It’s exciting when you first decide
to buy a house. I should know, my husband and I just purchased our first home
two weeks ago. During the process I felt
excited, overwhelmed and I wished I had a guidebook to tell me about each step
in the process. My goal is to give you a basic idea of the process and little
bit about our experience in the next few posts. It will in no way be a story
that applies universally, nor will it be a complete guide to home buying, but
hopefully it will give you a blueprint of how it will go.
Once you decide to buy a house, you should find out your loan
pre-approval amount from your lender. It doesn’t guarantee that amount, but it
gives you an idea of your price limit. We didn’t do it quite this way. We looked
around at the home listings for a while and looked one house with the listing
agent before we really got serious. Our bank has an online application for home
loans that we filled out. The next day a loan officer called us to talk about
which loans we were eligible for and what would be the best fit for us. After we
chose a loan and received pre-approval, we looked at our budget. It’s best to
take your pre-approval amount, lay out your budget and figure out what you can
really afford including property tax, insurance and PMI if you don’t have a 20%
down payment. Once we had our amount set, it was time to look for a realtor.
Tune in next week for another post on buying your first
home.
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