Looking to buy my first home

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Looking to buy my first home

Postby sicasun » Fri Sep 19, 2014 4:06 pm

Hi everyone!

So my parents and I thought it would be a good idea for my to get my own real estate as quickly as I could out of college, so here I am, just moved into a new apartment less than 3 months ago, and preparing to move out in about 3 months from now. My parents convinced me to sign a 6 month lease instead of 12 months, so that I can use rent money towards a mortgage instead (might as well, you have to pay either way right).

So I'm reading up on the realty process and market and everything, but I wanted to ask people who already had the experience, cause you guys might have good advice that I can't find elsewhere.

My apartment lease ends December 31st, so I have to move out my then (what a great way to spend New years). My annual salary is 50k, and I currently pay $985 for rent. Based on my salary, I'm looking to buying a townhome instead of a full house because they're cheaper generally.

What are the first steps I should take in looking for a house/condo/townhome?
Should I get a preapproval asap?
How does my credit score with into the preapproval/home loan?
I know closing generally takes 60-90 days, which worries me because I have to move out by Dec 31st.
What advice would you give to a first-time home buyer that you wish you knew at the time?

Any help is greatly appreciated! Thank you!

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