Log In Sign Up

Buying a house...


Forum: Trying to Conceive with Medical Assistance

Notices

Welcome to the JustMommies Message Boards.

We pride ourselves on having the friendliest and most welcoming forums for moms and moms to be! Please take a moment and register for free so you can be a part of our growing community of mothers. If you have any problems registering please drop an email to boards@justmommies.com.

Our community is moderated by our moderation team so you won't see spam or offensive messages posted on our forums. Each of our message boards is hosted by JustMommies hosts, whose names are listed at the top each board. We hope you find our message boards friendly, helpful, and fun to be on!

Reply Post New Topic
  Subscribe To Trying to Conceive with Medical Assistance LinkBack Topic Tools Search this Topic Display Modes
  #1  
June 18th, 2007, 01:28 PM
Mega Super Mommy
Join Date: Jan 2006
Location: Charleston, SC
Posts: 3,145
We've decided to buy a house I'm SO freaking nervous!
We looked at a house on Saturday, by accident, and we LOVED it so that started this whole process. We don't have the first clue about buying a home. I got us approved for our loan today. It's just gonna take some time cause our bank offers us cash incentives to go through one of their realtors and you get free home inspections by going through them as well. So we're on the hunt now. I like to know everything there is to know about doing something before we do it - dh jumps head first.
So got any words of wisdom for me? I've been researching nonstop, but I'm probably missing something so I'm all ears!
Thanks ladies!

Bonus - Dh left on Saturday for 2.5 weeks so he's trusting me to find/pick a house all by myself! Wohoo!
__________________
<div align="center">
</div>
Reply With Quote
  #2  
June 18th, 2007, 02:05 PM
kticesk8s's Avatar Mega Super Mommy
Join Date: Mar 2007
Location: San Diego, CA
Posts: 1,683
Hmmm....I've bought a few houses, what sort of information are you looking for?

If you are in an area with new builds, you can get some great deals right now with LOTS of incentives, so that may be the way to go for you. Generally, the new builds are under priced to begin with, then with high inventory, you can snag some deals. The only negative (may actually be a positive) is having to do the landscaping. Also, the way the market is right now, you CAN bargain with new build sales offices, so don't go with the "sticker price."

Loans....make sure you keep your credit great until you buy -- don't make any big purchases, and make all your payments on time. Shop around to make sure you're getting a good rate on your loans, and stay away from Option ARMs -- they'll screw you in the long run. If you know that you'll be moving up and out in a few years time, go for a loan that is fixed for 5 or 7 years. A 30 fixed loan is hardly ever a good idea for a young couple buying their first home, so make sure you check out all your options. While you're at it, see if you can get a HELOC "just in case." It's nice to have it in case you need it for something important.

Let me know if you have any specific questions -- I've had a ton of experience with buying, selling & loans.
__________________
Family Pic (kiddos are 16 months)

  • Me: 32.:. DH: 30...TTC w/ Male Factor.... BFP! Was triplets! NOW IT'S TWINS!!! 1 BOY, 1 GIRL
  • IVF #1: June '07 BFN
  • IVF #2: Oct '08 BFN
  • DIUI #1: Nov '08 BFP!!! Beta 593 @ 14/15 dpiui!! Beta 1897 @ 16/17 dpiui!!!!!! OMG!
Reply With Quote
  #3  
June 18th, 2007, 02:25 PM
hoping4littleone's Avatar Super Mommy
Join Date: Dec 2006
Location: By the beach, CA
Posts: 946
If they say you will need private mortgage insurance .. look for another loan!! If you will owe more than 80% on your house, they will normally stick private mortgage insurance on your payment which is a complete waist of money. We paid this for about 4 months before we realized it was a complete waist. We refinanced and it was gone. Sometimes you can do two loans (an 80 and a 20) to dodge the PMI, so look into that if you have to. But then again, do whatever will work best for you and DH! I just always like to tell people about that nasty PMI before they buy a house!

Good luck!!
__________________
<div align="center">

</div>
<span style="font-family:Comic Sans MS"><div align="center">

Born May 5, 2008

Shelby Suzanne: 7lbs,8 oz 17 3/4 inches 9:16 p.m.
Morgan Julianne: 5 lbs,8 oz 19 inches 9:17 p.m.
</div></span>
Reply With Quote
  #4  
June 18th, 2007, 02:27 PM
dzine21's Avatar Platinum Supermommy
Join Date: Feb 2006
Location: Mid USA/Corn fields
Posts: 6,030
Buy the worst house in the best neighborhood. You will always want to do something to it anyways. It's a great investment too. We bought our house 2yrs ago for 80, we can sell now for 90-95.
__________________
<div align="center">My baby girl, Jillian Autumn, is due in December!


