Just submitted our first mortgage app HOLY CRAP

tcnoble

Nothing makes you feel more grown up for a quick minute than the holy shit we applied for a mortgage moment. Less than 5 months till the wedding, and we begin the home buying journey together. Whoa!! Any first time home buyer/financing advice???

CMGragain

Location, location, location.  A smaller house in a good school district is a better investment than a larger house in a lower rated area.   Never buy the largest, most beautiful house in the neighborhood,

Our first house was the ugliest house in a good neighborhood.  We painted and bought new carpet. Eventually we remodeled the ugly kitchen.  When it was time to sell, we did very well.

JoanE2012

Don't overextend yourself and become house poor.....make sure you're able to pay the mortgage (and hopefully the utilities, etc) on one salary.  

Sugargirl1019

Those are the two most important right there yay good luck!

lyndausvi

JoanE2012 said:

Don't overextend yourself and become house poor.....make sure you're able to pay the mortgage (and hopefully the utilities, etc) on one salary.  

This.

Freaking out is normally. Especially when they accept your offer.   I suggest not looking at the final number you will pay with interest.  it makes you want to throw up a little.

huskypuppy14

How is the market in the area you are looking? Buyers or sellers market?  This will determine your offer strategy. My advice would be don't settle, but also be realistic.

CMGragain, never buy the most expensive house in the neighborhood. 

Good luck! It's an exciting time!

dcbride86

Just know it's a long process.  There's a TON of paperwork and it's easy to get overwhelmed.  Just try to stay calm and read what you sign, and you'll be good.

And remember NOT to focus on things like ugly paint or carpet - those are SUCH cheap fixes.

Good luck!!!

IMathlete

We thought the mortgage process was really easy. They only came back once asking for more documentation. Then...a new processor took over our loan, and the requests seemed to NEVER stop. Grow a thick skin, respond to their requests promptly, and get very familiar with your bank's website. You'll be downloaded copies of everything!

It's not over until they deliver the HUD to the attorney. As easy as it is to get excited after you return a slew of documentation to them, remember that it's not over til closing.

Wow, that was terrible advice. Sorry OP. It can be a bitch. BUT, it's so worth it when they hand you keys.

cupcait927

Congratulations! We just bought our house back in March - put the offer in on NYE and they accepted it on New Year's day. Moved in with only 6 months until our wedding. It was a crazy, insane time but so worth it once we got the keys to the house. We had it rough the first month or two but we're finally starting to make it ours. Aside from the PPs advice you've already gotten, make sure your realtor keeps you involved in every single step!! Ours was wonderful - there were some days that we'd get 5 emails and at least 2 phone calls. It was very much appreciated to know what was going on at all times.

larrygaga

I know how to tell if someone was cooking meth in your house, if you need that information. 

Otherwise I'm pretty useless. Congrats!

AprilH81

Keep in mind that the bank does not take into account retirement savings, utilities, or other similar expenses when they tell you how much mortgage you can afford.  They only look at your income and loan amounts.

I suggest taking a close look (if you haven't already) at your budget and build in extra money for home improvements (you will want to buy new curtains, pillows, rugs, etc.).  

If you plan on having children make sure there is enough room in your budget to cover child care expense (if you plan on working) or that you can pay everything on one income (if you plan on staying home).