Buying houses?

Question

how do you buy a house? theres monthly payment things and then theres just buying it. could someone explain?? also, the taxes and other bills. anyone that owns a house, could they explain the electric bills, taxes, water bills, and monthly payment things?

argh!!!! someone just explain this step by step, starting out with looking for a house and then to retirement, please. its been bugging me for a long time

Answer 1

#1 Income - job/career

#2 Qualify with lender (must be 18 yrs)

#3 Find Realtor

#4 Listen to Realtor buy house

#5 Pay for house for 30 yrs - then its paid off. Most people don't stay in one house that long, maybe 5-7 years. Then you get to start the process all over again.

#6 Reverse mortgage (optional)

#7 Pay taxes

#8 Die

LOL!  If you have specific questions, just email me, I'll help if I can.

Answer 2

Don't rush off and buy a house just because you heard somewhere you were supposed to.

If you don't even know what it means to have that level of responsibility yet than you've got some living to do...and you better do it renting.

www.homes.com if you wanna day dream

As for retirement, why don't you look into 401K and an IRA.

These are both tax sheltered investments meant to help build a nest egg for your golden years.

Answer 3

for a cheap alternative, buy property thru tax deed auctions. all details here: (scroll to the tax deed blog)

Answer 4

First - the "monthy payment thing" is called a mortgage.

To purchase a home you need to talk with a mortgage professional to make sure you qualify.  They will look at your credit, your employment, your income, your assets, your debt and how much of a down payment you will be putting down.  If there is a co-borrower the same applies for them.  They will also be able to determine what type of mortgage is the best for you:  conventional, FHA, VA (if it applies).  They will also be able to establish how much of a home (purchase price) you qualify for.  They will give you a list of paperwork items (paystubs, W2's, bank statements, etc...) that they will be needing from you to document the loan.

IF you qualify, you can then start to look for a home that suits your needs and your finances.  Either the mortgage professional can introduce you to a Realtor or you can use a referral from friends or family.  Once you find a home you will submit a contractual offer for the purchase.  Once buyer and seller agree on the contractual offer you are considered "under contract".  At this time you will want to make sure you are getting all of your paperwork to the mortgage professional in a timely fashion.

Before closing (once under contract usually 30 days) you will set up your utilities and do change of address and different things like that that may apply to you.

At closing you will sign a bunch of paperwork, pay your out of pocket expenses and downpayment money and become a homeowner.

Each state is a little different regarding the closing so be sure to ask your mortgage professional and Realtor any questions you may have.

The retirement part is up to you....

Answer 5

Here are a few tips to get you going in your search for the house of your dreams:

1. Figure out how much you can afford

2. Know your rights

3. Shop for a loan

4. Learn about homebuying programs

5. Shop for a home

6. Make an offer

7. Get a home inspection

8. Shop for homeowners insurance

9. Sign papers

You can go to this website to find out more about what you need:

Answer 6

first of all get pre approved for a loan- with a mortgage broker in you area or your bank--never buy all the house you can afford as there is up keep and the utilities that you stated and there has to be life after a mortgage. You have to have fun in life as having a house does not make it a home. once approved --then find a Realtor --generally your friends or family can introduce you to one--go shopping --place an offer --get it inspected --close on the loan and move in -- pay the house off as quick as you please and save for your retirement in a 401k plan from your work especially if they match or a Roth IRA that you can set up with  your bank or  an investment bank like Merrill

Good Luck

I am a mortgage banker in TN & KY