What is some good advice for someone wanting to buy their first home with my wife and 2 kids?

We don't have hardly any credit and want to make this move pretty soon.What is some good advice for someone wanting to buy their first home with my wife and 2 kids?
if you don't have much credit......... why buy a house





find a nice place to rent...... you don't have to have everything right now.What is some good advice for someone wanting to buy their first home with my wife and 2 kids?
Don't take on a mortgage that exceeds 30% of your income which is a rule of thumb tossed around by financial people to protect you from bankruptcy.





On the flip side, pay as much per month as you can reasonably afford or you will end up paying a ridiculous amount in the end in interest. Remember that ';mortgage'; is derived from Latin where it means roughly translated 'death pledge'...





Over the long term a variable mortgage interest rate has shown to give the lowest borrowing rate. Try to work it into your mortgage where you can renegotiate after a certain number of years so that if you're making more money you can put more down per month and decrease interest payments further.





Try to have the best down payment you can for your house and try no to buy one that is beyond your means. Paying $20K now can save you well over triple that amount in interest payments later in the future.





Pick an area that you think has 'potential'. Stay away from areas that you can see going 'bad' in 5 or 10 years. If you ever should choose to move you want to make sure that you have a good chance of selling your place.





If you don't have very much credit but you still think you can afford a place then try to get something modest. Be realistic.





Goodluck!
Be pattient. Realtors will try to get you to act quickly because it's less time on their part. Also make sure your agent is a ';buyers'; agent because they are obligated to act in your best interest.





The best way to establish credit is to responsibly use credit cards or establish other forms of debt and pay regularly w/out late payments. Don't be tempted into an ARM as it will hurt in the long run. Go with a 30 year fixed rate mortgage. Shop around for the best rates and don't be afraid to play one lender against each other. This is a great time to buy if you are in the position to as many sellers are desperate to unload their homes..





Good luck!
I don't know. I guess the most important thing is to calculate and take care of your finances to make sure you can pay your mortgage payments.


House prices have been coming down now but where I live the rates on 30-year mortgages have gone super high! as high as like 6.5% (we live in a large city)





I would advise not to overspend. Depending on where you live a 2-bd home could be fine for a 4-person family. Are the kids young and of the same gender?
My advice is DON'T! When you get divorced because of any little thing under the sun (and you have a 62% chance of this), you have to divide up your property, and she will likely get your kid, your car, and that pretty new house you bought. Get an apt and write your name FIRST on the lease, and put her as a co-renter, so you can keep the place when she runs for it. Read the websites below for more info. You'll thank me later.
do your homework...meaning find out what you can afford to pay on a morgage and having a family............ ask friends or family in that situation what they did or would do if they were in your shoes.....................because having children and a morgage can be stressful if you dont have a budget to begin with
Make sure you have a good downpayment, 20%. If you don't have that, you probably aren't ready to buy yet.





If you do, shop around for mortgages. You'd be amazed at the different rates you can get.
read through this financial advisor's words....





http://www.oprah.com/tows/pastshows/2007鈥?/a>





http://www.oprah.com/money/credit/slide/鈥?/a>