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11-05-2006, 08:39 PM | #1 |
Donating YT 500 Club Member Join Date: Jul 2005 Location: US
Posts: 955
| First Home Buying Experience My husband and I are looking at putting an offer in on our first ever house. I'm soooooooooo nervous! It's a lot of money and it's going to be a little tough to make ends meet. BUT, we got to start building some equity. The best thing, it's a cute house with a HUGE fenced in yard. Trixie's going to be sooo excited! What was your experience when you bought your first house? Did you have any jitters?
__________________ Trixie |
Welcome Guest! | |
11-05-2006, 08:56 PM | #2 |
YT Addict Join Date: Mar 2006 Location: New Jersey
Posts: 328
| It's only natural to be a little nervous. I'm sure you've thought long and hard about this. As long as you're not in over your heads too much financially you should be fine. Congratulations on such an exciting purchase! |
11-05-2006, 09:09 PM | #3 |
I Love Thor Donating Member | Congrats. What a huge step in your lives...Big step, but building equity is way better than paying off someone else's morgage! |
11-05-2006, 09:18 PM | #4 |
YT 3000 Club Member Join Date: Feb 2006 Location: Pennsauken , NJ
Posts: 4,068
| it's normal to be nervous.
__________________ Bernadette & Romeo |
11-06-2006, 02:03 AM | #5 |
Donating YT 2000 Club Member Join Date: Oct 2006 Location: FL
Posts: 7,651
| When we bought this house I was a little nervous too. It was more than we had been paying in rent. But... within just a few years, we were still paying the same house payment and rent in the area had climbed. Now no one can hardly believe we have such a low house payment on this house. Not only that but .... 3 1/2 years and it will be all ours!!! Congratulations on your decision -- hope you find the perfect home!
__________________ FlDebra and her ABCs Annie, Ben, Candy Promoting Healthy Breeding to the AKC Yorkshire Terrier Standard |
11-06-2006, 04:51 AM | #6 |
YT 2000 Club Member Join Date: May 2006 Location: Alabama
Posts: 2,225
| we have been building one for MANY years out of pocket all i know about houses is everthing for them costs at least 2X what you think it would be if not more ex.granite countertops carpet and so on! i am so ready for it to be finished ! it would be awesome to have your own house i hope all goes well for you!!
__________________ A pet's love is true right from the start, through good times and bad, like sharing one heart. |
11-06-2006, 05:37 AM | #7 |
Donating YT 1000 Club Member Join Date: May 2005 Location: Central Texas
Posts: 2,624
| You are right - it is stressful! But it is sooooo worth it! You will have to save a little nest egg for repairs and unexpected expenses - but hopefully you and your hubby can do most of them, and that will save you half of what it would cost someone else to do it. The YTer who said that, in time, your payment will be lower than rent and new homes is exactly right. The sooner you take the plunge into home ownership, the better! I know you are so excited - I'm an old timer, but I remember when we bought our first house, it cost - get ready - $19,000. It was about 1100 sq feet with 2 bedrooms and a huge yard. We sold it 3 years later for $35,000 - bought another one for $42,000 and sold it a few years later for $65,000. It is just a wonderful feeling to own a home - but be sure to try to get that little savings account set up for repairs and a couple of mortgage payments, should you be out of work for a bit. Congratulations!!! It is so exciting to buy your first home - ENJOY!!!
__________________ Rex & Rowdy's Mom |
11-06-2006, 06:08 AM | #8 |
Donating YT 500 Club Member Join Date: Jul 2005 Location: US
Posts: 955
| Thanks for the tips! I need them as me and my hubby's family are both not financial savvy.
