Question..I don't know where to start when it comes to home buying

Hello,

We're actually looking into buying a co-op first, and I think that the process for buying one is about the same as buying a house. However I have no clue about any of this. I know certain things, like what PMI is and what a closing is but not sure how to find the best mortgage. I was told to use a financial broker (I think that's the phrase - they get you your mortgage and then immediately sell it to a bank after you close) and that it's better than using mortgage broker.

Is there anything I can read that would help me understand all of this stuff? Is there anything geared to different states, because we are going to buy a co-op in NYS but may buy a house in the future out of state. I hear that buying a house out of state is much easier than in NYS.

I just want to have a good backround in all this before we go to real estate agents and banks or financial brokers because I don't want to be taken for a ride or screwed over by people that realize I'm clueless about all this.

Did anyone look into Fannie mae? I think they sell stocks or they are a mutual fund that raises money for banks so they can provide mortgages. I have been on the website but I get overwhelmed. Can they help someone buy a house?

OK sorry for the length, if there's a good book or website out there I"d love to know.
Thanks.

Re: Question..I don't know where to start when it comes to home buying

Yes there is a GREAT book that I would reccomend. It's called Home Buying for Dummies and it is great because it explains everything to you in everyday terms. I too was completely overwhelemed and confused with all this home buying stuff, but this book cleared up a lot of questions that FH and I had.

Re: Question..I don't know where to start when it comes to home buying

try www.mlsli.com for homes for sale...am sure all states have an MLS website

MLS = multiple listing service