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post #1 of 16 Old 03-07-2005, 2:28 PM Thread Starter
 
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Buying a house.

Well I think it's time to try and get a house. Can't stay at home forever. Don't really want to get into it but my credit history isn't the best. Let's just say that two motorized vehicle I used to own were given back cause I couldn't afford them. WIth that said, I filled out an application for a home loan and to my surprise only one thing showed on my credit(student loan I'm almost done paying off). The lady says I'm pre-approved for a certain amount and I'm floored by this. I guess it's time to start looking for a house. Just wanted to share with you all how wierd it is to be thinking of getting a house.{Insert nail-biting smilie here}


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post #2 of 16 Old 03-07-2005, 2:41 PM
 
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Re: Buying a house.

Be aware... it's always amazing to see how much money they are willing to give you. Just because they are willing to give it to you doesn't mean you should or can take it. It's really easy to get in over your head. Congrats though, it's a big, exciting step.
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post #3 of 16 Old 03-07-2005, 2:43 PM Thread Starter
 
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Re: Buying a house.

Well my girlfriends mom is a realtor and owns multiple homes. So she's a HUGE help with this process. Still kind of overwhelming though.


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post #4 of 16 Old 03-07-2005, 3:19 PM
 
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Re: Buying a house.

Good luck but do not borrow what they are willing to loan. I hope you have a budget so just take the equivalent to a house payment (including insurance and taxes) and bank it while you are hunting. This gives you the feel of the pinch pre-loan. Also if you have some problems that might come up later be sure to get a fixed rate (I recommend it any way)

While the bankers/realtors will try to give you the loan flavor of the day and/or over spend on the house, remember that 15 or 30 year fixed rate loans have been around for a long time and work well. Conservative, conservative, conservative in all your planning

Good luck.

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post #5 of 16 Old 03-07-2005, 3:23 PM
 
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Re: Buying a house.

+1 on what has been said above. After purchasing your first home, you will find out that there is an assload of other things to buy.
Don't take out more than 80% of what you're max pre-approval figure. Of course that number is generalized (do some figuring on different amounts, not just your max), and sheep's suggestion of figuring what payment would be comfortable and sticking with it is another good way to do it.
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post #6 of 16 Old 03-07-2005, 3:33 PM
 
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Re: Buying a house.

All good points above. The banks always approve you for more than you should have, so be wary of that. If you got a mortgage based on what they say you can afford, you'd have to live like a freekin hermit to make the payments.

I'm not sure, butI'd say it's the same there as here, you have all kinds of fees to buy a house. Lawyer fees, land transfer fees, utility fees, possibly a survey, etc. They all add up.

Wifey always says that a mortgage is the easiest loan to get.
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post #7 of 16 Old 03-07-2005, 3:50 PM Thread Starter
 
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Re: Buying a house.

I have it figured on monthly payments of what I can afford. I have told them that is how I want it, and they have been very helpful. I know what I can and can not afford so that's a plus. House prices are climbing all the time as are interest rates around here. By no means am I going to get in over my head. It's my first house so I won't be getting a $250-300k house quite yet. I know it'll be a smaller house but one of my biggest needs besides a good neighborhood, is a garage. Baby steps is the key to this for me. I've been in over my head before and at the bottome of the barrel, I don't EVER want to do that again.


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post #8 of 16 Old 03-07-2005, 4:30 PM
 
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Re: Buying a house.

Other things too look at when buying a house/mortgage negotiations are making sure that you can pay more than specified on your mortgage if the opportunity presents itself, and also look out for ealry payment penaltys IE if you want to move and decide to go back to renting...you may end up paying a penalty on the balance, a lot of places will let this slide if you buy again in a couple of months and keep your new mortgage with them.

Also, once you find the place that you like be sure to get a home inspection, that way you WILL know what is and is not wrong with the house and a lot of the times if the inspector missed something it is his butt on the line... Just some of the things that I have picked up in the short time that I have been in the home owners market.
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post #9 of 16 Old 03-07-2005, 4:43 PM
 
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Re: Buying a house.

That's great Reap - after having bought and sold homes 7 times in the last 3 years it's done me well in terms of appreciation. Good luck!
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post #10 of 16 Old 03-07-2005, 5:05 PM
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Re: Buying a house.

Don't forget you'll need to come up with the down payment...the more the better. And remember when looking for a house, it's location, location, location. If the location is good, chances are it will appreciate ahead of market value, everything else considered. Good luck...it's a big step but one that should be rewarding. Don't worry about buyer's remorse after you sign on the dotted line...everybody gets it on their first home!

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post #11 of 16 Old 03-07-2005, 5:05 PM
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Re: Buying a house.

Quote:
Originally Posted by symonjester
That's great Reap - after having bought and sold homes 7 times in the last 3 years it's done me well in terms of appreciation. Good luck!
Dude...you must live out of a suitcase!

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Last edited by Red Rider; 03-07-2005 at 5:06 PM.
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post #12 of 16 Old 03-07-2005, 5:06 PM
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Re: Buying a house.

Quote:
Originally Posted by Northern RR
Also, once you find the place that you like be sure to get a home inspection, that way you WILL know what is and is not wrong with the house
I'd like to add to this advice....go hire an inspector yourself, don't use one recommended by either realtor (or at least be very cautious). Be there when they do the inspection, follow the inspector around, and ask questions about anything that doesn't look right to you.

Quote:
Originally Posted by Northern RR
and a lot of the times if the inspector missed something it is his butt on the line...
This probably differs by area, but around here they have language in their contracts about not being liable for anything that isn't plainly visible, or some similar verbage that leaves lots of wiggle room.


<--got burned by post-purchase "surprises" and a crappy inspection
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post #13 of 16 Old 03-07-2005, 5:39 PM
 
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Re: Buying a house.

I'll offer one more little tidbit. Take a look at condos and townhomes. This is your first home, and you will more than likely not own it for longer than a few years as judging by your age and marital status (if I remember right) you will be home hunting when you get married, and/or get sick of the first one.
Condos are a piece of cake to rent out and keep in relatively decent shape, and require no external maintenance or insurance (all paid through association fees).
Find a three bedroom and rent out two of the rooms. You'll have most if not all your mortgage covered every month, and be building equity at the same time to be used down the road.
Condos and townhomes on average also build equity faster in the initial few years than starter houses. A house will typically build more equity, but take longer to do so.
I started with a condo, and still own a few. They are good long term or short term investment properties for young and single guys looking to build some real equity.
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post #14 of 16 Old 03-07-2005, 5:50 PM Thread Starter
 
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Re: Buying a house.

Wow you guys are an overflow of info. What BDA said in that last post was just how my girlfriends mom put it to me. So I have her looking for a townhome/condo right now. Keep all the info coming, this is great. TIA


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post #15 of 16 Old 03-08-2005, 10:04 AM
 
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Re: Buying a house.

dont forget about the taxes you will have to pay yearly or just add them to your mortgage payment.
AND if you do not have 20% to put down you will have to pay some sort of mortgage insurance until you hit 20% UNLESS you have a VA loan.
Do not forget about insurance for the house as well, check the area to see if it is a flood/earthquake/tornado zone.
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