What do I need to know when buying my first home?
I'm looking into buying my first home. Specifically, a foreclosed home or at least something priced low. I have car and student loans, and one credit card bill. From a few homes i saw, mortgage could be around $150 - 200. That sounds good. But I know there is more to it than just sign and move-in. I'm curious if it would be possible to add on to my home loan, so i would still have 30 years to pay it off. I'd like to add on more than the cost of the home so I could furnish the home. I don't have a whole lot in savings and I'd hate to move into a new home with just a bed, a chair and a TV.
1. Know that foreclosed homes can cost you a fortune getting them back into liveable shape
2. Know that closing costs could be 4-5% of the sale price and you have to have that available in cash
3. Know that your mortgage expense is only part of the monthly payment...you must have homeowner's insurance and you must pay property taxes in that mortgage payment.
4. Know that you have taken the correct first step...you are asking the questions.
I am not in your area of NY, but if you care to discuss further what being a first time buyer entails, contact me off line at Gail@GailGladstone.com
Robert -
There's so much to consider in your post. But I will be brief:
1. Beware when considering to buy a foreclosed home.
2. "Adding" to your loan is not something you will be able to do - however there are loans that will enable you to take out a loan above and beyond the purchase price - but there are certain stipulations to loans like this.
Read the web reference - I just wrote the article today.
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