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Hey guys. I have asked for advice before about a different subject and I have appreciated all your responses.
Here it is: Looking to buy a house. I know nothing. What are some things I should know?
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Legend
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Legend
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#gmstrong
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I didn't read no_logo's links...but here are some of my thoughts...
1) get a copy of your credit report (i'd get it from all 3 agencies just in case) and follow up on anything that doesn't look right. focus on getting that number as high as possible.
2) take your time looking, it is still a buyer's market
3) find a realtor you trust, ask friends/family/co-workers if they have any recommendations
4) find a mortgage broker you trust, ask friends/family/co-workers if they have any recommendations
5) do your research on neighborhoods - taxes, schools, etc...
6) start purging what you don't need - why move that stuff?
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Dawg Talker
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Make sure to get a good home inspection done as a condition of sale. Costs a bit of cash but more than worth it.
And don;t be afraid to walk away from something if its not quite right. There's always going to be another one for sale.
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Legend
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Legend
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Quote:
Make sure to get a good home inspection done as a condition of sale. Costs a bit of cash but more than worth it.
And don;t be afraid to walk away from something if its not quite right. There's always going to be another one for sale.
Very good advice... .and I'll add: Get Pre-Approved by a lender
For one, you'll know what you can realistically look at.
Secondly, if you and a non-preapproved buyer both bid on a property at similar numbers, you're all but guaranteed to get chosen over the other person.
...and try to avoid spending the full amount you get approved for. You don't want to have a huge house that you can't afford to put furniture into or do improvements on, if ya know what I mean.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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Legend
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Legend
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Here's an interesting link: http://patrick.net/housing/crash1.htmlIt has a bit of a slant, but it has some good points as well. They have a decent rule of thumb, where you take the purchase price of the house and divide it by the annual rent of a comparable home. If it works out to 6% or higher, it's not too overpriced. (Obviously, the higher the better)
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Legend
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In addition, when you're looking, focus on the things you CAN'T change about a house. For example, don't make decisions because you don't like the paint, or the carpet. Yeah, it's an expense to change those (and that should be a factor), but don't say "boy, I didn't like that house because that one room was blue." Look past that stuff. Also, be realistic. When we put our house on the market, we had a lot of people come through, and every once in a while, we had feedback that the people liked the house, but one or two rooms were too small. My take was, we told you what size the rooms were. Don't be surprised when they're actually that size. For example, we had one group look at one of our rooms that is 12 x 12 and say "we didn't realize 12 x 12 was so small." So, do some measuring of your own. When you see house specs and it says a room is a certain size, try to measure it out to get an idea. I also know that a lot of counties have property sales and tax information online. You can use that to get some ideas what type of neighborhood you're moving into. And, finally, DON'T SETTLE. If you look at a house that has some issues, don't feel like "well, I'll just learn to live with it." The way the market is right now, there are a ton of houses out there. Yeah, you might have to compromise some things (for example, boy I'd like a 3 car garage, but this house has everything else I need), but don't settle just for the sake of settling. Good luck!! (Oh, and let me know if you want to buy my house.  )
I am unfamiliar with this feeling of optimism
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Know your payment limits and stay there!!!
Fixed interest rates only!
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Legend
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Know the area you are planning to buy in.
Get pre-approved. You can buy from a position of power when you can tell a buyer that you'll close in a couple of weeks.
Know everything you can about the house you are going to buy. You can get thetax value, previous sale information, etc from your county auditor's website. (at least you can in every part of Ohio and Florida that I have had any reason to check) You can also use the auditor's site to see if the neighborhood has had a lot of homes sold recently, or if it seems to be a stable neighborhood.
GET A HOME INSPECTION!!! My inspector cost $300. He found about $800 worth of things that I insisted be repaired prior to closing. Well worth it in my book. Make sure your inspector let's you know the condition and age of things like the wiring, electrical service, furnace and AC ages ..... water heater condition ..... and so on. A good inspector will get up and check the roof, and get down and check the foundation.
Do NOT look at paint colors, decorating, etc. Look at condition of the walls, floors, and so on. Do not buy a house based on things that can easily be changed. It is easy to give a dated looking house a whole new look with very little money and a few gallons of paint.
