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Message: <blockquote data-quote="Sunshine7388" data-source="post: 1981812" data-attributes="member: 25782">I'm new around here, but figured I could help a bit here as I am a licensed real estate assistant. You've gotten some great advice so far. Alot of people don't think about the monthly things such as yard care and utilities. It's nice and refreshing to see people mentioning those things to you. Please don't max yourself out, because while your interest and payment are set, your taxes and homeowners insurance is not and if those go up, so does your monthly house payment.Since you are about 12 months out, it's a great time to make sure your credit is all in line. If you are wanting to custom build from the ground up, you need to think about the time period it takes to build, sometimes building over the winter takes longer if we get snow and ice. Also someone mentioned that alot of new homes don't come with things like a fence, appliances, etc. This is pretty common, however you can always ask for things like this in your purchase contract. I would suggest since you have never bought a home before to find a good Realtor that will work for you as a Single Party Broker, without charging you money. Most Realtors don't charge buyers at all, we get commission from the seller. The single party broker is important, that means that they will work for your benefit and will be your advocate. As a buyer, especially a first time one, this is normally a pretty big deal. Referrals are normally the best way to find a great Realtor, ask friends and family who they used when they bought. Word of mouth is the best way to truly know who does a good job and who just looks good on paper/internet. Don't be afraid to interview a few different Realtors. Buying a home can be stressful, so make sure that you are comfortable with your Realtor.When it comes to your loan, depending on what type of loan you want to get will depend on costs. If you go with an FHA loan then there are several options regarding help with down payment, but you do have to pay Private Mortgage Insurance (PMI). The PMI will be a monthly charge within your house payment until you reach 80% of your original loan amount. Conventional loans require you to bring your own down payment, however you don't have the monthly PMI. If you are current or former military then you also have the option of a VA loan. It all depends on how you are set money wise and what you want to do, this is where a loan officer comes in. They can give you more details on how all the loan stuff works. You call just call your bank and ask to speak to one of their loan officers or ask around, see who others have used, I'm sure they will be more than happy to answer any questions you may have on all the ins and outs of getting a loan and the different programs that are available. You'd be surprised at how many options are out there.  If you don't work with a Real Estate Agent, then be sure to ask your builder things like do they have a mortgage company that they work with on a regular basis, sometimes builders do this and if you use their company you get a discount. Be sure to ask about what kind of warranty they offer buyers. It will differ from each builder on what is covered and what is not. Ask if they are offering buyer concessions, this is usually in the form of helping with your closing costs or giving you credit against the sales price for having to do things like a fence or appliances. If you work with an agent, then make sure you are open and honest with them on what is important to you. Most that have experience will ask you questions about what is important, and know how to work with builders and get the things you want and need. Be sure you get a home inspection, even on a new home. You'd be surprised at what these home inspectors find with a newly built home. Generally these can run anywhere from $200 to $500 depending on the inspector. With a new home you won't need a termite inspection, but if you buy a previously built home, you will need to get one of these as well, the lender will require it. Termite inspections can run anywhere from $100 to $300 depending on the inspector. Finally I didn't see anyone comment on closing. You will have closing costs, these are things that are paid at the time the house is finished. You'll go to a title company, who has researched the title/abstract on the house as well as done a mortgage survey, to map out the easements and how your house is sitting on your lot. They will also do things like record your deed & mortgage, and handle the transfer of funds at time of closing. How much you pay in closing varies depending on sales price, your lender, choice in title company, if the seller/builder pays any of your closing, etc. Don't be afraid to ask for help on closing costs, it will save you money up front if the seller/builder is willing to pay some of this expense. I hope this helps. Good luck!</blockquote>

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