Nina and Bride02.... here's the 5% info:

Nina and Bride02.... here's the 5% info:

When my FH and I first started looking at houses, we thought we needed 20%. We did some research and found that HSBC had the best options. We first tried teacher's FCU since we are both teachers. We thought they would give us the best deals, but they were the ones who led us to believe we definately needed at least 20%. We were devistated since we had only begun to save. My FH's friend suggested looking into HSBC and I'm glad we did. They told us all about the different types of loans (mortages) available and worked at finding one that fits us. We originally thought we would put 10% down, but after thinking about it, we wanted some $ left in our account as a 'just in case' emergency stash.

Our house is in South Setauket (in Suffolk). We got an awsome deal that we couldn't refuse (we actually bought the house the day it went on the market). We are under contract now and hope to clase at the end of July. We are in the mist of locking in an interest rate now. I believe it is 6.25%. I could be wrong though. I have heard that the rates are starting to go up.

but like everyone is saying, you are wasting your money when you rent. You are basically paying the mortgage for the person who is renting out the house/appt. If you have the opportunity, i would say to buy a house.

If you need anything else, let me know. I didn't know much about this before I started looking, now I can't believe how much I've learned.

Kelly

Re: Nina and Bride02.... here's the 5% info:

How much did you decide to put down? what percentage? I am a teacher too and in the same boat.

Re: Nina and Bride02.... here's the 5% info:

Wow, you are getting 6.25% for only 5% down? I thought that we would have to pay a higher interest if we only put 5% down. Well, that's good news, now, we just have to start saving all over again in July after our wedding I hope we can do it in 1 year. Thanks so much for the info.

Re: Nina and Bride02.... here's the 5% info:

We put 5% down, which was only $12,000! I still can't believe it either. I just can't wait to move in. I get all giggly when I start thinking about MY house, MY backyard, MY kitchen! (well, I guess I should say 'our' but it's fun!)

good luck and let me know if you need anything else.

Oh, BTW- We went to the HSBC in melville and spoke to Rebecca (I can't remember her last name right now) about our options. She was very helpful

Re: Nina and Bride02.... here's the 5% info:

Kelly, it sounds like you got a deal of a lifetime on your house. I hope we get lucky too. I didn't know that there were affordable houses in LI. How long ago was the house on the market, that you got that price? Do you have to put a lot of work into it? Good luck, sounds so exciting!!

Re: Nina and Bride02.... here's the 5% info:

Thank you so much , i am going to go to hsbc tomorrow.. i was so worried about the 20%..thank you vey much.. we rent and every month and every month i always feel like i am throwing the money out the window !!

Re: Nina and Bride02.... here's the 5% info:

How did you find your home? Newspaper, web sites, realestate broker?

Re: Nina and Bride02.... here's the 5% info:

Do you have to pay mortgage insurance since you are putting down less than 20%?

Re: Nina and Bride02.... here's the 5% info:

We bought our house 2 months ago. There are affordable houses out there, you just have to be quick as they sell right away. My mother actually found the add in Newsday for me. I had to be really pushy to get to see it that day since I knew it wouldn't last. As for mortgage insurance, yes, we do have to pay a little, it wasn't that much though. We were told that once 20% of the house is paid for, you no longer have to pay the insurance. We are thinking of putting an extra 10% down by the time we close on the house (if we have it saved ) to help us out more. but our mortgage payments with 5% and the insurance will only be 1,650 a month. We are going to turn our den into a studio appt. for a while to help out even more, but we won't keep it that way for more than a year. It is only for extra money to help redecorate.

The house is in excellent condition. It has a new roof and boiler. All it needs is cosmetic. It was built in 1965 and still has the decor of that era. Not our taste, but it is VERY clean and liveable. Another suggestion is to look at for sale by owner houses. They are usually less $ because they are not paying for relestate commision. OUr house was actually listed with prudential realty.

Again, good luck. Any specific questions you need help with, you can email me at [email protected] or ask here.

PS- where is everyone looking to buy?

Kelly

Question for Kelly-

In order to get 5% down with HSBC, what was the minimum credit score that they wanted? We are looking and you need at least a 620 score to put down 10% so I have to imagine that you both have really high credit scores, right?

taralissa~

That's a good question. My FH and I had both scored in the very high 700's so I never thought about it. I didn't even realize how important scoring was and what constituted a good score.

Re: Nina and Bride02.... here's the 5% info: