How to begin the process

So the hubby and I know we will be ready come the end of our lease for a home. (We've been ready mentally since forever!!) We know what we want to spend and all that. As an accountant I need details! So my questions begin with that. How did you know how much tax and insurance would be? Did you refer to a realtor or anything? After that what was your next step? Getting preapproved? Loan process? Talking to realtor? I asked my mom but she hasn't done this in a while and just says to talk to a realtor but if we aren't all that close I don't want to bother them. Any advice ladies? How'd you start this stressful process that I want to jump in head first!!

Posted on August 15, 2012 at 9:21 am
lpruett05
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07/11/2012
lpruett05

lpruett05

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(5) Comments

jackieg
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jackieg

jackieg

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Preapproval first!
Posted on August 15, 2012 at 7:26 pm
August27bride
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08/27/2010
August27bride

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August27bride

Per approval first then then the realtor! Once you find a house you can call your insurance company for coverage quotes and call the city clerk for tax price. Don't forget to add in PMI costs too in your budget if your not putting 20% down!
Posted on August 15, 2012 at 9:17 pm
lpruett05
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Oh you guys rock! Thank you! We also going to take a first time homebuyers class. Yeah, I'm that nerdy lol

Posted on August 16, 2012 at 2:31 pm
Uhlease
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09/02/2012
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Oh my gosh, thank you for this post! I was wondering the same thing!! And good luck on buying your first home!

Posted on August 27, 2012 at 12:54 pm
fromcoldtofire
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Just to add on to something August27 said - there will certainly be PMI insurance if you are putting down less than 5%; however, you can do borrower or lender paid mortgage insurance up front to avoid that if you choose. If means far lower monthly payments but a larger sum up front. And don't forget that closing costs are pretty hefty, too.

In addition to this, check out houses online. Sites like Trulia and Sawbuck will tell you real estate taxes, estimated home owners insurance, etc.

Finally, my best tip would be to run a credit check for yourselves. They are free once a year through each of the three major sites (TransUnion, Experian, Equifax). A lot of people think you'll affect your score by making an inquiry, but self inquiries don't actually affect you. Instead, you can see if there are any mistakes or problems that you'll want to fix before it's time to actually buy. Clean everything up now and lock in a great interest rate later :)
Posted on September 2, 2012 at 12:53 pm

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