tidbits.

to start off, i'd like to list a few tidbits i've learned...

-- as i've mentioned, you better have excellent credit. if not, run (don't walk) to find out how to start improving it.

-- you always hear 20%, right? that's the amount of c-a-s-h you need to put down. that's 20% of the total purchase price. so you if you buy a place that costs $200,000, you need $40,000 in CASH. that's a lot of fucking money! you need to actually have that much in the bank and cut a check for that amount at some point in the process.

-- when you've put down 20%, that means your mortage will be less that amount. so your mortgage (the amount of money the bank is giving you) would be $160,000. it's that $160,000 that you'll be paying monthly on, plus interest of course.

-- in addition to that big lump sum, you also need to have money to cover a myriad of other fees that the bank will charge you, called closing fees, plus money for your lawyer and his/her fees (the contract, title, etc.). these other fees usually total about 3% of your total purchase price. add that the $40,000 check you just wrote. so on that $200,000 place, that'd be about another $6,000 but you'd better assume more than that (that's a low estimate) -- say $10,000 and you'll be safe. that's now $50,000!

-- more to come!