What are the costs associated with buying a new home?
Are you thinking of buying your first home? Or do you need a home loan?
In buying our first home, my husband & I had no idea whether we could even get approved for a home mortgage loan. We didn't understand the mortgage application process, or even know how much of a downpayment we would be required to have.
Everthing seemed like a mystery...especially, "closing costs". How did the home buying process really work? I spent hours upon hours researching the Internet, looking for some kind of list that explained the what happens when you buy a home. What ever I found never seemed like what I was looking for.
When we found our mortgage lender, we asked her for "list" or something that described the home buying process. She said that "every home loan is different" so she couldn't give us one. We seemed to hear that a lot. When we found our real estate agent, we asked HER for one...it took over 2 weeks to send us some cheeky little list that SKIPPED a lot of very important information in the home buying process.
So what you will find here is OUR LIST. A list of how it went for us to apply for a mortgage loan and buy our first home. It includes a time line from finding a mortgage lender to finding a house and moving in and expands into the step by step details for gathering the loan documents for our pre-approval application to ordering the house inspection, termite inspection, etc.
I made this list WHILE in the process buying our first home, and my girlfriend was just starting to look at real estate and mortgatge lenders as we were closing. I recall that the year prior she and I both went to a local real estate seminar hoping to better understand the process, and especially the potential COSTS with buying our first home -- so she asked me if "there was some kind of list"...as she had been searching the Internet for days.
I photocopied my hand-written list and she found just what she was looking for, just a little DE-MYSTIFICATION of the new home, home loan process. And while each home loan or home buying adventure WILL VARY, here is my list...for you to use.
Happy house hunting!
http://guruknowledge.org/articles/546/1/What-are-the-costs-associated-with-buying-a-new-home/What-are-the-costs-associated-with-buying-a-new-home.html
