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Posted on 2/2/16 at 5:18 am to FrancisCostello
Prep thy anus
It's a miserable process if you don't just blindly sign shite.
It's a miserable process if you don't just blindly sign shite.
Posted on 2/2/16 at 5:23 am to FrancisCostello
Here are some thoughts off the cuff..... Be prepared for both of you to sign about 40 documents or initial same. Everybody gets some of your wallet. A new home can be such joy and then can also be a money trap. Don't overspend, don't stock it immediately, save some $ to pay extra notes along the way, and don't get an adjustable mortgage rate. Take your time on any improvements once you are in. Just make a list and chip away a little at a time. Be kind to your neighbor's and be tolerant of them. Make real friends of them if you will be there a while.
Oh, get a home warranty if you can work that in your monthly expenses/budget.
Oh, get a home warranty if you can work that in your monthly expenses/budget.
Posted on 2/2/16 at 5:28 am to FrancisCostello
Be sure you get an accurate number on your property taxes. They're almost bound to double or triple when you take ownership.
You need to get that figure now, call your local appraiser's office, don't trust your agent or any other source with an interest in the sale.
You need to get that figure now, call your local appraiser's office, don't trust your agent or any other source with an interest in the sale.
Posted on 2/2/16 at 6:06 am to Mars duMorgue
Private Mortgage Insurance (PMI)is usually required by the lender on conventional loans when you put down less than 20%. You pay a premium on a policy that pays the bank if you default and the proceeds of the collateral don't cover the balance owed. So it's a complete waste of money for you. Try to put down enough, pay extra principal early, or whatever, to get out from under it.
I put down just 5% back in the day, but I paid for an appraisal of my house a couple years later that showed it had increased in value enough that they then had a 20% cushion. Got out of PMI. The appraisal paid for itself in a few months of savings.
Title Insurance: The lender will require you to pay the premium on a lender's policy that covers the bank if there is a title dispute. You will likely have the option to also get an OWNER'S policy for some extra money.
Many waive it, but I say get it. It is a one-time premium that covers you as long as you own the place. You never know when a boundary/survey issue could arise, a lunatic illegitimate child of a prior owner shows up and claims he was left out of daddy's succession, or the like. Turn that junk over to the title insurer, and they provide a lawyer and cover any losses. Otherwise, you hire your own attorney, and just one or two of his hourly fees will likely exceed the premium you will wish you paid.
I put down just 5% back in the day, but I paid for an appraisal of my house a couple years later that showed it had increased in value enough that they then had a 20% cushion. Got out of PMI. The appraisal paid for itself in a few months of savings.
Title Insurance: The lender will require you to pay the premium on a lender's policy that covers the bank if there is a title dispute. You will likely have the option to also get an OWNER'S policy for some extra money.
Many waive it, but I say get it. It is a one-time premium that covers you as long as you own the place. You never know when a boundary/survey issue could arise, a lunatic illegitimate child of a prior owner shows up and claims he was left out of daddy's succession, or the like. Turn that junk over to the title insurer, and they provide a lawyer and cover any losses. Otherwise, you hire your own attorney, and just one or two of his hourly fees will likely exceed the premium you will wish you paid.
Posted on 2/2/16 at 6:07 am to FrancisCostello
quote:
What advice would you give a first time home buyeR about the process
Get a Realtor. Cost you nothing and they will walk you through the entire process step by step. Otherwise, get ready for a few surprises that may be costly.
Posted on 2/2/16 at 6:12 am to Golfer
The main advice I would give is to not do to much improvements at one time as others have stated... I made that mistake and blew my nest egg up and went in even more debt on a credit card. Now I'm paycheck to paycheck trying to catch back up in a shitty economy at the moment. Take your time and chip away at the repairs
Posted on 2/2/16 at 6:14 am to FrancisCostello
1.) Figure out how much of a monthly note you can afford and don't forget that a significant portion will go towards insurance and property taxes.
2.) You will likely look at tons of houses. Keep a list of the ones you really like and the pros and cons of each.
