I am interested in buying a house. Can anyone give me an idea of how this works? First time buyer, little cash

I am a first time buyer, almost 40, single mom, very little cash, and am done with renting!!


I don't know where to start or what the best thing to do is. Looking to do this in the next 2 months.


I am living in PA right now, and would be willing to relocate.I am interested in buying a house. Can anyone give me an idea of how this works? First time buyer, little cash
Get yourself a real estate agent to help you. They can tell you everything you need to know as well as figure out how much you can afford. You can see a mortgage broker for the loan or you can deal with your bank. Get the taxes and insurance included in the mortgage, go with a fixed rate, and make sure there is no early pay-off penalty (you could hit the lottery or something!) If you don't put down a certain percent (I think it is 20%) you have to pay PMI which is an insurance the lender wants in order to guarentee the loan. With a fixed rate, you don't have to worry about interest rates going up and so does you mortgage payment. You payment may go up if you get the insurance and taxes added in and either of them go up. Hope this helps you. There is a lot you need to know and a good reputable realtor can help you a lot.