What is the best advice you could give to a first time home buyer?

I'm looking to buy my first house this summer, and I'm looking for tips on buying a house (especially for the first time!). If it makes a difference, we are going with a VA Home Loan, buying in the state of Wisconsin.What is the best advice you could give to a first time home buyer?
Hi GroovyGirl623,





Here are some steps that you need to take when you are ready.





~ Meet with three lenders. Compare interest rates, loan programs, and fees. Keep in mind all fees are negotiable. Ask for a copy of the following so you can shop around.


a) Good Faith Estimate (RESPA requires lenders to give you a copy of this within three business days upon receipt of application.


b) Truth in Lending Form





~Do your research online for the neighborhoods that are desirable to you. Go to http://realestate.yahoo.com. It has graphs, maps, calculator, and virtual tours.





~Find a real estate professional that has an ABR (Accredited Buyer's Representative) designation. Someone with this designation will have your best interest in mind. Go to http://www.rebac.org.





There are more details to know but your real estate professional can guide you through the process.What is the best advice you could give to a first time home buyer?
No matter what, try to plan for the future...secure your equity best you can...make sure you can afford the payments. Shop around...not all banks give you the best rates, ask a broker and negotiate if you have good credit. Brokers are smaller than lenders, so they can use all the business they can get...and they are willing to play ball so long as they are making some money. Do a comp check, which means research similar homes in the area that you are interested in and find out what they have been selling for. You have many options...don't get suckered to take a payoption arm better known as a negative am loan.
Choose your neighborhood wisely. It's better to get a smaller house in a superior neighborhood than a big house in a subpar neighborhood.





Choose a good location and try and research the surrounding area to see if there are any potential spots for building, etc. I'm sure you wouldn't like it if they are building a highway alongside your house.





Make sure you get a home inspection to spot potential maintenance issues.





Be aware about property taxes and that they can go up, thereby increasing your payment along with it.





Research a builder before buying into a new home subdivision.





Check out comps for other homes in the area to see how the one you like is stacking up. Check out the appraisal district's tax rolls to see if maybe their asking price is too steep.





Try and do some comparison shopping when it comes to homes.





It wouldn't hurt to find a real estate professional to help you in your search that is not affiliated with a builder.