We are buying a house and we have been preapproved so we have been looking at that amount or less. We are also saving some money to put down. Does anyone have any tips on what they did or looked for or wish they did? Also how long did the process take for you after you found a house because we are looking to move after our lease is up next fall and I kinda want to get an idea of how much time we have to shop. We have a realtor but I haven’t told her we were preapproved yet because I just want to take my time looking for houses and I’d feel like she’d be expecting us to find one soon
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I looked at my budget and decided what I could afford, not what the preapproval said. I felt comfortable with way less. It’s not usually the best decision to max out your preapproval. When we bought our second home we only bought for 1/2 of what we were preapproved for. We are comfortable knowing if one of us lost our jobs, the other could float the bills.
Location is huge. You can change things in your home, but not the location. Look at bones and structure not style. Those things can be changed. Always get an inspection. Always.
It all kind of depends. We put in an offer and the house was ours 30 days later. Usually what you can afford and what you were preapproved for are two different things. Keep in mind closing costs, that will take a chunk out of your down payment. I think our closing costs were close to $5,000. If you put down less than 20% you will have to pay a pmi which is basically mortgage insurance. It’s the banks way of protecting itself. Ours is about $100 a month. Get an inspection, and stick up for yourself when asking the current owner to make repairs. We didn’t, and we should have. They would have been screwed if we backed out of the deal and we could have asked for a lot more than we did.