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First time buying a home.. advice, tips, etc.?

 
AbsolveUsAll

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08/11/2012 12:26 PM

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First time buying a home.. advice, tips, etc.?
I haven't a clue about the process in general.. I suppose I'll contact a realtor next week and go from there. Is 15% down a reasonable amount? Any other advice in regards to the process and tips would be greatly appreciated, thanks!
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Anonymous Coward
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08/11/2012 12:39 PM
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Re: First time buying a home.. advice, tips, etc.?
It all depends on what you want. Are you buying a new home to have built or are you looking for an existing house? If buying new the need for an agent is overrated. If looking for existing then absolutely going to want to find a good agent. Depending on the type of loan you are seeking the may ask for any where between 3.5% to 20% down. In most cases 15% is a good start. Typically 20% will get you out of having to pay PMI (Private Mortgage Insurance) and can save you a good amount on a monthly payment so if you have 15% can you come up with the other 5% to save any where between 150-250 dollars per month. That a little start ask any questions you have and I will try to help. Also keep in mind things vary by state I am in Missouri so what is the case here may not be the same where you are but its a good start.
Anonymous Coward
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08/11/2012 12:39 PM
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Re: First time buying a home.. advice, tips, etc.?
Have a fenced yard, and 2 car garage. Have area to grow a garden. Have 2 full baths. Can't help you about the financing, ours was 17 years ago and I'm sure things have changed.
Revguard

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08/11/2012 12:40 PM

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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
Anonymous Coward
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United States
08/11/2012 12:41 PM
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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
 Quoting: Revguard


Agree
Anonymous Coward
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United Kingdom
08/11/2012 12:41 PM
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Re: First time buying a home.. advice, tips, etc.?
norespect
Anonymous Coward
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08/11/2012 12:44 PM
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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
 Quoting: Revguard


Just curious why? If you have to pay rent you might as well own and actually get something back out of it as opposed to pissing away money paying rent.
Sarah Langley
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User ID: 20152091
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08/11/2012 12:46 PM

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Re: First time buying a home.. advice, tips, etc.?
I'd wait about 8 more days, then decide.
Sarah
Revguard

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08/11/2012 12:47 PM

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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
 Quoting: Revguard


Just curious why? If you have to pay rent you might as well own and actually get something back out of it as opposed to pissing away money paying rent.
 Quoting: Anonymous Coward 21727983



If the house actually appreciates.... but I have serious doubts about where our economy is going. We work/live in a fiat system. Eventually the cards will crash down.

Summary: I doubt you will gain money on this. And most likely end up paying in the end.
Anonymous Coward
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Netherlands
08/11/2012 12:47 PM
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Re: First time buying a home.. advice, tips, etc.?
Take a good look at the neighborhood (are other houses vacant/ taken care off). Drive around it at different times to see what is happening there (loud music/people).
mopar28m
Lev. 23:15-22

User ID: 14265444
United States
08/11/2012 12:52 PM

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Re: First time buying a home.. advice, tips, etc.?
I haven't a clue about the process in general.. I suppose I'll contact a realtor next week and go from there. Is 15% down a reasonable amount? Any other advice in regards to the process and tips would be greatly appreciated, thanks!
 Quoting: AbsolveUsAll


Don't get an ARM mortgage, this will hurt you in the long run. Get a fixed rate, may be a bit higher but the rate won't change like an ARM will.

Get a copy of your amortization schedule. Make your monthly mortgage payment THEN make just the principle payment for the following month. You can turn a 30 year mortgage into 15 years.

Fenced in yard is a must, preferably a privacy fence.

Make sure you have a usable basement. Some place to go when its ridiculously hot outside & a place to go if a tornado comes your way.
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Anonymous Coward
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United States
08/11/2012 12:54 PM
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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
 Quoting: Revguard


Just curious why? If you have to pay rent you might as well own and actually get something back out of it as opposed to pissing away money paying rent.
 Quoting: Anonymous Coward 21727983



If the house actually appreciates.... but I have serious doubts about where our economy is going. We work/live in a fiat system. Eventually the cards will crash down.

Summary: I doubt you will gain money on this. And most likely end up paying in the end.
 Quoting: Revguard


Unless this is a short term deal then you will always get something back out of a house rather than renting and just walking away. I agree if you want to buy and flip it in a year or two then you will end up paying but thats not how buying a house is supposed to work. Buying a house is a LONG TERM investment.