Prioritize high dollar items. Look for good furnace, electrical service, AC, roof, driveway, structure, garage, etc. If you are planning on finishing a basement, ask the homeowners whether or not there is water infiltration or backup. If they say no, have them put it in writing. Do not trust anything, get it all in writing.
Ask if there is a home warranty.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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Legend
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Legend
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To add to all the great suggestions above...
Make a list of things you would "like", things you "must" have, and things you can "do without".
Actually walk through your current residence and critique each room (not decoratively, but structurally). Do you wish the closets were bigger, do you wish they had wood floors, do you wish there was a bath in the master bedroom, do you wish the kitchen was larger, in the back/front of the house, open floor plan, access to dining room? etc etc etc.
If you just sit at the table and try to do this, you may miss something small that turns out to be a sore point later on. and put that list somewhere where you can add to it as you continue your search and see things in other homes.
Of course the list has to be realistic to your budget, and maybe even put a rating on the items from 1-10, and use it as a guide when making your selection. The process of touring homes can become overwhelming and sometimes blind you to your original desires when you see something that catches your eye. (ie: fancy upgraded big kitchen, but you forget that the bedrooms are small because your caught up in the kitchens beauty.)
Also, take photos and notes of houses you walk through. It will help you make remember things as you sit down to make a decision.
DON"T LET EMOTIONS MAKE YOUR DECISIONS. Let them guide you to what you want, but look realistically at the property.
And last, once you narrow it down to 2 or 3, take a second walk through them. You'd be amazed at what you see the second time, or how your memory isn't quite how you remember it.
We don't have to agree with each other, to respect each others opinion.
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Dawg Talker
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I knew you guys would come through. Thanks so much for all the good information. I know I can easily google some articles, but I want real information from people I trust. Thanks so much. Continue to post advice if you think of it!
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Legend
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I think it's all been said, but in short: Get your FICO score as high as you can. Check your credit. Get preapproved by a TRADITIONAL BANKING INSTITUTION not a broker Get a home inspection (sale contingent upon it) and if it's not feeling right to you, be prepared to walk away from the deal. Employ a "buyers agent" if possible. (not sure how it works anymore, but inquire and you will get that answer) Don't be afraid to have a lawyer look over the deal if you feel the least bit uneasy. Check School districts. You may or may not have kids or want kids, but someday, you may have to sell that house.. you'll want the area schools to be strong. It's a selling point. When going through a home, take pictures.. After looking at lots of homes, they start to all run together.. I used to keep a scrap book when looking for a home. It helped with the final decision. good luck and I hope it all works out for you. 
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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Legend
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Am I the only one that pronounces hyperbole "Hyper-bowl" instead of "hy-per-bo-le"?
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Quote:
Know your payment limits and stay there!!!
Fixed interest rates only!
^^^^^^
THIS!!!
If any lender mentions ANYTHING about a 3/1, 5/1 or 7/1 ARM...run for the hills, no matter how "low" they claim the payment will be.
Interest rates are SUPER low right now. I'd recommend even looking at 15 year fixed loans instead of a 30 year fixed. You might have to adjust your price range if you do that, though. But it's all relative because a smaller home price with a 15 year mortgage will buy you the same house (roughly the same payment) a larger priced 30 year mortgage would have 5 years ago. The difference is that you'll pay it off faster!
And the home inspection CANNOT be over stated. Find someone who is an absolute expert in foundations and has a ton of experience. By cautious of a lender's "guy" because the lender wants to close the deal. Find your own who has your best interests in mind.
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*In Baker we trust*
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Legend
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I'd recommend even lookingKat 15 year fixed loans instead of a 30 year fixed.
my personal preference is a 30yr fixed but paying 1 extra 'principal payment' per year. you have to be disciplined enough to do it, but you end up with a 23 year loan that way with the security of lower monthly payments per housing price (in case something catastrophic happens).
#gmstrong
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Legend
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Quote:
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I'd recommend even looking at 15 year fixed loans instead of a 30 year fixed.
my personal preference is a 30yr fixed but paying 1 extra 'principal payment' per year. you have to be disciplined enough to do it, but you end up with a 23 year loan that way with the security of lower monthly payments per housing price (in case something catastrophic happens).
