Brides Helping Brides ™ - Calling All Homeowners!!! ... **Tips for Potential Homeowners**

Bee12 Posted: Jun 30, 2010 05:05 PM

Calling All Homeowners!!! ... Tips for Potential Homeowners

Hey Ladies

I know that are a few of you out there who own homes already... for couples like me and my Fh who are looking to own soon, what are some tips that you can share with us? how much you do recommend saving? any do's and donts?

thank you in advance from me and other brides who may benefit from this thread!!

MrsVtoBe Posted: Jun 30, 2010 05:08 PM

Re: Calling All Homeowners!!! ... Tip for Potential Homeowners

I don't have any tips as I am not a homeowner, but I just wanted to say this is a great idea!!!!

Moonmist09 Posted: Jun 30, 2010 05:08 PM

Re: Calling All Homeowners!!! ... Tip for Potential Homeowners

i work in a real estate law firm. i represent people like you guys, who are buying first time, and people who are looking to refinance.
best advice, you only need toput down 10% for a deposit. but if you can put down 15 % or even 20%, the lower your interest rate will be, the better your loan will be as well. Also, you monthly mortgage payment will be lower. something to think about if you can pull this off.

mrsq2be Posted: Jun 30, 2010 05:08 PM

Re: Calling All Homeowners!!! ... Tip for Potential Homeowners

wow! there's a lot! lol DO YOUR RESEARCH!!!
Make sure everything on the property had a CofO and is legal
Do your research about mortgages (types and interest rates)
don't settle, but in the same respect be realiztic with your wants (as far as # of bathrooms bedrooms etc...)
Honestly - I educated myself as much as I could. I read home buying for dummies honestly lol it gave me a lof of information that I didn't know.

It is very overwhleming!

Moonmist09 Posted: Jun 30, 2010 05:10 PM

Re: Calling All Homeowners!!! ... Tip for Potential Homeowners

oh, and the government is looking to extend the first time homeowner's tax credit which expired today. If it does get pushed back to September 30th, then you would HAVE to close by then, but you would receive an $8K tax credit from good ol Uncle Sam. Speak to your attorney to see if you qualify for this tax credit!

Moonmist09 Posted: Jun 30, 2010 05:13 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Posted by mrsq2be

wow! there's a lot! lol DO YOUR RESEARCH!!!
Make sure everything on the property had a CofO and is legal
Do your research about mortgages (types and interest rates)
don't settle, but in the same respect be realiztic with your wants (as far as # of bathrooms bedrooms etc...)
Honestly - I educated myself as much as I could. I read home buying for dummies honestly lol it gave me a lof of information that I didn't know.

It is very overwhleming!

once the title report comes from the title company, your mortgage broker/bank attorney will let your attorney know if anything out of the ordinary comes up against the home you ar elooking to buy. There isn't anything the purchaser can really do per say. the responsibility is really on the seller and their attorney. This is something that your attorney should make you aware of should it arise.
Good advice though!

allornil Posted: Jun 30, 2010 05:20 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Make sure you get an inspection. And honestly if its a fixer upper remember youre going to end up putting in lots of cash! If it needs a new heating system, roof or elec move on.

I bought my house in 96 and bc it needed so much work its still not done.

Also a huge yard means lots of maintenance and look at sd. If its questionable pass.

mrsq2be Posted: Jun 30, 2010 06:07 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Posted by Moonmist09

Posted by mrsq2be

wow! there's a lot! lol DO YOUR RESEARCH!!!
Make sure everything on the property had a CofO and is legal
Do your research about mortgages (types and interest rates)
don't settle, but in the same respect be realiztic with your wants (as far as # of bathrooms bedrooms etc...)
Honestly - I educated myself as much as I could. I read home buying for dummies honestly lol it gave me a lof of information that I didn't know.

It is very overwhleming!

once the title report comes from the title company, your mortgage broker/bank attorney will let your attorney know if anything out of the ordinary comes up against the home you ar elooking to buy. There isn't anything the purchaser can really do per say. the responsibility is really on the seller and their attorney. This is something that your attorney should make you aware of should it arise.
Good advice though!

we went to town hall before the title inspection and made sure everything was up to code. They didn't have a CofO on the shed - so we made sure they got that before we bought it.

I agree about the inspection too!! DEFINITELY GET THAT!

