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Hello, hello! My husband and I are moving back to his home state(TN) very soon. After being in the military for years, he is ready to come home. We looked around online for homes to rent but we haven't found one with a decent price. We are also never bought a house before. Any advice and suggestions will be greatly appreciated.
For the time being, rent- a house or an apartment.
Once you get settled, then start visiting some banks or talk to a few mortgage lenders. They can tell you what you can afford to buy. They'll go through your financials with you, discuss your credit ratings, give you an idea of what you'll need for a down payment, closing costs, etc.
If you are in good shape financially now, then you can decide what homes are available in your price range and if you want to start looking at houses when you get near the end of your lease.
If the lenders decline you for a loan now, they will at least tell you what you need to do to improve your situation down the road. You can then begin working on credit or savings while you rent.
Also keep in mind, you'll need at least one income to buy- your hubby I'll assume will need to have a stable job. You might want to consider employment too if you want to improve your purchasing power. Good luck
I forgot to add that my husband has been applying for jobs, a job interview next month and we just paid off our vehicle so we are currently debt free, thank goodness! And will also look for a job once we move.
Location: Sarasota/ Bradenton - University Pkwy area
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The home buying process can be intimidating for a first time home buyer. Where to begin? How do I find the right home? When should I apply for a mortgage? What about closing costs?
One of the very first steps a first time home buyer should take is to get your financials in order. If you need to get a mortgage, talk to several local lenders in the area where you wish to relocate, find out what type of loan(s) you qualify for, how much of a down payment will be required, what will be the loan terms and closing costs. You'll want to calculate your projected monthly payments to include both taxes and insurance to give you a better idea as to what impact buying a home will have on your monthly budget. After reviewing the options and comparing the terms each offers, select one lender to work with and start the application process. It's in your best interests to get pre-approved for a mortgage, not just pre-qualified.
Once you've gotten pre-approved you'll know how much home you can afford. You can then begin your home search for homes within your price range, exploring neighborhoods and options. Most buyers start their search on the Internet. Make lists of home features you want & also don't want. The same applies to neighborhoods, make lists of your preferences. It will not only help you in the search process, it will help your Realtor when you get to that point in the purchase process.
Purchasing a house is more than just buying a home, it is also a long-term financial investment. It's often the largest investments a couple will make. So don't rush the mortgage approval process and take sufficient time to learn the neighborhoods and determine your personal list of priorities for your first home. Taking 2 or 3 months is not out of line, and you will be better able to make an educated choice in your first home purchase.
Because you are not familiar with either the home buying process or the real estate market in the area you wish to relocate to, I would suggest (1) rent first, learn the area better and (2) find a local real estate agent there that works frequently with first time home buyers. You want an agent that has the skills and patience to educate you and work closely with you through the buying process.
A state is a pretty big area; just because your hubby grew up in (let's say) Nashville doesn't mean he knows squat about Memphis or Chattanooga. I agree with the others: rent for a while so you can learn the ins and outs of the town you two actually wind up living in, and so you can save up as much money as possible while you educate yourself on the basics of buying a home and the details of the local real estate market. Then once you have a better idea of where in that town you want to be and just how much house you can afford, you can commence house-hunting.
Agree with the "rent first while you get your financials sorted" advice, and just want to add that another reason to do so is that given that it's been years since he lived there (and not sure whether you've ever lived there), you may get there and find that one or other of you just doesn't like it. It's one thing to visit, but it may be very different living there day in, day out. If you buy quickly, that could end up being a costly mistake to rectify.
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