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My boyfriend and I will soon be getting married, and both of us have good jobs, enough for a downpayment, etc, and I am a little naive on what it takes to start looking or what the steps are for claiming a new home…..I know loans, real estate agents, etc, but if someone in this situation has time to give a detailed answer, that would be terrific. Such as step by step action, and who we would need to talk to for each step, etc.
We dont want an apartment at this age because we feel it doesnt give us the opportunity to save up enough. Thank you inadvance for your assistance!!!!!!!!

5 Thoughts on What are the steps for buying your first home and starting your life together with a new spouse?
  1. Reply
    mazziatplay
    June 9, 2011 at 11:03 pm

    If you wil send meyour email address I can send you copies of copyrighted handouts I prepared for a first time buyer’s class tht will give you enough information in layman’s terms to make informed decision.

  2. Reply
    kkapustka
    June 9, 2011 at 11:21 pm

    First is try to get an idea of what kind of house you want. even the small things. I like East facing kitchens. For example. He must have a garage and a basement. Have a good idea of what you want. That will cut out looking at houses that just will not work for you and save you some time. Another thing for us is what are the lawn/landscape’s like in the area where you are looking. If you pull into the subdivision and all you see are old cars and houses that haven’t been taken care off most likely the house you are going to look at wasn’t either but a quick fix was done to sell it.

    Depending on where you are. If snow and ice are involved take a good look at the roof. If you get a home inspector go through the house with him ask questions and point things out. Don’t be afraid to say you think something is wrong. He could end up saving you lots of money.

    We were lucky with the last house. I was in TN my hubby was in WI I took photos and sent them up for him. When it came to closing and final walk through we had about $ 1000.00 taken off the price of the house for the fact that they took things that should have been part of the deal but we wouldn’t have noticed had I not had the photos.

    Good luck. Hope I answered some of your question.
    Karen

  3. Reply
    Jen G
    June 9, 2011 at 11:36 pm

    I suggest going to http://www.bankrate.com, so you can read up on what you need to do, before you do it. Buying a home is a major purchase, it should not be rushed. On bankrates website look under Mortgage Basics..it will answer questions you will have about the following:

    How much can I afford?
    How much is my payment?
    What documents do I need?
    What is a home inspection?
    What is the closing?
    Can I remove PMI?

    Please read up on it first, ask SEVERAL questions and if you don’t feel “good” about your loan. Stop think it over and go with your gut feeling.

    Good Luck to you!

  4. Reply
    seenoevil
    June 10, 2011 at 12:15 am

    The very first step is to take to a bank or mortgage broker have them run your credit and see how much they are willing to loan you.
    They will tell you what your monthly mortgage payment will, but will probably not include taxes, insurance and pmi.
    Pmi is primary mortgage insurance which you will have carry unless you can afford to put 20% down for the house, which most people can’t.
    Add about 45% to you monthly mortgage payment to cover the things I mentioned and you will have the true monthly payment.

    Try to get a fixed rate mortgage, its not worth it usually to get an ARM(adjustable rate mortgage) or interest only mortgage.

    Remember taxes and interest payments can be used in your taxes to offset your reported income saving a lot so putting a lot of money down doesn’t make sense unless you can put 20% . Hopefully you will lose the pmi through appreciation.

    Find a realtor you can trust, someone that has been in the business for at least 3 years, and will know the neighborhood you want to buy in .
    As a buyer the realtors commission comes from the seller, and they will save you money.
    Don’t use your sisters husband, or someone who has just started in the business
    Try to ask people you trust who have houses who they used.

    Be realistic about the cost, don’t be swayed by promises of lenders, your bank would be a good place to start.

    Make sure you find out about all the closing cost associated with your loan and shop around.

    When you have found the place you like, you will give a deposit and your realtor will write up an offer and present it to the sellers agent.

    If the offer is accepted then escrow will be opened.
    Escrow protects both parties and if your loan goes through and if all the inspections are okay and the title checks out, escrow will close and you can move in.

    Most markets now favor buyers and you’ll have a lot of choices.
    Make a realistic offer, don’t try to lowball the sellers because you could insult them.

    I hope this helps, good luck

  5. Reply
    LeoLends.com
    June 10, 2011 at 12:36 am

    There is a great book by David Bach “Automatic Millionare” this is a great read and will give you some excellent advice. We had several copies to give away and I may have one or two laying arond if you wanted me to send you a copy free. Just e-mail me.

    Leo

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