What is some great advice about mortgages and house hunting for a first time buyer?

Question

I am looking for something that won't make me a slave. (200K) I have 10% to put down and great credit. How can I avoid fees and get the best deal on a house? How do you bargain? How do you evaluate the property without getting hundreds of appraisals?

Answer 1

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Answer 2

Seriously look at your budget.  Even with the tightening of lending standards, banks will tell you that you can afford X amount of mortgage.  They have under-counted the impact of utilities, property taxes, maintenance etal on your income.

Answer 3

Call a mortgage banker, see what you qualify for.  Talk to several if you want & go with the one you feel most comfortable with.  Ask friends for references if they just bought.  Do the same with real estate agents.  Get one you trust.  She will look at similar properties that have sold in the area.  That will tell you a lot.  Only one appraisal, ordered by the mortgage company, is necessary.  Good luck.  Lots of great properties available.