I lived in Los Angeles for 12 years and paid over $150,000 in rent. That was money he was never going to get back. If you had owned a home, you would have been able to invest that $150,000 of equity in a new purchase. My fiancée finally realized that renting was the worst thing we could do financially, so we committed to buying a new house. To determine how much we could spend, where we could spend it, and how much we’d need as a down payment, we had to scour the web to educate ourselves on the entire home buying process, from mortgage basics to appraisal. Dear. Below are the top 10 links that we feel are most important to first-time homebuyers searching for a first home.

Mortgage Basics

If you’ve never bought a home before, you really should start here. There are many documents that you will need to compile during the closing process. Plus, there are plenty of questions to ask potential lenders and brokers throughout the process. For example, if you are self-employed and your gross income is much less than your adjusted gross on your taxes, for half a point to a point more in your interest rate, you can get a settled loan with little or no documentation. If you don’t apply to a lender first, they won’t be allowed to offer you an established loan once they’ve seen your financial information (ie taxes, bank statements, etc.). Also, unless you are already an expert in home buying, I 100% recommend that you use a real estate buying agent, if only to negotiate. It didn’t cost you anything. The commission on the sale will be split between the buyer’s agent and the seller’s agent.

bankrate.com/brm/green/mtg/basics-toc.asp

Buy your credit score

You are completely in the dark if you don’t know all 3 Fico scores. There are other credit scoring systems, but Fico is the most popular. This is obligatory.

myfico.com

free credit report

You can get your free credit report once a year from all three credit reporting agencies. There are many websites that will make it look like you can get your report for free, but will force you to sign up for a trial service. This site is the only truly free site. If you purchased your 3 Fico Scores, you will not need to visit this site.

annualcreditreport.com

online brokers

You can search online for a loan from an online discount mortgage broker. If you do all of your mortgage purchases in 2 weeks, it will have the least impact on your credit score, but in general, if a bank checks your credit score for a mortgage, it’s not supposed to affect your credit score. To get the best rate, and sometimes even close the loan, you’ll need all the help you can get. Working with one broker, even several, will create the best chance of getting the rate, down payment, or a loan that will close.

eloan.com

lenders.com

Raw statistics on most cities

“Where should you live?” is probably the most important question you could ask yourself. The cost of housing, culture and traffic are things that could affect your decisions. These links provide raw statistics on many of the factors that could influence your decision.

bestplaces.net/Default.aspx

money.cnn.com/magazines/moneymag/bplive/2007/index.html

Search for Houses, Condos, Real Estate

These websites are extremely helpful in identifying potential homes. The first two have a customizable search engine, allowing you to add anything from hardwood floors to a discarded bathtub to your search.

ziprealty.com

realtor.com

newhomeguide.com

Appraisal Estimates

Last but not least, once you’ve identified a list of potential homes to buy, you can get an unofficial appraisal, as well as the prior year’s tax assessment, to help you determine an offer price.

zillow.com

Good hunting.