YES I THINK WE ALL AGREE, GET THE ADVICE OF A MORTGAGE LENDER.
HOWEVER DO NOT RUN THE NUMBERS YOURSELF. FAR TOO OFTEN I SEE BUYERS MISS CALCULATE A MONTHLY PAYMENT. MY HUSBAND IS A MORTGAGE LENDER AND BUYER'S ESPECIALLY FIRST TIME HOME BUYERS FORGET TO INCLUDE OTHER MONTHLY EXPENSES SUCH AS: TAXES, INSURANCE, SEWER, WATER AND SO ON. RATHER THEN WASTE YOUR TIME SPEEK TO A LENDER AND THEY WILL ADVISE YOU ON ALL THE EXPENSES AS WELL AS CLOSING COST'S, THEN THEY WILL GIVE YOU A PURCHASE RANGE WITH THE MONTHLY COST AND YOU WILL BE BETTER EQUIPTED TO MAKE YOUR FINAL DECISION. WHAT I TELL ALL MY CLIENTS " YOU DON'T SHOP FOR A PAIR OF SHOES NOT KNOWING WHAT YOU CAN SPEND, THEN WHY WOULD YOU SHOP FOR A HOUSE NOT KNOWING, SELLERS DON'T TAKE CREDIT CARDS".

My response is a bit different from the others....

The first thing I advise clients to do is sit down and figure out what kind of payment they would be comfortale with. THEN, go speak with a lender. If your lender qualifies you for more than you are comfortable with, discuss what kind of tax advantages may make this payment more palatable. Make sure you are working with a licensed mortgage broker or lender....as well as a Realtor when it comes time to buy. Good luck!

VICTORIA,
NO MATTER WHERE YOU ARE LOOKING, THE FIRST STEP IN THE HOME BUYING PROCESS IS SIMPLE.
GET PREQUALIFIED FROM A MORTGAGE LENDER, KNOW WHAT YOU CAN SPEND BEFORE YOU GO OUT AND BEGIN YOUR SEARCH. IT IS IMPORTANT TO KNOW WHAT YOU CAN OR CAN NOT AFFORD.

Number 1?

Real simple... You need to get pre-approved for a loan amount. No realtor wants to drive you around and submit offers on homes that you cannot afford.

Victoria,

If you are not ready to commit to a Realtor, you should talk to two or three mortgage lenders who will prequalify you for a loan. This is important information as it will tell you the price range you can afford, i.e. mortgage amount plus your down payment equals the price of the house you can afford. You should talk to at least one mortgage banker and one mortgage broker, the difference being that the banker works for a lender who will make the loan and the broker works for him/herself and finds a lender to place the loan with. A good place to start is with the bank you do business with as they probably have a mortgage loan division.

Victoria, you should work with a professional Realtor who can help you with the complete home buying process. The Realtor will assist you with procurring financing, finding a property, negotiating a contract,
inspections and closing. Let me know if you want a referral of a Realtor in your area.
Regards,
Lynn Murphy Dickerscheid
Remax Elite