Tips on buying a home?

Question

Me & SO want to buy a home together & we don’t know anything anything about buying a home. We are young. I’m 25 and he’s 23. Do you have any tips you could give us? 
Is $4000-$5000 enough for a down payment? We’re thinking no more than 120,000 house, but like I said we don’t know much about buying a house. 
We can afford $1000 a month or less.

Answer

Get with a realtor ASAP! They will sit you down and tell you your options for everything.

Answer

You only need 5% down on a house you don’t need 20%. (At least in South Dakota). The first step is talking to a mortgage lender at a bank and getting pre approved. This will tell you your budget in what the bank will loan you for a house. They usually check your income and check what debt you have. After you’re pre approved then find a realtor and you can start looking at houses!

Answer

You should have 20% of the price of the home for a down. So, if you are buying a home for 120k ideally you would have 24k plus good faith money. There are other loans where you can have smaller down payments. Talking to a loan officer or broker is your best place to start.

Answer

Get preappoved my a mortgage lender. They will play with the numbers for you so you have a better idea. There will be closing costs and other Unexpected costs. So don’t buy at the top of your price range and/or spend all you have

Answer

A realtor may already have a mortgage lender they work with, so find a realtor and ask. Then get pre-approved. A realtor can’t show you anything without knowing what you’re approved for first

Answer

Yes, talk to a realtor. Also, call a mortgage broker. They’ll run your financials and tell you what you can afford. Realtors tend to ask you to do that first. They want to know you qualify for a loan.

Tips on buying a home?

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