Making this our official ' House searching Thread '

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Posted by tinadansr

I was reading and listening to alot of reports about the housing market and they said that Long Island has been slow to react to the market

Someone speed us up then ....

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DH was telling me that the market is supposed to drop another 25% before it bottoms out, according to yahoo. I dont know if I believe it though. But I have been watching the houses on mlsli and so many have dropped there prices at least 30K in the past 6 months. Dh and I have been looking at this one house originally 500K now down to 419K after only 8 months. We are being so patient!!!

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Posted by MrsS4

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Posted by curiousgeorge

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Posted by fujamaga

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Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

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Sorry to repost it, but does anyone know the answer to this? TIA!

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We will be putting down AT LEAST 20%...I believe in order for anyone to get the LOWEST mortgage rate available...you have to put down the 20%....Not everyone does it though...a few of my friends did 10%.. But we want to have alot of extra money in the bank also on top of that...So save save save!!! The banks are making it alot harder to get a mortage...so the more you have the better.Oh plus....we really want to do a 15 year mortgage...it only brings it up another 500-700$ a month and its done in half the time, plus we get a lower interest rate.

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i would do a 30 year mortgage and then refinance in a few years-

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ALot of people have been telling me that!!! Im not even sure how the refinancing thing works...can ya help me out with that??

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Posted by curiousgeorge

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Posted by MrsS4

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Posted by curiousgeorge

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Posted by fujamaga

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Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

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Sorry to repost it, but does anyone know the answer to this? TIA!

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We will be putting down AT LEAST 20%...I believe in order for anyone to get the LOWEST mortgage rate available...you have to put down the 20%....Not everyone does it though...a few of my friends did 10%.. But we want to have alot of extra money in the bank also on top of that...So save save save!!! The banks are making it alot harder to get a mortage...so the more you have the better.Oh plus....we really want to do a 15 year mortgage...it only brings it up another 500-700$ a month and its done in half the time, plus we get a lower interest rate.

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i would do a 30 year mortgage and then refinance in a few years-

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ALot of people have been telling me that!!! Im not even sure how the refinancing thing works...can ya help me out with that??

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you will get a lower rate and if you want you can cut down years or extend them-to me the 30 years thing doesnt matter just think of it monthly wise--which is more beneficial--- i dont think i can live anywhere for 30 years either way lol

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Posted by 111508Bride

You don't have to put any money down to own a home. Of course, as posted above, it certainly helps to lower your monthly payment. However, look into your options.

If you have the money, you should put it down, if you don't....don't be discouraged. FH and I bought our house this past summer with no money down, just closing costs.

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well one of the reasons the market is having problems is bc of ppl over extending themselves. One thing mortgage companies did was give 100% financing, NOW bc of mortgage companies going out of business bc honestly some mortgage brokers would sit there and give 100% financing to people they shouldn't have. SO bc of this it is HARD now to get 100% financing

FH and I began looking in July 2007 - stopped because the market was rough on buyers. We began looking again right after Thanksgiving.

We are putting 5% down and using the rest of our money for closing costs. Lately, the rates have been favorable. We are going to use Bank of America - who has no fee closing and they have been absolutely wonderful up to this point.

After looking a over 50 plus houses - we finally found the house of our dreams. It is owned by a relocation company - the lawyers are drafting up the contracts and hopefully we will go to contract either Monday or Tuesday.

To all the ladies looking and looking - keep it up! I know its hard and frustrating but you will get there. This is one purchase you don't want to rush!

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Posted by fujamaga

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Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

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Sorry to repost it, but does anyone know the answer to this? TIA!

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MOST places do require a 20% downpayment. A few places ask for 10% but if you only put 10% down then your mortgage payments will be higher each month. BUt not many places allow 10% most will ask for 20%...before all this happened with the market, you would've been able to put zero down, but your mortgage payments would've been so high, well regardless now you cant do it. Like i said in above post, couples bought houses they shouldn't have been buying, homes are foreclosing left and right because they can't afford it. The problem is that couples see a house they love and only think about the fact that they love it and want it and nothing else. Once they get that mentality common sense goes out the window and they sit there and say OK if we sacrifice and put this much a month we can do it. problem is that life doesnt work that way and things do come up. Car having to get fixed, or some type of emergency or anything that you have to put money towards. Now if you are putting a large sum of your paychecks to pay for the mortgage and lets not forget utilities, then you wont have enough for a large mortgage payment if god forbid other things come up.

so bc of people doing such tihngs, mortgage companies are being more careful now.

