At least, I think so. Got a verbal agreement on price, the seller is initialling the final changes to the contracts, which will then be mailed to me for my initialing.
Soon, the inspections and loan applications and closing shall begin…
Any timely advice?
Since I’m a first-time home buyer with good credit, I expect a pretty good deal from the banks. The utilities, insurance, and taxes are gonna be a pain - but there’s so much more space…!
It’s an older home… 1920s, ish. But new vinyl siding, new 40-year roof, completely new wiring, copper pipes - looks really good.
with regards to the mortgage, a lot depends on your plans for the future. But if you think you’ll stay in your new home for more than seven years, and your loan amount is conforming, fixed rate 30 year is probably the way to go. There are regional differences, of course, but I guess you could get around 5.375% with no points. If you can get that or better, I say do it.
I did take some pictures of the inside and outside the last time I looked at it … might have to figure out a spot to host them.
A friend did the 15-year mortgage thing on his, but I don’t think I could afford the payments on a fifteen year arrangement. The 30-year rate, I’m estimating, will be close to what I’m paying in rent.
So, I gather there’s no Jesus Shrine in the basement? As previously discussed, I know nothing about buying or selling houses beyond the fact that my room had to be clean if the realtors came by … so I will be of no help here.
No Jesus Shrine in the basement this time. Just a nice, big, clean dry basement. Where the owners are currently storing some interesting antiques, like typewriters and toys, but which will most assuredly be gone when I move in.
When you pay your mortgage bill, throw in some extra payment for the principal. This will save you an amazing amount of money in interest over the course of the loan. Even $25 during the first year of the loan will save you thousands in interest later.
That’s the most important advice I could possibly give a new homeowner.
If you look at the middle of “homeowner,” you might see why so many homes have cats.
Appreciate the offer - having looked into my webhosting though, I don’t think a few house pictures will break my bandwidth. I’ll try to post them up a bit later on…
Update : The inspector had a look at my potential place yesterday. It’s 15 miles south of the town I work and currently live in, in a smaller town. He assures me that if it were up here, it’d sell for for 66% more than I’m paying for it. Woo!
Can I ask a question? How long did it take you to look for it? How hard was it to arrange the financing? I’m about to take the big step myself, but I’m pretty cautious. I’ve got some cash saved up, but now I don’t want to part with it (I like large numbers). Did a friend recommend a realtor, or did you go at it alone (find a realtor, or even looking for houses). Thanks!
It took about six months, start to finish. (Assuming I’m done). During that time, I placed bids on three houses; the first house’s owner rejected my bids as too low and wouldn’t negotiate; the second one was negotiating with me on price when someone else came along and offered more.
Before I started the process I had spoken to a local bank about getting pre-approved for a loan. They do a credit check, etc. and will tell you, basically, “We’d let you borrow such-and-such amount.” - they’ll even give you a letter to show to your realtor to that effect, so your realtor knows you can almost assuredly get a loan if you find a house.
I’m speaking to the bank tomorrow about getting the actual loan; I don’t expect failure in that regard.
As for finding realtors - my friends recommended some names, saw other names in local real estate magazines, etc. Ultimately my parents helped me narrow down the choices and settle on two here in Morgantown, and they found one in Fairmont, the town south of here where my house is located.
