Help me, I'm a first-time home buyer!

[neatdesign]

I'm just about to start the process of looking for and buying my first home. Since I have never done this before I'm trying to not to get overwhelmed -- not an easy task!

I know I'm going to have lots of questions about all of this, so I figured I'd just create a thread where I can throw them out in one place.

I'm looking at houses in neighborhoods that are all 15-20 minutes away from each other but span 4 different ZIP codes. I'd like to start the mortgage pre-approval process with USAA, and have gotten some quotes from their website. The estimated mortgage payments vary $20-$40/month by ZIP code. While I'd like to get the lowest monthly rate (obviously), if I end up finding my ideal house at the slightly higher rate, I'm okay with that.

My first question is this: Assuming I have to provide a specific ZIP code when I apply for pre-approval, does this mean I need to apply for pre-approval for each ZIP code I'm considering? That seems excessive but I'm honestly stumped by this.

Any insight?

Thanks in advance!

[bjl584]

Your preapproval should be good anywhere. I believe its good for 180 days, then you need to renew it. You can renew it with a simple phone call.

[disneysteve]

Does the estimated mortgage payment include property taxes? That could explain the variance in payments by zip code. Otherwise it shouldn't matter. And I agree that your preapproval is not zip code dependent.

[Like2Plan]

[QUOTE=neatdesign;367916]
My first question is this: Assuming I have to provide a specific ZIP code when I apply for pre-approval, does this mean I need to apply for pre-approval for each ZIP code I'm considering? That seems excessive but I'm honestly stumped by this.

Any insight?
QUOTE]

I'm wondering if they are plugging in property taxes into the estimate? The interest rate should be the same, but property taxes do vary.

[neatdesign]

Thanks for all the quick responses. Yes, the mortgage quotes DO include estimated taxes and homeowners insurance. I'm paying more than 20% down so PMI isn't needed.

USAA's pre-approvals are valid for 90 days, which (hopefully) should be enough time. If it isn't then I can just get another one.