Super nervous for tomorrow!

[jsvand5]

Definitely go for a 15 year if there is any way you can afford higher payments. It’s much nicer when you make payments and can actually see your balance go down. It gets pretty frustrating to be paying on a 30 year for 10 years and see the balance hasn’t really changed all that much.

 

[LegendaryCG]

Best advice I could ever give anyone considering a house purchase is don't be afraid to walk away. Obviously, make sure you haven't already committed to any money or something that you'd be liable for though.

 

[esther]

Congrats! :)

 

[hubcap]

well the process bites, but, the rates are low.
so its worth the effort.

my best advice is to get a very thorough home inspector.
LAST thing you want is expensive surprises.
(I recommend having the home inspected during a rain storm.....leaky roofs and foundations can be missed when the sun is shining. Water damage, even potential, can be costly)

for me, my first year (of a 30 year mortgage) only paid down the interest. Very little, if any downward movement on the principle. But I used a VA loan. (nothing down and no PMI....which is a huge plus, but, the fees are a bit steep)

good luck, and congrats!

 

[Crabs McJones]

@ahiggins howd it go?

 

[ahiggins]

@ahiggins howd it go?

It went well! I won’t have an answer till tomorrow but I was able to talk with him for a good hour about all things FHA (which is basically my best option). I did find out that condo association fees get lumped into my debt to income ratio which would lower my amount approved significantly. So I’m not going to be shopping for a condo. Luckily my boyfriend works construction and my dad has his own woodworking business (and is building his second home) so most if not all repairs/upgrades/reno can be done by us.

 

[ahiggins]

well the process bites, but, the rates are low.
so its worth the effort.

my best advice is to get a very thorough home inspector.
LAST thing you want is expensive surprises.
(I recommend having the home inspected during a rain storm.....leaky roofs and foundations can be missed when the sun is shining. Water damage, even potential, can be costly)

for me, my first year (of a 30 year mortgage) only paid down the interest. Very little, if any downward movement on the principle. But I used a VA loan. (nothing down and no PMI....which is a huge plus, but, the fees are a bit steep)

good luck, and congrats!

That’s definitely something I need to do-find a hard a&$ inspector lol I want to know every little thing

 

[a4edwin]

Whether 15 or 30 try making that extra payment a year. In a thirty year you’ll take off 5 years.

 

[nezw0001]

Congratulations and Good Luck with this next phase in life!!

 

[hubcap]

where I'm at, condos don't generally go up in value as much, or as fast, as a stand-alone home, unless you purchase it new.
(besides....you don't get to choose the person you'd be living -right next- to. God forbid you get animals)
you're also at an advantage having "handypeople" around you, but, beware of "handyman" specials.
brings us back to getting a hardcore inspector. THEY are just as key as shopping around for the best rate.
Don't be afraid to pit your lenders against each other either......Tell company "A" that company "B" gave me a better rate...…..you can only win from such scenarios. Rates are currently very low....but it cant hurt to get it as low as possible.
I also agree with the advice to score a 15 year IF you can manage the higher monthly. But don't fret if you cant......equity is equity.

good luck and keep us posted. 1st homes, while daunting at first, are pretty exciting.

-cap

 

[ahiggins]

In case anyone is still keeping tabs. I got approved! He estimated really high (for my area) in taxes and insurance and this is looking like it’s actually going to happen! Super excited to start looking. My realtor has been sending me homes that are still “in payment” (higher cost but lower taxes) and some of them I can actually see myself in.

 

[esther]

In case anyone is still keeping tabs. I got approved! He estimated really high (for my area) in taxes and insurance and this is looking like it’s actually going to happen! Super excited to start looking. My realtor has been sending me homes that are still “in payment” (higher cost but lower taxes) and some of them I can actually see myself in.

Congrats!!

 

[jhoop]

I would say go for the 30 year loan. You can allways make extra payments or pay off early. Makes the monthly payment not so high. It would give you a little more money for monthly expenses. Just my thoughts.

 

[Skynyrd Fish]

I will always recommend you have the sewer line inspected. It’s a couple hundred bucks for a plumber to run a camera down the pipes out to the street. It is the only thing I had inspected when I bought my house as I could handle anything else easily. The older homes usually have clay tiles to the street. Good luck and bring a tape measure and painters tape so you can mark out where your huge new tank is going!

 

[Peace River]

In case anyone is still keeping tabs. I got approved! He estimated really high (for my area) in taxes and insurance and this is looking like it’s actually going to happen! Super excited to start looking. My realtor has been sending me homes that are still “in payment” (higher cost but lower taxes) and some of them I can actually see myself in.

Congratulations! Remember to make the house decision with your head and your heart! :)

 

[hubcap]

Congrats!!
You're on your way!

 

[ahiggins]

Resurrecting the thread for some awesome news! We put an offer on a house, they countered, and pending inspection we have a house!
they were pretty motivated to sell, so we got everything we asked for :)

 

[Peace River]

Congratulations!

 

[Katrina71]

Did you include a new tank in your budget? Did you pick the house based on where a tank would look great? Don't lie.

 

[ahiggins]

Did you include a new tank in your budget? Did you pick the house based on where a tank would look great? Don't lie.

Hahahaha it’s not in the budget right now, new paint, locks, and blinds are first up lol but I definitely know where it’s going to go when we get to that point! That’s the first thing I said “oh babe we can put the tank right there”. He think it’s gonna be freshwater (he likes catfish) but he’s got another thing coming!
I suppose I have to learn about sumps now...