About to take a big step

[Angel Heart]

We just put in a bid on a house.... Got approved this morning for the loan.

 

[dilloduck]

We just put in a bid on a house.... Got approved this morning for the loan.

Congrats----can you afford it ?

 

[Angel Heart]

Well got a fixed rate of 6.00% for 30yrs on $150,000... When you figure in tax and insurance, it figures out to about what we currently pay on rent.

 

[KittenKoder]

Well got a fixed rate of 6.00% for 30yrs on $150,000... When you figure in tax and insurance, it figures out to about what we currently pay on rent.

Hope you did the math yourself and didn't take anyones word for it.

 

[Sunni Man]

That's great!!!!!

 

[Angel Heart]

Hope you did the math yourself and didn't take anyones word for it.

Yup we did. We've been running numbers all weekend long. Making sure what we are getting is the best deal. We've had offers from several banks to look through.

It's now in the owners hands. As far as the details on the house. It's owned outright by the children of the couple that built it. They got it for $10 in 1996. It's all profit for them.

 

[Stoner]

I'll be over this weekend to break it in. They'll be liquor, hookers and enough illicit drugs to kill an elephant. If things go right there may even be a donkey sighting.

Don't worry, I'll be gone in the morning so I won't be in the way of you cleaning up the joint. Don't want to be rude and all.

 

[Isolde]

Congratulations!

 

[AVG-JOE]

Congrats!

I knew the system wasn't as plugged up as Georgie and the boys were crying!

-Joe

 

[strollingbones]

go for it...try to make payments every 2 weeks.....anything you pay ahead saves a ton of interest in the long run

 

[Skull Pilot]

Good for you, Angel.

Buying my first house was the best thing i ever did. Enjoy.

 

[Shattered]

Just make sure you get a full copy of all of the documents that will be at the closing 2 weeks prior to the actual date, and read them front to back, top to bottom, and you should be fine. They like to try and skate thru the pages really fast, because you're probably signing a dozen of them or so. "Well, this one says basically that...blah blah". KNOW what they say.

 

[editec]

Good for you!

 

[random3434]

Woo Hoo!!

How exciting for you Angel Heart! I'm happy for you and your family! I'm sure your kids will be thrilled too!

 

[busara]

go for it...try to make payments every 2 weeks.....anything you pay ahead saves a ton of interest in the long run

good advice

 

[Ravi]

go for it...try to make payments every 2 weeks.....anything you pay ahead saves a ton of interest in the long run

Or get a 15 year mortgage.

 

[busara]

Or get a 15 year mortgage.

the thing with a 30 is that you have lower minimum payments. if something comes up, you have more maneuverability with your finances to deal with it. higher interest, but i understand why people get the 30. (so long as you pay more than the min)

 

[AVG-JOE]

go for it...try to make payments every 2 weeks.....anything you pay ahead saves a ton of interest in the long run

That's sort of what we do - ours is a simple interest note so the account paperwork is easier if we just pay every 28 days instead of once a month. It is better than making an extra payment per year. Paying ahead will knock about 8 years off of our 20 year note.

It is a good time to buy, Angel... Nicely done!

-Joe

 

[Paulie]

Well got a fixed rate of 6.00% for 30yrs on $150,000... When you figure in tax and insurance, it figures out to about what we currently pay on rent.

Is your interest tax deductible?

If your payment will be what you are already used to, try making more than the minimum for at least a few months out of each year, and kick that interest in its nuts.

 

[Gunny]

Well got a fixed rate of 6.00% for 30yrs on $150,000... When you figure in tax and insurance, it figures out to about what we currently pay on rent.

Did you figure out the tax increase over the next 30 years? Don't know how it applies to you where you are, but that's one they slipped in on us. Property tax goes up approx 10% every year here.