Buying our first house ...

Financing...

fixed fixed fixed

Also, do not use everything that you are apporived for. That is the most they will give you, and if they gave you $100 more they felt you could not afford it. Why take it all?

Wife and I only used about 65% of what we were approved.

 

I second the fixed. Some relatives of mine are in a bit of trouble because of a loan they got through Country Wide that keeps increasing all the time. And, like 93devil said, don't use all of the money you are approved for. It is a bad idea.

 

Another vote for fixed rate, even if it means you're getting less house.

Read EVERY WORD of EVERYTHING you sign. Seriously.

To increase your confidence: Now is a great time to be buying a first house. Some great deals out there, at least in my part of the country.

 

Don't forget, once everything is signed, and Moving Day is finished, to just take a quiet moment, sit back, and congratulate yourself on reaching one of life's biggest milestones.

 

I second comments about the neighbors. We had a convicted sex offender and all around jerk living right next door to us, and never knew. Nice neighbors make a home much better. Not to mention it makes it very hard to resell if four houses in your neighborhood are for sale, i.e., there must be a reason. And I can't agree enough about fixed mortgages.

 

I know I read it on this board, but I forget who said it: Don't buy on a yellow-stripe road.

But don't take advice from me. We've brought two houses, rented another, and the first time I saw any of them was the day we moved in. There's fewer things I hate more than house-hunting, and I can basically live with whatever the final result is, so I let my wife have all the fun.