Buying First Home Soon | TigerDroppings.com

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ShreveportTIGER318
Texas A&M Fan
Shreveport/Washington, D.C.
Member since Apr 2008
2784 posts

Buying First Home Soon



Going to take advantage of these interest rates. Any advice for a first timer? What do you wish you had done differently?






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Mercy Percy
Florida Fan
Norman Oklahoma
Member since Oct 2009
1273 posts

re: Buying First Home Soon


Go lower on my 1st offer. Shudda low balled them big time.





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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
10130 posts
 Online 

re: Buying First Home Soon


Try to put down 20% to avoid PMI.
Conventional loan >>>>>>>> FHA Loan (try VA or rural development if you qualify)






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Ringeaux
LSU Fan
North Carolina
Member since Jan 2008
2020 posts

re: Buying First Home Soon


Try and swing a 15 or 20 year mtg instead of a 30...Nothing like seeing real progress on paying down your mtg....DO NOT GET AN ADJUSTABLE RATE!!!!!....I cant believe there are people who still do this given the already crazy low fixed rate environment.....Best of luck to you.





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MoreOrLes
LSU Fan
Member since Nov 2008
17393 posts

re: Buying First Home Soon


quote:

Go lower on my 1st offer. Shudda low balled them big time.


It never ceases to amaze me how poor the advice is on this board when it comes to residential real estate.


In contrast to that advice...mine would be to study the sold comps in the immediate area and of the past six months. Decide what the property is worth to you.






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AUsteriskPride
Auburn Fan
Hunstville, AL
Member since Feb 2011
11448 posts

re: Buying First Home Soon


I just bought my first home a few months ago.. It had been on the market for 2 months.

He was asking 110K, down from the 117k he listed it at.. We weren't in a hurry, so I offered 105k with seller paying all closing costs- and paying for a new roof (architectural shingles). Now I've got a home that has a $600/month mortgage that I can rent for $950 all day..

My biggest piece of advice, don't fall in love with a house. View it as an investment in a down market. Deals are abound right now. Low ball offer every potential buy. Just don't become emotionally attached until you close on it.



This post was edited on 2/24 at 9:35 pm


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Crimsonsaint24
Alabama Fan
Alabama
Member since Jul 2011
552 posts

re: Buying First Home Soon


quote:

Try and swing a 15 or 20 year mtg instead of a 30...
I agree I went with a 20 when I refinanced best thing I ever did






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Crimsonsaint24
Alabama Fan
Alabama
Member since Jul 2011
552 posts

re: Buying First Home Soon


quote:

Try and swing a 15 or 20 year mtg instead of a 30...
I agree I went with a 20 when I refinanced best thing I ever did






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LSUTOM07
LSU Fan
Baton Rouge
Member since Dec 2011
509 posts

re: Buying First Home Soon


quote:

quote:
Go lower on my 1st offer. Shudda low balled them big time.


quote:

It never ceases to amaze me how poor the advice is on this board when it comes to residential real estate.


I feel like this is a comment coming from a real estate agent working on commission.

Personally I'm all about taking advantage of someone needing to get out from under a note or someone that is eager to just get the house sold. If it's not the exact deal you want, always be willing to walk.






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davidengle
LSU Fan
Baton Rouge, LA
Member since Feb 2013
20 posts

re: Buying First Home Soon


(no message)


This post was edited on 3/28 at 6:32 pm


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