Questions for recent home buyers?

Question

My husband and I are finally beginning the first time home buying!I am trying to stay on top of all the crazy amounts of info we need to know, so any help is much appreciated! We went to our broker and got preapproved for a loan at 6.875%. Is this a good number? 30 yr fixed. We live in east TN. Our broker rec'd a real estate broker, so we will begin there. How long did it take you to find your perfect house? We aren't in a hurry (although we were told the federally funded closing cost grant program is ending in Nov...). How many houses did you look at? Ugh, I have so many questions, but instead of asking them all I will instead ask for any advice anyone has for us. Thanks!

Answer 1

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Answer 2

I just got approved as well, but my loan was 6.75....so, you might want to continue shopping around.  I've looked around a little bit, but I hate having my dad as my realtor!!

Answer 3

Interest rates are rising, and anything below 7% for a 30-yr fixed right now is good enough.  How long is the lender guaranteeing that rate?  You do not want to wait too long and discover that rate is no longer valid!  November is NOT your deadline, it may be more like 6-8 weeks on that loan rate.  Check this out!

Never hold out for "perfection."  It guarantees dithering, disappointment, & discouragement.  You never get it, even if you go to an architect to have it designed to your specifications and custom built.  

Before you even started started shopping for a loan preapproval, you should have picked your preferred area, your "essentials" (what you absolutely cannot/will not do without), what you consider necessary (e.g. good school district), what you want, and then your style and preferences in a house.  E.g. both bring paperwork home/telecommute -- essential is space for both of you to set up "offices," and it is critical because your income depends on getting this work done efficiently & effectively, so set up/tear down an insta-office on the dining table every day does not cut it.  Get this pre-planning done pronto!  Do not waste time (yours or brokers').

Then do research on the net -- check prices, features, photos, etc.  Drive through your preferred neighborhood, note for sale signs, think about what you like/dislike. Spend a couple weekends doing every open house out there.  Then make an appointment with the best agent you've found via research, referrals & open houses, and start house hunting.  

Pick the best deal (price, terms, $/sq ft, etc in your preferred neighborhood).  You can fix/change landscaping, appliances, house color, add shutters, etc. very easily and relatively cheaply over time.  You cannot change location, or easily or cheaply change layout, traffic flow, room size, etc.  Never reject a house based on something that is changeable, and never accept a house with a fundamental flaw.

Get going & good luck!