Within the next 4 years I am hoping to buy a condo or a house- what do I need to know to do this succesfully?

Question

Ok I am looking into purchasing a condo or a home withing the next 4 years and kinda want get myself educated and financially prepared for when I take that step...what are some things I need to know and should have when looking and ultimately buying?

Some advice considering these areas:

-Realtor

-Money (as far as down payment, how much should I have in my bank account, etc)

-What type of questions should I ask when searching

- What should my credit look like (obviously good LOL but as far as scoring)

I really need to know the most basics (even if you think it's the most obivous please let me know)--- I am absolutely new to this and am a little embarrassed to say clueless....I don't wanna get scammed so I need knowledge!!

All advice concerning anything someone found out when buying is welcomed

Answer 1

You have a LOT of time to worry about the basics, and there are a lot of resources out there.  I would buy a book or two on the subject or take a legitimate first time homebuyer class (not from a mortgage broker or real estate agent).  Most important is to start saving up your down payment.  The bigger the downpayment you have, the better your situation will be.  Good luck!

Answer 2

it is hard to say what the guidelines to lend money for the mortgages going to be in four years, but strong credit will be helpful , since you have couple years to built one, try to have at least 4 credit lines open for the min of 2 years, and pay them on time- your credit score should be in 700 range, also try o save money for down payment- if you can come up with 20%- you will not pay the mortgage insurance.

with those thing in place- you will get the best loan terms .

for the real estate side- look for the references from your friends and family.