The other positive is at the end of the year you will get money back on your taxes just for owning a house. I have owned my house for 8 years now. Every year I get between 700-900 dollars back for the interest paid on my loan. my house payment is 780 a month. I get one free month every year. Not going to happen renting.
Rambro!
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08/11/2012 12:59 PM
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Re: First time buying a home.. advice, tips, etc.?
I haven't a clue about the process in general.. I suppose I'll contact a realtor next week and go from there. Is 15% down a reasonable amount? Any other advice in regards to the process and tips would be greatly appreciated, thanks!
 Quoting: AbsolveUsAll






I`m a contractor ,so make sure plumbing and electric is up to date!
Anonymous Coward
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United States
08/11/2012 01:02 PM
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Re: First time buying a home.. advice, tips, etc.?
I haven't a clue about the process in general.. I suppose I'll contact a realtor next week and go from there. Is 15% down a reasonable amount? Any other advice in regards to the process and tips would be greatly appreciated, thanks!
 Quoting: AbsolveUsAll


Don't get an ARM mortgage, this will hurt you in the long run. Get a fixed rate, may be a bit higher but the rate won't change like an ARM will.

Get a copy of your amortization schedule. Make your monthly mortgage payment THEN make just the principle payment for the following month. You can turn a 30 year mortgage into 15 years.

Fenced in yard is a must, preferably a privacy fence.

Make sure you have a usable basement. Some place to go when its ridiculously hot outside & a place to go if a tornado comes your way.
 Quoting: mopar28m


Mostly good advise but if the ARM has a cap of say a max 2% increase there are things beneficial about doing an ARM. typically can do less money down and get out of paying PMI. I sell at a condo project, we do a 5 year ARM option, and can get you in a condo with a starting price of 116,000 for only $525 a month with 5% down. worst case the rate would be 5.99% after year 5 but it would actually adjust down based on today's market, and your payment would be much cheaper than a 30 year fixed rate because of PMI. What got a lot of people in trouble were the balloon ARM that would jump really high regardless of where the current market is. Avoid these and you should be safe. if the market starts to jump you can always re-finance. The average life of a home loan is only 7 years anyway people do it all the time.
Mickeyblue
User ID: 9806228
United States
08/11/2012 01:04 PM
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Re: First time buying a home.. advice, tips, etc.?
First contact a lender. Do not use a bank directly but get a mortgage broker who can first assess what is best for your goals and objectives and then can search for the program that is tailored to give you that from all kinds of sources. Then ask that lender for five names of established brokers or agents so that you can interview them , particularly those who specialize in your desired locations in which you would like to locate.
Anonymous Coward
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08/11/2012 01:04 PM
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Re: First time buying a home.. advice, tips, etc.?
I haven't a clue about the process in general.. I suppose I'll contact a realtor next week and go from there. Is 15% down a reasonable amount? Any other advice in regards to the process and tips would be greatly appreciated, thanks!
 Quoting: AbsolveUsAll






I`m a contractor ,so make sure plumbing and electric is up to date!
 Quoting: Rambro! 20435883


Very good point. If you buy existing make sure you get a very thorough home inspection and make the purchase contingent on getting this done and any repairs to be addressed or credited off the sales price. Your agent will know how to set this up.
mopar28m
Lev. 23:15-22

User ID: 14265444
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08/11/2012 01:04 PM

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Re: First time buying a home.. advice, tips, etc.?
 Quoting: AbsolveUsAll

Don't get an ARM mortgage, this will hurt you in the long run. Get a fixed rate, may be a bit higher but the rate won't change like an ARM will.

Get a copy of your amortization schedule. Make your monthly mortgage payment THEN make just the principle payment for the following month. You can turn a 30 year mortgage into 15 years.

Fenced in yard is a must, preferably a privacy fence.

