What is the best or most important advice for a first time hombuyer like myself?

The most important piece of advice for you is to educate yourself on the closing process as much as possible. This will likely be the biggest and most expensive purchase of your life...make sure you know what you are signing.What is the best or most important advice for a first time hombuyer like myself?
A good rule of thumb for establishing your house payment is: gross monthly - debts x 36% = house payment.





For example purposes we will use: 6% mortgage with a term of 30 years





$100,ooo.oo = $600.00 a month (appoximately principal and interest only)





This Rule of Thumb is kinda from the old school of real estate, but I find that individuals that use it the will stay in a better financial position after they buy their home. Be smart鈥?do not buy more home than you want to pay for. It is easy to fall in love with a house but the way to maintain that love is to be happy while you are paying for it.





Choose a loan officer and Realtor whom you can trust and that will take the time to talk with you about all of your options. Listen, ask questions and have the inspections that are recommended to you. Good Luck!What is the best or most important advice for a first time hombuyer like myself?
CONSIDER CREDIT COUNSELING





The Department of Housing and Urban Development (HUD) supports a network of (usually) free counselors who can help you determine how much house you can afford.





KNOW YOUR CREDIT HISTORY





Three credit agencies track your credit history based on whether you pay your bills on time, the amount you owe, the types of credit you have and the length of your history. You鈥檙e entitled to a free copy of your credit report annually from each of the agencies (visit annualcreditreport.com).





CHOOSE A GOOD MORTGAGE LENDER





Go to a bank, credit union and a mortgage broker. Compare terms and fees of similar types of loans, such as two 30-year loans with fixed rates. Be careful of adjustable-rate loans or loans with penalty fees for paying the loan off early, usually by refinancing. Make sure you understand how often, and by how much, your rate can rise.





FIND A REPUTABLE SALES AGENT / LAWYER





The buyer鈥檚 agent is typically paid a 3 percent commission by the seller. But that figure is negotiable, and some agencies offer to share that commission with the buyer. So why not ask?





BE SURE TO GET A HOME INSPECTION (a must)





Even if the seller has already paid for a home inspection, it will provide information on the condition of the home; the electrical and heating, ventilating and air-conditioning systems and the lifespan of key components.





SHOP FOR TITLE INSURANCE %26amp; HOMEOWNER鈥橲 INSURANCE





It can save you hundreds of dollars. While your lender will require you to buy a policy for each, you may need more than the minimum coverage. Close the deal and set up a savings account.
Don't buy For Sale By Owner!


Get a good Realtor from a reputable company like Coldwell Banker


Get a home inspector who will be fair and honest Interview them!


Make sure you are preapproved for a mortgage before you shop for houses.


By the worst house in the best neighborhood (especially if you are a handy person)


Check online for the grades of local schools, crime rates and pedophiles locale (for your family's safety and resale value)





Where are you looking to buy??? Just curious!