I just bought my first home (got keys on April 6th) and I learned a lot of things along the way. We are a similar age, but I wanted a condo or a townhouse (and ended up in the latter).
First and foremost, Redfin is awesome. My significant other and I couldn't be happier with our experience with Redfin. Their website rocks, their people rock, their system is smart and empowers the buyer, they had our back the whole time, and neither of us felt a moment of pressure or that we weren't dealing with a realtor that was on our side all the way.
The first thing I did was get pre-approved at Bank of America thinking they could give me the best deal. I had a dollar amount I was pre-approved for (including downpayment), and we planned to go around places listed 5-10% over what we actually had and lowball them until we got lucky. We eventually found exactly what we wanted for exactly what I was pre-approved for and are very happy with the decision to buy it.
Finding the house was easy -- especially using Redfin's awesome website and the great realtor they set us up with -- it's finalizing the mortgage and title that is a pain in the ass.
We went out looking together or separate (always with Redfin) at least a dozen times over 3 months before making an offer on a place that had been on the market for 5 days.
Originally, I wanted my realtor and my bank to be unrelated things. I know how to read so I know Bank of America is a horrible company, but they also are giant and offered me a crazy mortgage when I eventually put an offer in.
In fact, it was so crazy, they called me 21 days into the closing process (10 days before I was supposed to get keys) and told me they couldn't do it because the property was zoned mixed-use and too small to be considered, by them, a good investment. They first tried to blame government regulations but we eventually got them to admit it was internal policy. It was fucking bullshit and fuck Bank of America, but I'm over it and have been cautioned by many people that I should be thankful I got away from BoA's mortgage division as soon as I did.
After that, I went to someone local Redfin recommended (Sterling Savings, who also did a great job), and 30 days later I had keys.
The process of getting a mortgage has more hoops than I can possibly remember. Plus, while Redfin is all nice and electronic, nobody else is, and you have to sign and fax or mail so much junk.
Ever bought a car? Remember all the paperwork? Imagine doing that twice a week for a month solid. I would have felt much more stress if I didn't have a flexible schedule at work.
Talking cash, the #1 thing I learned was that having a 20% downpayment makes life a lot easier. It makes it easier to get the loan, and you don't have to pay for mortgage insurance.
My closing costs were about $4000 in fees (3/4 point -- you'll learn what a point is -- $450 appraisal, escrow/title/bank fees); and about $2500 in stuff I had to pre-pay (you have to pre-pay a lot of taxes and insurance stuff and early April is the one of the most expensive times of the year to do it).
After the BoA ordeal, I shopped around at 4 banks and got offers that were not significantly different. In all, total closing was around $5500, and that included the rebate I got back from Redfin.
I also had to pay for a $500 inspection and $130 worth of lock changes.
We are paying 20% less per month to own vs. renting a nice apartment in house payments, but probably more in utilities. Overall I am glad to have found the place we both really wanted, done with the process, don't have to worry about my rent going up every lease and moving every 2-3 years, and about 70% unpacked.
But there was a week or two there during that mortgage process where I wanted to punch a kitten in the face.
We intend to live here for 7-10 years and then change scenery, perhaps the east coast where the SO is from. And it would be nice to be in the position financially to just rent the place out then, which I can do after I have lived here for 1 year.