I recently just brought a house(closed on 6/24), and man it was probably one of the most stressful things I went through. Depending on your market:
1. Find out your budget. You need to find out how much house you can afford. Now, most financial people say to not go over 28% of your gross on the mortgage payment, but I found this to be iffy considering when you're paying a mortgage its coming out of net. I used my net to figure out how much we could afford as a couple and stuck in that budget. Heres a calculator I used to get an idea for the mortgage payment:
Mortgage Calculator | Bankrate This isnt the only calculator out there so mess with a few of them. Heres another:
Use NerdWallet's mortgage income calculator to see how much income you need to qualify for a home loan.
www.nerdwallet.com
Also used this for home budget:
EveryDollar | Make a Budget and Track Expenses
Now remember that your current bills could fluctuate depending on the house so I'd add like an extra $20-$40 to each utility to compensate.
Do not lie to yourself when doing your budget. Honesty gets you far here.
2. Get to talking with a loan officer. I was lucky and found a black one that did us some justice. This is where you find out how much you can afford, if your credit is good etc. If you're in the 700's you should be fine. If not, work on your credit first before buying a house cause it'll save you in the long run(mortgage rates).
3. After figuring out your budget and talking to a loan officer and getting a pre approval, next you need to find a realtor. Sometimes a loan officer can refer you to one. Whichever way you go, make sure you are comfortable with them. You'll be working with them until you close. Ensure that they know your budget and you stick with it. If they keep trying to make you go past your budget, you may need to find someone else. Also make sure you aren't being unrealistic. If you can only afford a 100k a house in a market where homes are 500k, you may need to take a step back.
4. When you go to look at homes, really visualize your self living there. You're gonna have wants, things you can go ehh to, and others where it is a deal breaker. Stick with this. You do not want to buy a house that you hate to live in.
5. When looking at the home, look for anything that would cause concern like sloping floors, water damaged walls, old HVAC etc. Remember you aren't trained to look for these things, but just a regular understanding can go along way.
I know you mentioned home inspections and I always recommend you find someone that is not related to your realtor. Sometimes the realtor/inspector relationships could ignore big issues in a house just to get you to buy. Always find your own inspector.
If you have any questions you can PM me. I know how stressful it was going through the process. I don't know it all, but I tell you want I learned.
