Got qualified for a home loan today
Joined: Jan 2003
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From: Gods Speed #57 Lemons #77
Buying a house is like buying a car except you spend a lot more money so:
1) Do your research (check out neighborhoods, get competative mortagage rates, get preapproved)
2) Do not make an impulse purchuse but be prepared to act quickly (not a problem if you have done #1)
3) Buy a house, condo whatever. Going from a rental unit to buying a house was the single best financial decision I have made. You save a bundle in taxes, you are making money in the long run (short run with the housing situatioon where I live).
1) Do your research (check out neighborhoods, get competative mortagage rates, get preapproved)
2) Do not make an impulse purchuse but be prepared to act quickly (not a problem if you have done #1)
3) Buy a house, condo whatever. Going from a rental unit to buying a house was the single best financial decision I have made. You save a bundle in taxes, you are making money in the long run (short run with the housing situatioon where I live).
Banned
Joined: Aug 2002
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From: Indy, In.
Check those mortgage rates and shop them.
I am refinancing my house now. Here are the rates I am looking at.
10 year fixed- 4.375%
15 year fixed- 4.875%
20 year fixed- 5.25%
30 year fixed- 5.375%
Those rates are based on my mortgage broker covering ALL of my closing costs. If you are willing to pay closing costs you should be able to knock something off those rates.
One other thing... When you are buying a house, always negotiate the closing costs into the deal. If the seller wants to sell the property bad enough, they will pay them. The housing market sucks right now so it should be a bit of a buyers market.
I am refinancing my house now. Here are the rates I am looking at.
10 year fixed- 4.375%
15 year fixed- 4.875%
20 year fixed- 5.25%
30 year fixed- 5.375%
Those rates are based on my mortgage broker covering ALL of my closing costs. If you are willing to pay closing costs you should be able to knock something off those rates.
One other thing... When you are buying a house, always negotiate the closing costs into the deal. If the seller wants to sell the property bad enough, they will pay them. The housing market sucks right now so it should be a bit of a buyers market.
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Joined: Aug 2002
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From: La Selva
Originally posted by mingster
Finally took the time to fill out the small mountain of paperwork and got the feedback. The loan amount can probably get my wife and I a small 2bd condo in our current area, so I plan on looking at that. Any tips for house hunting?
Finally took the time to fill out the small mountain of paperwork and got the feedback. The loan amount can probably get my wife and I a small 2bd condo in our current area, so I plan on looking at that. Any tips for house hunting?
Quality of schools
Realtor.com
A house is always better than a condo or PUD-Townhouse.
3 bedroom 2 bath house
2 bedroom 2 bath house
3 bedroom 2 bath PUD-You own the dirt under your unit.
3 bedroom 2 bath Condo
2 bedroom PUD or Condo
Mobile home
Cardboard box and a large pickle jar $200K in Santa Cruz
Do it now. Rates are at all time lows and this window may never open again.
5% is historically low!
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From: La Selva
[QUOTE]Originally posted by Junk_Turbo420A
[B]Wow! Since you guys might be able to help I have a few questions. The wife and I saw a beautiful home we have always driven by and have said, " When we can, that should be the one." But this would be our first home. We both have good credit and make good amount of money a year. The house is right off a pretty busy road, close to a school and considered a lake front property (The lake is only a few hundred feet away). The price is alittle more than we are willing to pay to start off. Atleast by $35k. What should I do? The house has all we'd like. Should we talk to an agent? The location we are looking for doesn't have many homes fore sale usually. Also many of the home styles of the West coast differ from the East. It would also be a home we'd stay at for a lot of years. TIA.
[B]Wow! Since you guys might be able to help I have a few questions. The wife and I saw a beautiful home we have always driven by and have said, " When we can, that should be the one." But this would be our first home. We both have good credit and make good amount of money a year. The house is right off a pretty busy road, close to a school and considered a lake front property (The lake is only a few hundred feet away). The price is alittle more than we are willing to pay to start off. Atleast by $35k. What should I do? The house has all we'd like. Should we talk to an agent? The location we are looking for doesn't have many homes fore sale usually. Also many of the home styles of the West coast differ from the East. It would also be a home we'd stay at for a lot of years. TIA.
Joined: May 2002
Posts: 7,249
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From: Somewhere in NJ
One thing no one mentioned: When deciding on a house vs. townhouse/condo is consider how much time/effort you want to put into 'daily' maintenance.
I have a townhouse, and I don't mow the lawn (I'm on an end, so I have lawn on 3 sides) or do the shrubs. Basically, the only yardwork I have is if I put a plant on the porch or patio. My development is fee-simple, so I own the structure, and my association fee is $68. Well worth not having to mow or rake leaves.
I knew what I was looking for when I started (TH - 2BR/2Bath +Garage OR Basement). I ended up with a TH- 3BR, 2.5 Bath, Garage and Basement (which is now finished). I wasn't sure of the neighborhood at the time, but knew the general area I wanted to be in. Since I'm single, the immediate need to worry about schools, etc... was quite a ways off.
As for the question on rates: I just refinanced a few weeks ago, 15 yr at 5.0%, no points. I missed the 4.875% by a few days, but it equates to $6 a month, so oh well.
I have a townhouse, and I don't mow the lawn (I'm on an end, so I have lawn on 3 sides) or do the shrubs. Basically, the only yardwork I have is if I put a plant on the porch or patio. My development is fee-simple, so I own the structure, and my association fee is $68. Well worth not having to mow or rake leaves.
I knew what I was looking for when I started (TH - 2BR/2Bath +Garage OR Basement). I ended up with a TH- 3BR, 2.5 Bath, Garage and Basement (which is now finished). I wasn't sure of the neighborhood at the time, but knew the general area I wanted to be in. Since I'm single, the immediate need to worry about schools, etc... was quite a ways off.
As for the question on rates: I just refinanced a few weeks ago, 15 yr at 5.0%, no points. I missed the 4.875% by a few days, but it equates to $6 a month, so oh well.
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Joined: Dec 2001
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From: Chicago
junk, make an offer...worst case scenario you don't buy the house...you never know what the sellers time frame/motivations are and you may find a very needy buyer...they will be looking for a quick close and want to be 100% confident you will close the deal they are often willing to take less money for the confidence...
the statement that condo's don't appreciate as much as single family homes is not true and is by market...in los angeles condominium prices continue to outpace single family home appreciation...
if you are in suburbia nothing is more important than the school system...schools sell houses in the burbs...#1 factor time and time again...
the statement that condo's don't appreciate as much as single family homes is not true and is by market...in los angeles condominium prices continue to outpace single family home appreciation...
if you are in suburbia nothing is more important than the school system...schools sell houses in the burbs...#1 factor time and time again...
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From: Baltimore
Originally posted by bboersma
I get a 25bps dicount through my employer but no points...I could have dropped to 4.75% if I agreed not to refinance in 5 years...
I get a 25bps dicount through my employer but no points...I could have dropped to 4.75% if I agreed not to refinance in 5 years...
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Jul 23, 2002 12:56 PM