Yeah, that's not a bad idea at all. You can always pay more if you want (and if you can discipline yourself to do it), but if something comes up, you can still do the minimum payment.
I am unfamiliar with this feeling of optimism
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Legend
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Quote:
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I'd recommend even looking at 15 year fixed loans instead of a 30 year fixed.
my personal preference is a 30yr fixed but paying 1 extra 'principal payment' per year. you have to be disciplined enough to do it, but you end up with a 23 year loan that way with the security of lower monthly payments per housing price (in case something catastrophic happens).
I was going to say,, always take out the 30 year fixed.. you can pay it off sooner if you are able.. but this way, you aren't stuck with a larger payment...
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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1st String
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1st String
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Quote:
Quote:
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I'd recommend even looking at 15 year fixed loans instead of a 30 year fixed.
my personal preference is a 30yr fixed but paying 1 extra 'principal payment' per year. you have to be disciplined enough to do it, but you end up with a 23 year loan that way with the security of lower monthly payments per housing price (in case something catastrophic happens).
I was going to say,, always take out the 30 year fixed.. you can pay it off sooner if you are able.. but this way, you aren't stuck with a larger payment...
Go with the 10 year fixed loan (I bought a house 2 months ago)...If you can afford the payment, you can't beat the interest rate
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Dawg Talker
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All very excellent advice in the posts above. Just to add, if you're not in a hurry, you can look at the short sales and bank owned properties. There are some amazing deals out there right now for these as the banks want them off the books. I'm seeing some houses down here going for 30 to 40 cents on the dollar. (Did a showing for a house today, short sale with Bank of America, guy owes $1.5M, the bank has it listed with us for $575k)
Make sure to check with your lender about what insurances will be needed. And don't settle for when they say "Hazard insurance". Ask them exactly what type of hazard insurances. Ohio doesn't have a wind insurance requirement, but Flood may be.
When you are looking at the past years taxes, don't pay attention to the amount that the previous owner paid. That can be misleading. He/she may have had tax exemptions like Homestead or Service connected or something else. Have your realtor get the tax estimate.
KeysDawg
The fact that some geniuses were laughed at does not imply that all who are laughed at are geniuses. - Carl Sagan
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Legend
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No balloon payments. Make extra payments in first five years on a fixed 30. Take a marble with you (I avoided a house that had settled downhill (marble took off and told me what my eye didn't see. Get anything fixed or to code before closing. READ THE SMALL PRINT> Understand what you will sign. Good luck and congrats. Best move in my checkered life. 
"Every responsibility implies opportunity, and every opportunity implies responsibility." Otis Allen Glazebrook, 1880
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Legend
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Legend
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Quote:
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I'd recommend even looking at 15 year fixed loans instead of a 30 year fixed.
my personal preference is a 30yr fixed but paying 1 extra 'principal payment' per year. you have to be disciplined enough to do it, but you end up with a 23 year loan that way with the security of lower monthly payments per housing price (in case something catastrophic happens).
I was going to say,, always take out the 30 year fixed.. you can pay it off sooner if you are able.. but this way, you aren't stuck with a larger payment...
Go with the 10 year fixed loan (I bought a house 2 months ago)...If you can afford the payment, you can't beat the interest rate
I'd never do that for the simple reasons that circumstances change.. Today, you may be able to pay a higher payment, but what if your company goes out of business, or you lose your job and the next one doesn't pay enough to cover the higher payments.,
Then your choices are limited..
I'd always take the longest and if able, pay it off sooner.
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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All Pro
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All Pro
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Quote:
Hey guys. I have asked for advice before about a different subject and I have appreciated all your responses.
Here it is: Looking to buy a house. I know nothing. What are some things I should know?
They are a money pit.
Seriously, they are. They do have some nice benefits, but they cost a lot to maintain.
We're trying to throw the ball downfield and he checked the ball down to Trent Richardson and the Indians on the choice.
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It sure beats the hell out of renting, and being jerked around by a landlord. Plus at the end of the day, you have an asset for your investment.
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Legend
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Quote:
It sure beats the hell out of renting, and being jerked around by a landlord. Plus at the end of the day, you have an asset for your investment.
