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First time home buyer questions
alexiscag
Posts: 1 Newbie
I just read over the first time home buyers stickied threads but there still quite a few things that are unclear to me..
My husband and I are looking to buy are first house and have been searching online through sites like realtor and homepath, but were still trying to save money for a down payment and other costs we know we will encounter. Were looking at houses in the $65,000 - $75,000 range, and i know specifically on realtor.com there is a monthly payment estimator. which gives houses in this range a monthly payment of $300-$400. This seems almost too good to be true? Is it? What else will be added to this specific payment making it higher? My dad is a realtor and has talked to me briefly about this, basically just saying that there are other things included in a mortgage payment that will make it higher than that? Is this true and what are these things? (I dont mean, like water, electric, telephone etc..)
When we are actually ready to purchase this house we do plan to go to a bank to see how much we can get approved to purchase. Is an inquiry like this going to cost us?
Also once we do meet with a realtor, what fees are going to be charged and what percent does the realtor make that we have to pay? I've heard of closing costs but what specifically are they and how much?
I'm sorry as I am very new to this, and even when things are explained, I still don't understand completely what every thing is and why... I'd ask my father but we are no longer on speaking terms, and we plan on purchasing a house out of state.
Were basically just trying to figure out what to save up besides the cost of the down payment and moving expenses.
I also don't know if it makes a difference but we are specifically looking at fannie mae homes, that allow special financing, 3% down and so forth..
Thanks in advance, any advice is highly appreciated!
My husband and I are looking to buy are first house and have been searching online through sites like realtor and homepath, but were still trying to save money for a down payment and other costs we know we will encounter. Were looking at houses in the $65,000 - $75,000 range, and i know specifically on realtor.com there is a monthly payment estimator. which gives houses in this range a monthly payment of $300-$400. This seems almost too good to be true? Is it? What else will be added to this specific payment making it higher? My dad is a realtor and has talked to me briefly about this, basically just saying that there are other things included in a mortgage payment that will make it higher than that? Is this true and what are these things? (I dont mean, like water, electric, telephone etc..)
When we are actually ready to purchase this house we do plan to go to a bank to see how much we can get approved to purchase. Is an inquiry like this going to cost us?
Also once we do meet with a realtor, what fees are going to be charged and what percent does the realtor make that we have to pay? I've heard of closing costs but what specifically are they and how much?
I'm sorry as I am very new to this, and even when things are explained, I still don't understand completely what every thing is and why... I'd ask my father but we are no longer on speaking terms, and we plan on purchasing a house out of state.
Were basically just trying to figure out what to save up besides the cost of the down payment and moving expenses.
I also don't know if it makes a difference but we are specifically looking at fannie mae homes, that allow special financing, 3% down and so forth..
Thanks in advance, any advice is highly appreciated!
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Comments
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Hi this is a British forum, there nay not be anyone here with the relevant information to help you as our systems are different.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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