how should i start with the home buying process as a first time homeowner?

jennifer d: how should i start with the home buying process as a first time homeowner?
I am 31 years old, have ok credit, and make @ 33,0000 per year. I would now like to buy a home but don’t know how to start the home buying process in North Carolina. What should i do to start the home buying process? I am also afraid that i will be turned down,if so what would i do to get approved?

Answers and Views:

Answer by Steve D
Step one is to find a good mortgage broker and get pre-approved for a mortgage. This will tell you first, whether you can get a mortgage and second, how much mortgage you can afford.

Assuming you can get approved, next, figure out how much you can realistically afford to pay and then go online and see what type of mortgage that will get you. Don’t forget you will also have taxes and insurance to pay, so factor them in (the calculators will only give you the payments on principal and interest).

Once you have been approved and know how much you want to pay, find a real estate agent and start looking for houses in your price range. Be prepared for the real estate agent to show you houses more expensive then your price range…be firm.

Finally, research the neighborhoods available to you and see if you want to live there.

Answer by Patty D
First – don’t call Marty, he is an ambulance chasing leach. Listen to Steve. Talk to a couple of different people to learn you options and get pre-qualified.

Answer by John Meussner
Find a mortgage broker or go to a bank you trust to get pre-approved. A bank may be a bit cheaper, but a broker will often have more programs and more competitive rates. They will take a loan application, check your credit, and if everything checks out OK, issue a pre-approval letter to you for the amount you qualify for.

You can take this letter to sellers or your real estate agent, and start putting in offers. Once an offer is accepted, it’s a matter of home inspections and paperwork up until settlement day. It’s a much easier process than many people think if you’re working with a good professional broker or banker.

Go to www.johnsrate.com for some more info, it’s my site and there’s some informative stuff on there. Also, feel free to contact me (contact info on site) if you need a reference to a N. Carolina licensed mortgage professional that knows what they’re doing. It’s an excellent time to buy, so if you can get approved, go for it, and good luck!

Answer by Skyliea
Do not go to a broker they charge outrageous fees. Lend America is a direct lender and they do home loans for people with no so good credit. There lowest score they use is 500. They look at you more than a credit score. If you have had problems in the past that is ok they will work with you to get you a good apr. I have called all the brokers that I know of and they do charge a lot of fees that Lend America does not. I would try them first and then look at brokers. Lend America is helping my husband and I buy our home and they are great to work with they walk with you every step of the way.