I am so joining this thread. I can't wait to start apt hunting after our wedding (3 weeks away).

Just wanted to comment on the person who mentioned getting a 15 yr morgatage. If you can afford it, thats awesome. But something I read is that you can get a 30 yr morgatage and just make extra payments. This will shorten the length of your morgatage, but make the mandatory payment much lower. This way, if someone loses a job, you take off to stay home with kids for a few years, etc. You are still able to make the payments and stay in the house.

I mean do whats best for you, I am def no expert! Just wanted to throw this out there.

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Posted by Espo22

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Posted by fujamaga

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Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

---

Sorry to repost it, but does anyone know the answer to this? TIA!

---

MOST places do require a 20% downpayment. A few places ask for 10% but if you only put 10% down then your mortgage payments will be higher each month. BUt not many places allow 10% most will ask for 20%...before all this happened with the market, you would've been able to put zero down, but your mortgage payments would've been so high, well regardless now you cant do it. Like i said in above post, couples bought houses they shouldn't have been buying, homes are foreclosing left and right because they can't afford it. The problem is that couples see a house they love and only think about the fact that they love it and want it and nothing else. Once they get that mentality common sense goes out the window and they sit there and say OK if we sacrifice and put this much a month we can do it. problem is that life doesnt work that way and things do come up. Car having to get fixed, or some type of emergency or anything that you have to put money towards. Now if you are putting a large sum of your paychecks to pay for the mortgage and lets not forget utilities, then you wont have enough for a large mortgage payment if god forbid other things come up.

so bc of people doing such tihngs, mortgage companies are being more careful now.

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I honestly don't know anyone who actually put 20% down. Combined with closing costs which can run $14,000 and better- that's ALOT of money!! You'd have to have almost $100,000 in the bank! Realistically, MOST people don't have that. We are going to do 100% financing and just pay our closing cost.

We know we are going to be able to cover our mortgage b/c we make good maoney and don't have a lot of debt. I think most people are just not realistic about what they can afford on a monthly basis.

BUMPING this tread. Very informative for anyone house or apartment shopping.

I closed on my house 2 weeks ago and love it. So much work to do but it's worth it.

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Posted by rahana316

BUMPING this tread. Very informative for anyone house or apartment shopping.

I closed on my house 2 weeks ago and love it. So much work to do but it's worth it.

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aww congrats-- I lovedd this threadd--- where did you close?

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Posted by MrsS4

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Posted by rahana316

BUMPING this tread. Very informative for anyone house or apartment shopping.

I closed on my house 2 weeks ago and love it. So much work to do but it's worth it.

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aww congrats-- I lovedd this threadd--- where did you close?

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Thanks.. We closed on a house in Freeport. Love being a homeowner but sooo much work.

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Posted by Kris0703

I can join this tread now too! We are waiting for the sellers to fax over the contracts this week!! I'm a little nervous bc our sellers are still showing the house and already got another offer that was higher then ours but turned them down because they didn't like the guy, lol. I just can't wait to get into contract and call it ours!!

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Good Luck. I will keep my fingers crossed for you.

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Posted by rahana316

BUMPING this tread. Very informative for anyone house or apartment shopping.

I closed on my house 2 weeks ago and love it. So much work to do but it's worth it.

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Congrats!!! We're closing next week & I can't wait!!!!

Thanks!!

Sylvie,

Is it on the house that you fell in love with? If so, congrats! Well actually... either way, congrats! That's so exciting!

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Posted by rahana316

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Posted by MrsS4

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Posted by rahana316

BUMPING this tread. Very informative for anyone house or apartment shopping.

I closed on my house 2 weeks ago and love it. So much work to do but it's worth it.

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aww congrats-- I lovedd this threadd--- where did you close?

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Thanks.. We closed on a house in Freeport. Love being a homeowner but sooo much work.

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My aunt lives there on the water and she has a bay view-- soo prettyy

We are waiting to hear back on an offer we put in.

I am dying. I need to know!!!!!!!!

Denise - its in Kew Gardens, maybe we can be neighbors if you end up living there ?

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Posted by PinkRoses

Sylvie,

Is it on the house that you fell in love with? If so, congrats! Well actually... either way, congrats! That's so exciting!

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YES IT IS!!!! The other contract fell through & we made an offer and they accepted! It's all happening soo fast! But I'm very excited, thank you!!