# Steps to buying first home



## ku1980rose (Sep 7, 2010)

I am looking at purchasing my first home. My h and I don't own at this time. We have a home that comes with his job, but don't pay rent. 

We are separating and I am looking at purchasing a home. I am 30 years old and have a good job. I was wondering what the first step is for me to purchase a home. I already have 2 homes in mind in my small town, so where do I go first?? Do I go talk to a mortgage lender at the bank?? Do I call the realtor with those houses and they will set me up with a mortgage lender??? 

It's a confusing process for me!


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## Runs like Dog (Feb 25, 2011)

I would go to bank first to get prequalified for a set mortgage amount and use that prequalification as a bargaining chip. Anyone can make an offer, few can wave a letter of intent with money backing it. 

I would never use mortgage brokers. Go to a bank or credit union. I would never use any funding source through a realtor. Ever. 

Don't be bamboozled into crazy loans. Go for meat and potato fixed rate fixed term mortgage. 20-30 year with some normal fraction down like 25-33%. No closing cost loans simply have those costs front loaded into the loan.

Shop around see if you can get prequalified in a few different places. 

Don't know where you live or whether it's a legal requirement to have a lawyer at your closing - but no matter, hire one. For the few hundred bucks have them review all the paper work and sit at the closing.


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## staircase (May 16, 2011)

Can she do an FHA loan with a lot less down? I wrote a check for like $1,300 when I bought my house, but that was 10 years ago.


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