So K and I are looking to buy a house in 2009 and figure we should be getting ready now. But we're so clueless, we have no idea what to do besides get out of debt and save a pile of money. First question: How much should be in the pile?
Say we find a house we like for $200,000. I'm assuming a mortgage rate somewhere around 6%. Then there are "closing costs" and "escrow," which I don't really understand at all. I also know there are supposed to be programs to help first-time homebuyers, but I have no idea where to look. Then there's homeowners' insurance, and I have no idea how to budget for that. And property taxes - do you pay a big bill at the end of the year or make monthly payments or what? And you're supposed to have someone come out and look at the wiring and plumbing and stuff, right? Who does that and how much does that cost?
Should we talk to a mortgage counselor or something at this point, even though we're not ready to apply for a mortgage yet? Where do you find one, do we just go to our bank?
Is there a "Complete Idiot's Guide To Buying a House" out there, or what? I'm so lost.


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My loan was based on bank statements, but even now those are quickly being eliminated.


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