What do you suggest is the best way to start in regards to looking/buying a house?
Do we get pre-approved for a mortgage frist (so we know how much we can get approved for)?
go to open houses - then worry about getting a mortgage?
FH and i have been getting mixed answers and as we get started we stop because we dont want to do the wrong thing.
futuremrsfab
Posted:
Member since
Re: SPINOFF HOUSES
hi- i am a real estate agent and my recommendation is to just go to one of the mortgage websites and see what they tell you that you can afford- then start researching what neighborhoods you like and find ones in your price range. Talk to neighbors in those areas- a lot of times they know a house is going on the market before the agents- so you might be able to get a quick (read: less expensive) buy.
if you have any questions, feel free to fm me.
Miblove
Posted:
Member since
Re: SPINOFF HOUSES
Pre-approved first ALWAYS
FM me for ne questions on this - my FH is in the business
Meaghan729
Posted:
Member since
Re: SPINOFF HOUSES
Posted by Munchkn16
I'd figure out what you can afford before being pre-approved. I don't know that pre-approval tels you what you can afford. Our bank wanted to pre-approve us for WAY more than we were comfortable spending on a house.
I agree a million percent. and remember, a house is more $$ than just the mortgage. Taxes, insurance, LIPA, Heat, etc....
what I did was made a spreadsheet of house expenses (LI Families has a home board, search threads there that have what peopel pay per month for what), other expenses (student loans, car payments, spending $$, food, misc) and then what I have left over for savings.
anything over that is what I felt comfortable with paying a mortgage.
In todays market, I would recommend looking at fixed rate mortgage.
pre approvals only last for a certain time frame, so if you have just started looking, you can just go to open houses, drive around neighborhoods, etc.
when you go for pre approval - definitely shop around for rates, etc. and yes, getting your credit pulled may drop your score a LITTLE - but it wont ruin it -