</div>
Reply With Quote
  #5  
June 18th, 2007, 02:45 PM
Mega Super Mommy
Join Date: Jan 2006
Location: Charleston, SC
Posts: 3,145
Yep, we got our loan taken care of, we are using the VA loan cause we have another mortgage for the house in Indiana so VA was the only way we could go. We won't need PMI *yeah* cause this was one of my concerns. We want to buy well below our limit so that we can make extra payments on the princ. each month.
Katie- the 30 year fixed has me kind of worried now cause that's the type of mortgage we got We are only going to live in it for 2-3 years then either rent it out or sell it. What's a HELOC? (told you I was new at this lol)
__________________
<div align="center">
</div>
Reply With Quote
  #6  
June 18th, 2007, 03:10 PM
*Melissa*'s Avatar Mega Super Mommy
Join Date: Jan 2007
Location: Oregon
Posts: 4,842
Send a message via MSN to *Melissa*
HOW EXCITING!!! We are going through the same thing ourselves right now- how weird!!! We just started looking at houses. We already found one that we are interested in, but are taking our time trying to find the very best loan.
It's hard taking in all this new information for this first time (atleast for ME it is) and you really don't want to rush it... I would just suggest making sure that you have made the right choice on a home loan because there are SOOOO many different ones to choose from that are good, and there are a lot that seem good, but will cause you to end up in poor house... It's kinda scary, but at the same time very exciting.
Goodluck hun!!!!!!
Reply With Quote
  #7  
June 18th, 2007, 03:15 PM
Aidan's Mommy
Join Date: Apr 2006
Location: Middle of nowhere, ON, Canada
Posts: 18,187
Send a message via MSN to TheMommyProject
This is such exciting news, congrats!

My only word of advice is to pay your mortgage weekly, you will pay it off a whole lot faster. A 25yr mortgage gets paid in 25yrs if paid monthly and comes down to about 18 years if you pay weekly. Trust me on this one! We just finished paying off our mortgage and it took us only 13 years. The bulk of that was the weekly payment savings and the rest was on some lump sum payments we were able to throw on in the last few years.

Happy hunting!
__________________


Reply With Quote
  #8  
June 18th, 2007, 03:56 PM
greenchild's Avatar Platinum Supermommy
Join Date: Jul 2006
Location: MN
Posts: 15,839
my advice is definitely get the house inspected.
Are you looking for a new build or an older home? Older homes can sometimes be alot of work, but you can generally get them cheaper, and definitely cheaper if you can do the work yourself.
Hehehe, only took us 11 years to seriously start working on our old home! But, by the time we're done, we should be able to sell it for twice what we paid.
Reply With Quote
  #9  
June 18th, 2007, 06:04 PM
kticesk8s's Avatar Mega Super Mommy
Join Date: Mar 2007
Location: San Diego, CA
Posts: 1,683
Hey lady -- I did get your PM, but I'll post answers here, in case anyone else wants the info or has more to add.

VA Loans w/ 5 or 7 year fixed --- I don't know a whole lot about VA loans, so I would check with your broker to see if this would be a possibility for you. With a shorter fixed period you get a better interest rate when compared with a 30 year fixed --- the risk you take is when you decide to live in your property for longer than the fixed period. Your rate will become adjustable after the fixed period is over. They also have shorter fixed periods available -- 1 year (too risky most of the time) and 3 year (good if you absolutely KNOW you will be moving after 2 years).

HELOC (Home Equity Line of Credit) -- this is a 2nd mortgage, but unlike a regular loan, the funds are accessible to you. Since you are a first time buyer, depending on your down payment, it may start off "maxed out." Another example is this (if you are putting a fair amount down) --- you put 20% down, you get a first mortgage for 80%, and a HELOC with a zero balance for 15% of the total. Make sense? It's always a good idea to have these funds available if ever anything comes up.....buying new vehicles, properties, emergencies, or....LOL....IVF expenses! Plus the interest is tax deductible, even though it works like a credit card. It takes 4-6 weeks to receive money if you apply later on, when you already own your house, so you can see how it might be more convenient to get it taken care of up front. Again, I'm not too sure how this would work with a VA loan as your first mortgage -- check it out with your broker. We've used our HELOC to pay down payments on future properties (without having to sell and vacate our current house), so it has been really useful for us in the past.

LMK if you have any other questions -- I'm not an expert at all, but I have bought several properties and sold a few myself (FSBO), so I've had my share of home loans and related worries.

ETA: ditto to what greenchild said -- definitely get the house inspected, even if it is a new build. We've seen some pretty serious issues that were brought to light by inspectors -- it sucks when you're the seller, but as the buyer it is very useful!
__________________
Family Pic (kiddos are 16 months)

  • Me: 32.:. DH: 30...TTC w/ Male Factor.... BFP! Was triplets! NOW IT'S TWINS!!! 1 BOY, 1 GIRL
  • IVF #1: June '07 BFN
  • IVF #2: Oct '08 BFN
  • DIUI #1: Nov '08 BFP!!! Beta 593 @ 14/15 dpiui!! Beta 1897 @ 16/17 dpiui!!!!!! OMG!
Reply With Quote
  #10  
June 18th, 2007, 07:23 PM
Mega Super Mommy
Join Date: Jan 2006
Location: Charleston, SC
Posts: 3,145
Quote:
This is such exciting news, congrats!

My only word of advice is to pay your mortgage weekly, you will pay it off a whole lot faster. A 25yr mortgage gets paid in 25yrs if paid monthly and comes down to about 18 years if you pay weekly. Trust me on this one! We just finished paying off our mortgage and it took us only 13 years. The bulk of that was the weekly payment savings and the rest was on some lump sum payments we were able to throw on in the last few years.

Happy hunting![/b]
Wow, I'm a bean counter and NEVER thought of this! That's great advice!

I'm seriously thinking Katie needs to come visit me this week lol. You're so full of info!
We get home inspection no matter what, I'm so nieve about everything that we will need it!

Melissa - I'm so excited for you! Are you taking pics of your prospects? We'll have to pm each other the pics! How weird that we're doing this at the same time lol! I do gotta lose weight before buying tho cause I want dh to carry me over the threshold without hurting himself!
__________________
<div align="center">
</div>
Reply With Quote
Reply

Topic Tools Search this Topic
Search this Topic:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -7. The time now is 05:20 PM.



Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0