Make sure you have a usable basement. Some place to go when its ridiculously hot outside & a place to go if a tornado comes your way.
 Quoting: mopar28m


Mostly good advise but if the ARM has a cap of say a max 2% increase there are things beneficial about doing an ARM. typically can do less money down and get out of paying PMI. I sell at a condo project, we do a 5 year ARM option, and can get you in a condo with a starting price of 116,000 for only $525 a month with 5% down. worst case the rate would be 5.99% after year 5 but it would actually adjust down based on today's market, and your payment would be much cheaper than a 30 year fixed rate because of PMI. What got a lot of people in trouble were the balloon ARM that would jump really high regardless of where the current market is. Avoid these and you should be safe. if the market starts to jump you can always re-finance. The average life of a home loan is only 7 years anyway people do it all the time.
 Quoting: Anonymous Coward 21727983


I don't understand why some people have a PMI. We have a fixed rate mortgage & we don't have PMI.
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Mickeyblue
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08/11/2012 01:04 PM
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Re: First time buying a home.. advice, tips, etc.?
Stay away from ARMS.
odinson222

User ID: 1138685
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08/11/2012 01:07 PM
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Re: First time buying a home.. advice, tips, etc.?
Hello

definiely check out who made the house. We had a Dan Ryan home and he makes wonderful works of shiit. So many things we had to replace in it and still counting.

God Bless
odinson222

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Romans 8:35-39
Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword?
As it is written, For thy sake we are killed all the day long; we are accounted as sheep for the slaughter.

Nay, in all these things we are more than conquerors through him that loved us.

For I am persuaded, that neither death, nor life, nor angels, nor principalities, nor powers, nor things present, nor things to come,

Nor height, nor depth, nor any other creature, shall be able to separate us from the love of God, which is in Christ Jesus our Lord.
Judethz
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User ID: 20521597
United Kingdom
08/11/2012 01:08 PM

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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
 Quoting: Revguard


kitty The markets are about to go belly up big time. And don't forget that you can be bang up to date with all your payments, but if your neighbours are walking away then you will be one of the few houses in a ghost town. Thats not a good situation. Id say find a nice rental, at least for a while longer.
Anonymous Coward
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United States
08/11/2012 01:10 PM
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Re: First time buying a home.. advice, tips, etc.?
 Quoting: AbsolveUsAll

Don't get an ARM mortgage, this will hurt you in the long run. Get a fixed rate, may be a bit higher but the rate won't change like an ARM will.

Get a copy of your amortization schedule. Make your monthly mortgage payment THEN make just the principle payment for the following month. You can turn a 30 year mortgage into 15 years.

Fenced in yard is a must, preferably a privacy fence.

Make sure you have a usable basement. Some place to go when its ridiculously hot outside & a place to go if a tornado comes your way.
 Quoting: mopar28m


Mostly good advise but if the ARM has a cap of say a max 2% increase there are things beneficial about doing an ARM. typically can do less money down and get out of paying PMI. I sell at a condo project, we do a 5 year ARM option, and can get you in a condo with a starting price of 116,000 for only $525 a month with 5% down. worst case the rate would be 5.99% after year 5 but it would actually adjust down based on today's market, and your payment would be much cheaper than a 30 year fixed rate because of PMI. What got a lot of people in trouble were the balloon ARM that would jump really high regardless of where the current market is. Avoid these and you should be safe. if the market starts to jump you can always re-finance. The average life of a home loan is only 7 years anyway people do it all the time.
 Quoting: Anonymous Coward 21727983


I don't understand why some people have a PMI. We have a fixed rate mortgage & we don't have PMI.
 Quoting: mopar28m



How much did you put down on the house? 20% or more?
mopar28m
Lev. 23:15-22

User ID: 14265444
United States
08/11/2012 01:13 PM

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Re: First time buying a home.. advice, tips, etc.?
...

 Quoting: mopar28m

 Quoting: Anonymous Coward 21727983


I don't understand why some people have a PMI. We have a fixed rate mortgage & we don't have PMI.
 Quoting: mopar28m



How much did you put down on the house? 20% or more?
 Quoting: Anonymous Coward 21727983

50% down bought on contract, then got financing 6 months later.

We've refinanced again in 03 & we're on our 5th mortgage holder since 03.

Can't wait to pay off the mortgage next month.
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Anonymous Coward
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08/11/2012 01:16 PM
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Re: First time buying a home.. advice, tips, etc.?
...

 Quoting: Anonymous Coward 21727983


I don't understand why some people have a PMI. We have a fixed rate mortgage & we don't have PMI.
 Quoting: mopar28m



How much did you put down on the house? 20% or more?
 Quoting: Anonymous Coward 21727983

50% down bought on contract, then got financing 6 months later.