KarynK Posted: Jun 30, 2010 06:39 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Make sure the house is empty before you buy. My previous owners were still living in the house up to 2 weeks before we closed. The 2 x we walked through, everything seemed to be okay. Our worse problem is that the basement (which was furnished) has leaks when it pours.

aquag12283 Posted: Jun 30, 2010 06:46 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Definitely have at least 20% as down payment. It definitely lowers your payment and the amount of the loan. Make sure your credit is in good shape. You are looking for high 600's into 700's. Definitely when you start looking get pre-approved or pre-qualified. Definitely do your research. Also if you have any large deposits on your bank statements make sure you are able to defend where it came from. I used to work for a mortgage company so I know a lot about mortgages and rates and things, but your credit is probably the most important aspect of buying a home

TheEyesOfMarch Posted: Jun 30, 2010 06:57 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Good question.... I def learned a lot while we bought out home... I'll have to think of a few goods things and reply later.

suzie411 Posted: Jun 30, 2010 07:22 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

You should absolutely have 10% for a down payment. Of course, the more the better! BUT, don't forget about closing costs!! Our closing costs were estimated at $17K, i almost died. Thankfully, they were significantly less (i think around $12K). AND this is in addition to the down payment.

We looked at maybe. . .70-90 places. Be patient, and don't do anything you're not comfortable doing.

Also, some good advice. . .my cousin told me, if you're not embarrassed by your offer, then you're offering too high!

Get a good inspector (we don't know anyone who has had a great experience with an inspector, so this may be hard to do!)

It can get aggravating, but it really is fun!!! And I'm so happy to finally be living with my FH!

suzie411 Posted: Jun 30, 2010 07:25 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Also, start looking at www.mlsli.com, and we used redfin realty. You do most of the leg work when looking for a home, but they give you a kick back of the commission.

I would start with those websites, and definitely start looking at mortgage rates and meet with a couple of banks to get preapproved. my fiance would suggest starting at credit unions.

Hope this helps! Good luck!

angelatp Posted: Jun 30, 2010 08:57 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Posted by Moonmist09

i work in a real estate law firm. i represent people like you guys, who are buying first time, and people who are looking to refinance.
best advice, you only need toput down 10% for a deposit. but if you can put down 15 % or even 20%, the lower your interest rate will be, the better your loan will be as well. Also, you monthly mortgage payment will be lower. something to think about if you can pull this off.

didn't know the more you put down the less your interest rate would be. Thanks that's interesting.
Stupid question, what's considered good credit? above a 7?

mybabylovesmoi Posted: Jun 30, 2010 11:24 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

Posted by angelatp

Posted by Moonmist09

i work in a real estate law firm. i represent people like you guys, who are buying first time, and people who are looking to refinance.
best advice, you only need toput down 10% for a deposit. but if you can put down 15 % or even 20%, the lower your interest rate will be, the better your loan will be as well. Also, you monthly mortgage payment will be lower. something to think about if you can pull this off.

didn't know the more you put down the less your interest rate would be. Thanks that's interesting.
Stupid question, what's considered good credit? above a 7?

our loan manager said anythin over 740 would be no problem. They use the lower score of the two applicants. hth

mybabylovesmoi Posted: Jun 30, 2010 11:31 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

FH and I both made a goal to save 10 grand each in a year as well as contribute 250 every other pay period to our joint.

It helped motivate us since we'd check in with each other periodically and ask 'how much have you saved?' in a friendly competitive way.

Made me work extra hard since I didn't want to be the one to come up short and we both actually saved more than our goal.

FH and I were fortunate to have alot of overtime last year but had we hadn't I might've had to take an extra job.

I cut out shopping.

partying in bars and clubs unless it was a friend's bday or special occasion.

no vacation

and as I mentioned, alot of weekends and late nights sacrificed to make money.

Don't get blinded by infatuation over a house. If you can't afford it, DON'T force it.

There is ALWAYS another house. There were a few that FH and I wanted before the one we ended up buying and we love ours the best.

Don't get discouraged...not a quick process

VCanizalez Posted: Jun 30, 2010 11:33 PM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

THANKS CHICAs!!!!

I am so glad I can read more tips!!!!

FH and I are on process now as u all now of saving as much as we can!

adelya21 Posted: Jul 01, 2010 01:38 AM

Re: Calling All Homeowners!!! ... Tips for Potential Homeowners

I know how stressful this can be, FH just closed on our house this month.

We went through soooooooooooo many houses and research on MLSLI & redfin before finding this. I would suggest being patient and svaing as much as possible, but like someone said if you cant afford a house that costs X amount dont beat yourself up, you can find something lower that wont make you as crazy.