My wife and I are finally ready to take the responsibility of owning our own house. The only issue is.... we don't have a clue what we're doing.
Background: Both of us are 26. We have 4.5k in savings. We make 40K a year. We have only 1 car payment. Credit scores are, okay, 710 and 708.
I understand o should go talk to a lender and see what they could offer us, but my issue is that I don't have a clue about any of this.
Do I find a house before I find a lender?
I hear about FHA loans. Huh?
Should we wait and save more?
What are closing costs?
I see things like 30y, 15y, 40y time lines. What?
If we get a loan, say 200k and we get a house that's 160k. Can that 40k left be used for repairs and updates? Or is that money never used/issued from the bank?
As you can see, I'm confused and uneducated on this issue. I'm looking to people here that have general knowledge. I feel like talking to a lender before I have any knowledge would not be beneficial as I wouldn't have a clue what they're talking about.
So I ask you, help me understand, if even only a little.
Submitted May 06, 2017 at 02:53PM by amnourse http://ift.tt/2p817D6