Agreed.... Provided you are staying put for a while. That's the only caveat.
I have a 3 bedroom house. 2 1/2 car garage. 2 big living rooms, huge kitchen, big dining room, 2 acres of land, a pond, and a 30 X 80 pole barn.
I pay $200 more per month than I would if a rented a 3 bedroom apartment - not house, apartment. Yes, I pay property taxes as well - basically $200 per month.
So, for $400 per month - I get to do whatever I want on my property, and I also know that the money I pay in mortgage is ......................get this - benefiting me, not a landlord. If I want to sell right now - I'll put a wad of cash in my pocket. If I want to sell in 10 years, when my house is paid for (I've been here 11 years), I'll put an even bigger wad of cash in my pocket.
The guy that rents? Every dollar he pays is gone. He gets no return what so ever.
Yes, if someone is a short termer - a few years - renting is the way to go. But long term? Buying is better. People that bought only to flip? Stupid..
I get into a lot of homes, a lot of apartments, a lot of rental homes - and when I talk to either the landlord or the tenant - it amazes me what people pay for rent - for a place 1/3 the size of what I have - with no garage, no out building, no pond........and no return on their money.
I understand some people have to rent. I get that. I understand some people just like to - they don't have to pay directly for a new roof, or new siding - I get that. Furnace goes out? They don't pay, directly.
But at the end of 20 years - they've got nothing, and still owe. Home owners have an asset. I guess that's just my opinion.
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Legend
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But at the end of 20 years - they've got nothing, and still owe. Home owners have an asset. I guess that's just my opinion.
But homes also have property taxes, maintanence fees, home owner's insurance and interest on the loan you're paying. Renters don't need to worry about that. It all depends on the price of your house and the rent in your area. Sure, some of that is "built in" to the cost of your rent, but if rent is several hundred less than what it would cost to pay a loan, then you're going to lose money in the long run if you buy a house just for the sake of buying a house.
Yes, if you buy you might have an "asset" after 20 years, but you would also have a larger asset if you rented and banked away the difference in payments/insurance/tax/etc. Plus you wouldn't have to worry about any sort of depreciation values. But IF you can get a house with a monthly payment that's the same as your rent, then yes, you should be buying.
As I mentioned before, checked the price of the house vs the rent in the area. Divide the price by annual rent for a compariable home, and if it works out to 6% or better, it'll be worth the extra effort of buying.
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Legend
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Quote:
As I mentioned before, checked the price of the house vs the rent in the area. Divide the price by annual rent for a compariable home, and if it works out to 6% or better, it'll be worth the extra effort of buying.
Golly - the price of my house vs. the rent on a comparable home? I come out at 20.84%. Guess I got a deal. Unless I'm figuring wrong - do the math for me: $150,000 house - comparable rent for such a place would be, at a minimum, $600 per month. And that's a MINIMUM. ( actually, you wouldn't be able to find a rental home around here - similar home - for even close to $600 per month. Shoot, I see 1980 trailer homes with no land that rent for $450 a month. 2 "bedrooms" - 1 being 12 X 8, the other being 8X8)
You also forget that I have more freedom on my land than a renter does. Yes, I pay property taxes. Yes, I pay my maintenance. Yes, I pay for the roof, for any internal or external up grades. Renters also should have insurance. Not homeowners insurance - but I pay $700 per year for my home insurance - and that includes the jewelry rider)
I also get the benefit of owning. Of using my 2 acres as I see fit.
You pocket your couple hundred a month in savings - I'll pay the couple hundred more per month. Talk to me in 20 years - we'll see who comes out ahead.
