linthat22 said:
Well, it's about that time in life where apartment life is getting painful and wanting to live in an actual house is seeming more and more appealing (we're only 26). Looks like the wifey and I will be sealing our fate in about a month or so (the whole process in numbing). For those of you out there paying for your own mortgage, what advice can you give?
other than tinfoil 
I'm really excited. A place to actually call our own (for the time being). If anyone cares, I'll keep ya'll updated (this is a really big step).
Well this is coming from someone in the UK, West London in fact, where the housing market is pretty frantic, and house prices are still rocketing:
Don't take on a massive mortgage that stretches you to the limit - if rates rise you could lose your house, and you also want some money left over to enjoy life. Shop around and get a good first time buyers deal, but don't get locked in for too long. Make sure there are no or small penalties for cashing in early or switching mortgages. Get something that works out interest daily, and allows you to pay off extra cash and take that into account - over the life of a long mortgage, being able to pay extra and have that have an immediate effect on your repayment interest works out to be quite a lot. If necessary, find a independent financial advisor, and pay him to explain all this to you. Remember that advisors may also have vested interests in selling you certain packages, because they get commission (you can ask them what they get out of any deal).
There are some benefits to signing up to a long fixed mortgage, but I think they are too expensive for the loss of flexibility or the abilty to jump to a new mortgage product every couple of years as companies bring out new, cheap mortgages in order to get new customers. You probably want to stay away from endowment mortgages, as these tend to have been discredited as although cheaper (ie riskier) a lot of people had shortfalls due to the poor performing stockmarket the endowment is linked to. Again, you need an independent financial advisor to give you the best options for your particular financial situation, especially if you're in the US were things may be very different.
Make sure you get decent sized rooms as this is not usually simple or easy to change. Most importantly is to buy a house in a good area. If necessary, on the edge of a good area, so that in a few years house prices will rise and engulf your house too. The one thing you cannot change about your house is the area that it is in - if you buy in a crappy area, your house will simply not be in demand or rise in price as fast.
Decide how much you are willing to spend on buying and decorating your new house. If you are willing to decorate and barter, see through any presentation issues for any house. It's amazing how many people will turn up their noses at a house, but be happy to pay 10 grand extra after the seller has spent a grand on some paint and new carpets. Instead you can be the one to get a discount and then spend a grand on paint.
Don't be desperate to jump on the first house you see - get a feel for the area and local market prices, decide what kind of thing you need (garage, garden, offstreet parking, distance from work or schools, etc) and be prepared to see *loads* of houses. If you are serious, you need to be really hitting those estate agents, and seeing at least half-a-dozen house a week. When it comes to houses, get a proper search and survey done. Ask if there have been any problems in the area with neighbours - they can make your life hell. Drive round there on a Saturday night and sit in the car to see what the area is like when you are not being sheperded.
