We purchased our first home more than two and a half years ago now. Our search lasted over six months and we made bids on about five different homes before we ultimately closed a transaction. Looking back on the experience, I recall that other than looking for something we liked, the process was quite easy. The rates for jumbo mortgages fluctuated a lot during our search, but were generally pretty good.
However, I remember that my husband was frustrated by the mortgage process. It would have been helpful if we had access to basic information for first time home buyers . Although we felt that we received good counsel from our ultimate mortgage broker, it was not until after we failed to close on our first choice due to bad advice received from an earlier broker.
Then there was the issue of finding a reputable mortgage company . First, we just did some internet searches, but found that many out-of-state mortgage companies had little appreciation for the Washington area real estate market. Fortunately, my husband eventually got a good recommendation from one of his colleagues.
Finally, we had to decide what type of loan package we were comfortable with. We eliminated the interest-only options immediately. But then there was the issue of pursuing an arm versus a 15 or 20 year fixed mortgage. We did our homework and considered the available rates .