollars for one year depending value of the property. You will need to do hone inspection another 400 to 500. You will need to do a walk through to make sure all appliances and interior and exterior of home is working good.  If you find something not working properly or want it changed please ask realtor to ask seller to fix it. Then you do another walk through the day before the closing day to inspect all was fixed. Also once you sign the contract with the realtor you can’t back up because they can take you to court. You will need to sign contract with realtor and loan officer, once you have signed you can’t back out because my take you to court and you will pay a percentage to them of wasting their time. So be sure you want a new house before signing, also when you sign a contract to buy that house you can’t back up because you will lose money in court. Real estate agent also asks for a deposit before doing anything for you so save about 3k. In some places like spots and Stafford va there are programs where you put no money down to buy a house. Some places you need to put 3 or 6 percent. Also when you do the deal ask buyer to put 5k on closing costs this way you don’t pay that money, I had no idea how or the process when buying a house but I give my real estate agent a A+ for teaching and helping me. I can recommend you to her and she will help you all the way to your new home, just contact me. Make sure you check all the appliances working, bathroom leaks, tub leaks, plumbing and roof plus windows and doors and ask the seller to fix whatever you don’t like, if they don’t just keep looking until you find a great home for yourself and family. If you don’t have good credit or have collections pending. Please pay them or get them fixed before getting in this deal because it will save you headaches and stress. Well if you have comments please register free and share with us.When you get the home you should also buy stuff for your home like bedding stuff.