
Everyday the news tells us the housing market bubble is about to burst, everyday for about a year now. The bubble has not burst, and many experts still think it's distant. The home buying and selling process is a very intimidating, exhausting, and stressful experience. Two hundred years of mortgages and the system has only gotten more complicated.
The first thing to do is utilize people you know. In the process of selling your house and buying a new one, you will need to aquire the services of three different professionals- a realtor, attorney, and banker/mortgage broker. If any of your network of friend, family, or colleagues happens to have one of these important jobs.... solicit there service. It only makes sense, they will work harder, for less, and keep
YOUR interests as the top priority, not theirs.
The other big obstacle in house buying/selling is knowing the true value of your house and the values of houses you are considering bidding on. A helpful web site for finding out house value is
Zillow.com. It's worth taking a look at, even just to see what your neighbors house is worth. You also get a nifty satellite view of the neighborhood.
The last thing is that you need to be careful of hidden fees. Be very careful with independent mortgage brokers, they are notorious for last minute large costs that suddenly appear at closing, when it's too late. Just ask a lot of questions, and assume your closing costs will be at least 2-2.5% of your overall loan.
Good luck with the process..... I am off to the Bahamas for a week.