Just Started Looking - Many Questions

Hi! this is my first post here but I'm active on the LIWeddings comm. I'm getting married in a few months and my fiance and I were going to wait until the spring to look for a house.

Well one at the end of our street just came up for sale and they had an open house yesterday so we went looking for it and really liked it.

But we don't have much information on how to do all this or if we should go w/this or just wait.

I know we have to get pre-approved for a mortgage, which should be ok - right now we both have decent jobs and can put down an "average" down payment. But by the spring, I'm not sure what my job situation is. If we get pre-approved is it just for a certain amount of time?

Also, if we get say a 30 year loan then decide to move in 5 years... what happens?

But we have an idea of what price range and the payments but what will be all the other money that will go into it, like bills we don't currently pay or extra taxes? What all will we need to pay for? I'm nervous about affording everything but I'm always nervous about money LOL

THEN.... do we need to get a real estate agent? Will we have to pay for one? i think having someone to handle all the contracts and such would be better. But his parents seem to think we can do it all ourselves.

There are a few other houses in our area we're going to look at this coming weekend, because I know we shouldn't just pounce on another.

Sorry for all the questions but I don't know where to begin with all this!! Or if we should go for something now or wait like we were planning to!

Any help would be appreciated!!!

Re: Just Started Looking - Many Questions

Welcome!!!

1. Pre-approval doesn't expire. You will still need to get a mortgage approval. It's just so the sellers can see that you're a qualified buyer.

2. If you move in 5 years you have to pay off the loan with the money you get from selling the house.

3. Other payments are:
Oil/gas
LIPA
Water
PMI (if you're putting down less than 20%)
Homeowners Insurance
Taxes
Cable

Then there are personal expenses:
Credit cards
commuting
car gas
car insurance
car payments
food
cell phone
student loans

4. personally i recommend getting a RE agent. they are no cost to you. they split the commision from the selling agent. depending on their agent, they can make your life a lot easier. contracts and legal stuff are handled by your attorney, not RE agent. if you need a recommendation for one in the Bellmore/Merrick/wantagh area i have a GREAT one.

hope that helps.

Good luck!

Re: Just Started Looking - Many Questions

Ugh, I didn't know that we'd need a lawyer too! They're probably as expensive as I think

Thanks so much for the help!
We'll probably go w/the Agent who did this open house... she's w/Cent. 21 and lives on our road too lol!

Re: Just Started Looking - Many Questions

Posted by LINewbie

Ugh, I didn't know that we'd need a lawyer too! They're probably as expensive as I think

Thanks so much for the help!
We'll probably go w/the Agent who did this open house... she's w/Cent. 21 and lives on our road too lol!

Re: Just Started Looking - Many Questions

Oh that isn't so bad.
We signed up for some more info on a pre-approval loan or whatever it's called. This could actually be doable. We're still no sure if we should pursue this now or wait until the spring. Ugh, decisions. lol