2. See what you can afford. Use bank websites mortgage calculators to see what your payment would be.
3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get an idea of what you'll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won't be obligated to get the insurance, but you'll have a good idea of what you'll pay if you buy. For an idea of what you'll pay in taxes, Zillow.com publishes property-tax information for homes all over the country.
4. Find out how much you'll likely pay in closing costs. The upfront cost of settling on your home shouldn't be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowners association fees.
5. Look at your budget and determine how a house fits into it. Talk to reputable real-estate agent such as myself.
6. Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there's no landlord to turn to, and these costs can drain your bank account.
So consider whether you're ready for the expense and effort of homeownership before pulling the trigger.
Get a realtor to set you up with a search on the MLS for exactly what you're looking for.
Stay off consumer websites like Trulia and Realtor.com that have many listings that are already under contract.
Start looking at homes with a Realtor that knows the market.
Read through my buying guide on my website.
Once this is done then you can sit down with your realtor and give him your specifications to come as close as possible to that dream home. Make a good decision and NEVER rush !!!. Any realtor who tries to get you to sign contracts right away you need to back off. Today I helped a client write a contract on a new home after 2 weeks of touring and wrote only becuase they said this is the one. New built and then did my part to negotiate better price from the builder and get them blinds,garage door opener and 1500 dollars more in closing costs by giving up some of my commission to help them out. Remember there will always be good deals. Maybe that day that is the deal of a lifetime but your not ready, then don't. You will feel when it's time. Next week guess what, another deal of a lifetime pops up. Control your spending during the loan process is always suggested. No major purchases til your in your home. That New Truck may cost you a new home !!
If more info is needed feel free to email me at firstname.lastname@example.org Thank you !!
The most important first step for a first time homebuyer or really any buyer, is to talk to at least two, preferrably three lenders to see what you qualify for. I always suggest more than one lender because every lender has different fees. While each of them may quote the same interest rate the effective rate can very often be dramatically different and a buyer should never pay more for money than they have to.
In conjunction with talking to lenders, a buyer should get an insurance quote based on the property they qualify for in they are buying in the Charleston area since escrow payments for insurance can be larger than those in communities that are not on the coast.
I hope that this is helpful!
Keller Williams Realty