__________________ Trixie |
11-06-2006, 07:08 AM | #9 |
Donating YT 1000 Club Member Join Date: Jan 2006 Location: In my house :)
Posts: 5,219
| We've been buying and rebuilding homes for 25 years and I love it! I've always been excited about finishing a project and moving on to the next one but I think I want to stay in this one forever. We just bought our cabin last spring and I love it...it feels like my first home all over again. Check with your lending institution and see if you can pay a little extra towards 'PRINCIPAL ONLY' each month...you'd be surprised how much it will take off the term of your loan. If you look at your statement you'll see how much actually goes towards your principal...not much. So, if you pay that amount extra on principal only it's like making a double payment. Also, see if you can split your monthly payment, pay half every 2 weeks instead of once a month...we were told that will cut some of the interest you pay. Make sure you have no prepayment penalties...some loans still carry those and they can be a bunch. Good luck in your new home and remember...a red front door invites wealth and prosperity into your home...mine is getting painted in the spring! |
11-06-2006, 12:04 PM | #10 |
Donating YT 1000 Club Member Join Date: Jul 2005 Location: Chicago Suburbs
Posts: 3,306
| I think the hardest part of owning a home is that we can't afford all the "extras." It took us a year to buy couches and now 2 years to finally get a coffee table and end tables. I still don't have a bedroom set or a decent kitchen table. So I think it's hard that we have this nice house and no pictures on the walls, no window treatments, nothing. But it is still better than living in an apartment in so many ways. A few tips about mortgages: Unless you can put 20% down, try to get a 1st and 2nd mortgage. Usually the 1st will be a 30 year fixed lower rate for 80% of the purchase price. The 2nd is a 15 year higher rate for the difference between your down payment and the 80%. If you mortgage say, 95% of the total, you'll pay something called PMI which is a waste of money. If you do 2 mortgages you don't pay this and the interest is tax deductible. Ask for an 80/10 or an 80/15. Don't get an ARM unless you think you will outgrow the property or move within that period. I'd say if you are getting a 3+ bedroom and you aren't SURE that you will move soon, get a fixed rate. Otherwise your 6% loan could go up to 7%... then 8%.... Don't pay points. And don't let them charge you a lot of fees. Appraisal and title charges are OK. Broker's fees, origination fees, etc. are just profit going in the mortgage lender's pocket. Keep in mind they are already making money on your loan. And beware that closing costs are expensive! Another thing is the escrow. Our taxes every month are like $400 on top of the mortgage payment. Make SURE you can afford this and either roll it into your mortgage payment (as escrow) or be diligent in saving it every month.
__________________ |
11-06-2006, 05:45 PM | #11 |
Rosi & Poli's Mom Donating Member Join Date: Mar 2005 Location: Washington State
Posts: 5,428
| Good Luck Anne-Marie, hope you will get it, will keep my fingers crossed, how is Trixie doing ??? I am realy exited for you, let me know how it goes !
__________________ ROSI & POLI Love my Babies |
11-06-2006, 06:05 PM | #12 |
Donating YT 500 Club Member Join Date: Jul 2005 Location: US
Posts: 955
| Thanks so much everybody for the well-wishes and the tips. You don't realize how much all of this helps! Is anybody familiair with a VA loan by any chance? The lender is advising against using it because it's a lot stricter on certain stuff. But I think if the government wants to help us by letting us have a lower interest rate and pay the morgage insurance, it can only be a good thing!
__________________ Trixie |
11-06-2006, 06:06 PM | #13 | |
Donating YT 500 Club Member Join Date: Jul 2005 Location: US
Posts: 955
| Quote:
If only the rain would stop!!!
__________________ Trixie | |
11-07-2006, 01:20 PM | #14 | |
Rosi & Poli's Mom Donating Member Join Date: Mar 2005 Location: Washington State
Posts: 5,428
| Quote:
__________________ ROSI & POLI Love my Babies | |
11-07-2006, 08:18 PM | #15 |
YT 1000 Club Member Join Date: Nov 2005 Location: Tucson, Arizona
Posts: 1,840
| Here's my advice: when you go to the closing they will show you a number (a dollar amount) of the sum total of all your mortgage payments until the house is paid off. DO NOT LOOK AT THIS NUMBER!! I did, and I had to run to the bathroom to throw up (this is really true). Of course, at the time, interest rates were 12.5%. Enjoy your house, and congratulations. |
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