My advice...
A bank will approve you for a much bigger [ie. more expensive] house than what you really should be buying.
Intrest rates are very low right now, which is really good for people buying homes. I remember when 30 yr morgages were 9% or higher.
Some of the obvious things: good neighborhood, good schools, shopping, does the area flood and most importantly....condition of the house. Floors, walls, roof, etc. What amount of storage space does the house have? Also, make sure everything in the house works, don't make assumption that say the proch fans, A/C or hotwater heater work.
When it comes to the actual buying process, don't tie yourself into just one bank. Shop around for best interest rates. A little difference in interest rates can mean 1000's of dollars over 30 years. Also if there is any way you can afford to pay a little more each month, a 20 year loan will save a ton of money.
If I ever finance a home again...... When the loan officer gives you a "good faith" estimate of the closing cost, I will make him sign the paper and say that the bank will pay all cost above his estimate. They know what all these closing items will cost and there "estimate" will be several hundred dollars under that actual cost just to make there loan look better than another bank.
When looking for a home.....look at as many as you can. Get a good feeling for the "value" of a home. By value I mean how does it compare to other houses you have seen. Ask your realitor lots of questions about the area you are looking in and ask what he knows about each house.
I worked with a realitor for a few weeks one time. She kept showing me homes that did not meet what I told her I was looking for. I started doing some looking on my own and found a couple of houses I wanted to see and told her about these houses. Next time we went looking, guess what houses we did not look at.
A couple of weeks later, with another realitor.... I bought one of these homes.
In some cities, taxes are different if you buy in a different county or outside the city limits.
Purchasing a home is a big investment. Don't be shy about asking to look at the house again before you make the offer. I once spent 2 or 3 hours looking at and checking a house before making an offer. Speaking of offers, don't be afraid to start off with a really low offer on a house. This is your decision, not the realitors.
When you finally find "the" right house.....think about the house and talk it over with your wife for a day or two. Does this house really have everything [or almost everything] that you want.
If the house you like still has "stuff" in or outside the house, make sure you know exactly what you are getting. Don't assume the fancy BBQ pit left out back will come with the house.
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