Join Date: Feb 2007
Location: Chattanooga, TN
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Well, Lew,I am glad to hear that people are telling you to go to a fixed rate loan. That's the most important thing. The majority of foreclosures that are skyrocketing in number across the country are due to those variable rate mortgages. Stay away from them, and get a fixed rate loan.
I agree that not having a job will be a problem for a loan. I'd wait until you 1) have that job and that reliable income, and 2) know the region better. My wife and I waited a while after coming here to Chattanooga to find a house. Glad we did, because her job changed, we got to know which areas were good, which were bad, and which were going either way. We are now in an area that in increasing in value, so we are making money on our investment.
Find a good book on real estate and home-buying to learn all the details of the transactions. It's quite overwhelming, so you need a resource. I even bought a "home-buying for dummies" book.
Now, once you become familiar with things, and you find one you like, make sure you get a professional inspection. We did on a beautiful home that needed some TLC. An inspector found a lot of things wrong with it, and because the homeowners refused to address them, we wound up not buying the place. Someone else did. We drove by that house recently, and saw three different companies working there-- a roofer, a plumber, and a general contractor. That inspection saved us a truckload of money, and prevented some heartache.
The Original "RedneckProfessor"