We've refinanced again in 03 & we're on our 5th mortgage holder since 03.

Can't wait to pay off the mortgage next month.
 Quoting: mopar28m


That is why you have no PMI if you can put down 20% or more you can get out of paying it. with an ARM you can get out of paying it for as little as 5% down. so it all just depends what you need out of the loan but the way they do ARM's now is not they same as they were even 5 years ago. Much safer but I agree if you have the money to put down get a 30 year with no PMI is the way to go, just not a lot of people have that money.
Tigershield

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Netherlands
08/11/2012 01:17 PM

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Re: First time buying a home.. advice, tips, etc.?
Buying a house is the most stupid thing you can do right now. Only buy a house if you can pay it in cash. Ah well if you want live in debt it's your choice?

Do you have a girlfriend/wife,kids?

Do know that buying a house is oldschool.I hope you have a decent job. cause company's ask for people that are flexible at work.
Tigershield

User ID: 21260021
Netherlands
08/11/2012 01:17 PM

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Re: First time buying a home.. advice, tips, etc.?
Double post,arggg

Last Edited by Tigershield on 08/11/2012 01:17 PM
Anonymous Coward
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08/11/2012 01:19 PM
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Re: First time buying a home.. advice, tips, etc.?
...


I don't understand why some people have a PMI. We have a fixed rate mortgage & we don't have PMI.
 Quoting: mopar28m



How much did you put down on the house? 20% or more?
 Quoting: Anonymous Coward 21727983

50% down bought on contract, then got financing 6 months later.

We've refinanced again in 03 & we're on our 5th mortgage holder since 03.

Can't wait to pay off the mortgage next month.
 Quoting: mopar28m


That is why you have no PMI if you can put down 20% or more you can get out of paying it. with an ARM you can get out of paying it for as little as 5% down. so it all just depends what you need out of the loan but the way they do ARM's now is not they same as they were even 5 years ago. Much safer but I agree if you have the money to put down get a 30 year with no PMI is the way to go, just not a lot of people have that money.
 Quoting: Anonymous Coward 21727983


to break it down a little easier its all about the equity you have in the home, more so than the down payment. The bank basically want reassurance that if you foreclose they can make money on the house.
Kung Fu

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08/11/2012 01:25 PM

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Re: First time buying a home.. advice, tips, etc.?
If your a prepper, owning your home is a must!
Think about how each home will be if emergency strikes...
A water well and barn/chickens etc.
Basement idea is good...I'm a Houston Realtor..
so sadly no basements..but lots of land and good water here.
Always meet your potential neighbors FIRST.
Take your time and shop for a real bargain.
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Anonymous Coward
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United States
08/11/2012 01:31 PM
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Re: First time buying a home.. advice, tips, etc.?
Make sure your mortgage payment would be cheaper than rent. And that you would be able to sell the house if you needed to.
Anonymous Coward
User ID: 1550123
United States
08/11/2012 01:33 PM
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Re: First time buying a home.. advice, tips, etc.?
If your a prepper, owning your home is a must!
Think about how each home will be if emergency strikes...
A water well and barn/chickens etc.
Basement idea is good...I'm a Houston Realtor..
so sadly no basements..but lots of land and good water here.
Always meet your potential neighbors FIRST.
Take your time and shop for a real bargain.
 Quoting: Kung Fu


Forgot about the neighbors. VERY important. Be very picky.
Anonymous Coward
User ID: 21706641
United States
08/11/2012 01:38 PM
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Re: First time buying a home.. advice, tips, etc.?
DO NOT BUY A HOUSE right now... It's a sucker's move.

Renting is the smart way to go. Despite what realtor propaganda might tell you, it IS NOT 'throwing money away'. That's rubbish!

Buying a house right now IS throwing money away. Housing values still have at least 20% to fall in most areas of the country.

Do you see wages increasing? No? Well until you do housing pricing can't naturally rise.

Do you think wages are going to be rising soon?

Of course not. Why would they?

Buying a house now is trying to catch a falling knife.

DON'T DO IT!
STARLING
godlike productions

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08/11/2012 01:41 PM

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Re: First time buying a home.. advice, tips, etc.?
Don't do it

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