3.) Make a list of your "must haves" and let your realtor know or use that to filter info if you search online.
4.) Don't have too many "must haves" because you're not likely to find everything you want.
5.) All homes require maintenance, but newer homes generally require a lot less.
6.) Check out the neighbors. The types of vehicles they drive are a good indicator. Also, if you see lots of for sale signs in an already established neighborhood, it might be a sign that the quality of your neighbors is going down.
7.) Hire a good inspector before you buy. The roof, foundation, wiring, and a/c unit are all high $ items that need to be in good shape.
8.) Have a lot of patience, because it can get frustrating.
Congratulations and good luck!
2.) You will likely look at tons of houses. Keep a list of the ones you really like and the pros and cons of each.
3.) Make a list of your "must haves" and let your realtor know or use that to filter info if you search online.
4.) Don't have too many "must haves" because you're not likely to find everything you want.
5.) All homes require maintenance, but newer homes generally require a lot less.
6.) Check out the neighbors. The types of vehicles they drive are a good indicator. Also, if you see lots of for sale signs in an already established neighborhood, it might be a sign that the quality of your neighbors is going down.
7.) Hire a good inspector before you buy. The roof, foundation, wiring, and a/c unit are all high $ items that need to be in good shape.
8.) Have a lot of patience, because it can get frustrating.
Congratulations and good luck!
Posted on 2/2/16 at 6:25 am to FrancisCostello
If I had to do it again, I would buy at least a 4 bedroom, new home, in the best location near the city center as I could. Max yourself. You and your SO will continue to receive pay increases.
Posted on 2/2/16 at 6:30 am to RileyTime
quote:Tough crowd?
Tough crowd with the down votes
a) The guy is legitimately asking for advice.
b) The joke sucked.
Posted on 2/2/16 at 6:41 am to FrancisCostello
Pay extra for a high quality home inspector.
Posted on 2/2/16 at 7:01 am to CunningLinguist
quote:
Pay extra for a high quality home inspector.
Definitely this. Good home inspectors are rare and could be the difference in your purchase of a good home. In hindsight, I would even consider paying a home repair company to come out for an hour or two and try to find issues.
Posted on 2/2/16 at 7:16 am to DaStain
Congrats
If you don't mind me asking, where the hell are you getting 2k sq feet in dallas for only 200k?
Is it inside dallas or the burbs? My buddy lives in a 1,100 sq foot in bishop arts and paid 330,000
If you don't mind me asking, where the hell are you getting 2k sq feet in dallas for only 200k?
Is it inside dallas or the burbs? My buddy lives in a 1,100 sq foot in bishop arts and paid 330,000
Posted on 2/2/16 at 7:19 am to dallastiger55
If you do a 30 year pay an extra hundred or two on your mortgage every month. It will save you about 60k and knock off 7-10 years off the life of your loan.
As you can no longer get rid of PMI after 5 years I'd make sure I could put down 20%.
As you can no longer get rid of PMI after 5 years I'd make sure I could put down 20%.
Posted on 2/2/16 at 7:35 am to FrancisCostello
Dallas home market ain't even on the level of Thibodaux. Lulz
Posted on 2/2/16 at 7:39 am to dallastiger55
quote:
Is it inside dallas or the burbs? My buddy lives in a 1,100 sq foot in bishop arts and paid 330,000
Most likely the burbs, which I would pick with his budget.
This post was edited on 2/2/16 at 7:55 am
Posted on 2/2/16 at 7:41 am to Thib-a-doe Tiger
quote:
Dallas home market ain't even on the level of Thibodaux. Lulz
True, Thibodaux is a real shite hole.
Posted on 2/2/16 at 7:42 am to FrancisCostello
Get a good realtor, home inspection, and closing attorney.
Posted on 2/2/16 at 7:55 am to StrongBackWeakMind
quote:
The joke sucked.
He was making fun of the thread from last week. I laughed
Posted on 2/2/16 at 7:55 am to Restomod
quote:
True, Thibodaux is a real shite hole.
Yeah, just contains the highest concentration of wealth in the state. No big deal
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