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Legend
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A lot of it does depend on the price of a home vs the cost of rent. I could rent a house in Youngstown for between $400-600/month. I can rent a 2 bedroom apartment for around $350-450/month. My mortgage, including taxes and insurance, is $458/month. Once I pay my mortgage off, I will pay around $500/year in taxes, and about the same in insurance. That works out to less than $100/month for housing expenses in my "golden years". I think the problem that people have in comparing rent to buying is that they rarely compare like properties. There is a small house across the street from me that is about the size of a standard 2 bedroom apartment. It has an attached garage, a small eat in kitchen, and a modest living room. They also have an enclosed porch in the back of the house. If I was living in a $400/month apartment, I would be all over this property. The house is $30,000. It has a new kitchen, new electric service, and a new bathroom. A $30,000 mortgage would be about $141/month with 10% down. Then add in probably $65/month in taxes and insurance, and it's about a $200/month payment. For a young family in an apartment, they could have a higher standard of living, a huge yard, and cut their monthly housing cost in half. The problem is that people often compare living in a 2 bedroom apartment to buying a 4 bedroom, 3.5 bathroom house on an acre lot ........ it's almost never as apples to apples as the example I gave above though. I sometimes get talked into watching shows like House Hunters, with young couples just starting out together. A young couple .... with a kid .... or maybe 2 kids .... probably not going to have any (or more) right away ...... so what do they look for? Obviously a 4-5 bedroom, 3-4 bath home. Why?  Hell, if you're starting out, get that starter home ... pay the mortgage down as fast as you can, and then you have an asset. (especially with the low prices right now, and federal incentives ..... if they are still in effect) The problem is that too many people look for their "dream home", no matter what it does to their budget. Well, enough rambling. I think I said something in there somewhere. 
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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All Pro
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Quote:
I could rent a house in Youngstown for between $400-600/month. I can rent a 2 bedroom apartment for around $350-450/month.
My mortgage, including taxes and insurance, is $458/month.
Once I pay my mortgage off, I will pay around $500/year in taxes, and about the same in insurance. That works out to less than $100/month for housing expenses in my "golden years".
If I was living in a $400/month apartment, I would be all over this property. The house is $30,000. It has a new kitchen, new electric service, and a new bathroom. A $30,000 mortgage would be about $141/month with 10% down. Then add in probably $65/month in taxes and insurance, and it's about a $200/month payment. For a young family in an apartment, they could have a higher standard of living, a huge yard, and cut their monthly housing cost in half.
There are decent properties available to buy in your area for $30,000???? just curious on this YTown? surely this is a great investment opportunity? why wouldn't somone look to purchase this property and rent it out if the rental income is double what the mortgage and taxes payment would be?
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The economy stinks over here in Youngstown. The people that are renting, probably are living check to check, and don't have enough to buy a house. My neighbor has been trying to sell her home for over a year. Beautiful 4 bedroom, huge double garage. Started out at 68, now it's down to 63,000. People just arent buying.
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Legend
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Joined: Sep 2006
Posts: 50,375 Likes: 457 |
There are a LOT of people in Youngstown with really poor credit. That doesn't help, especially with a starter type home. Others are afraid to take on something like a home. Still others don't think that way. They want the huge house, or nothing at all. As far as the one across the street from me ..... I wish I'd known when it went to Sheriff's Sale, because the guy that bought it paid $8000 for the house. It had sat vacant for about 2 years prior to the sale. If I'd known, I might have invested $8500 or $9000 in it. Of course, one problem is that there could have been all kinds of heating, plumbing, and electrical problems from sitting vacant for so long ....... but from talking to the guy who owns it, that doesn't seem to have been the case. I seriously thought about seeing if I could get my mom into that house, but she's happy where she is, and when we have to move her, (she's 78) it will either be in with myself or my brother. There are some real bargains in Youngstown right now. This isn't exactly a bad area to live in. It's in Brownlee Woods, about 3 blocks from (on different sides) Poland, Struthers, and Boardman. There was a decent 3 story house that just sold for $49,000. The condition wasn't great, but they finally replaced the front porch steps, and a couple of other small issues, and it really helped the appearance of the home. Inside is like a trip to the 70s ....... but it's structurally sound. The new owners can probably invest $10,000 - $15,000 and have a home that is all new inside. They will probably need to paint the outside eventually, but the roof looks sound, and they can probably put off paint for a few years. It really is amazing some of the sales in this area right now. If I wasn't off with my back, I would seriously look at picking up 1 or 2. I would also add that this is one of the lost opportunities for the decades of leadership in Youngstown. McKelvey was about the only really recent Mayor I can remember. He out a plan in place, and followed it through. Williams,to his credit, didn't foul it up. (He just didn't do much else) Anyway .... Youngstown has all of this really cheap real estate. You could buy an entire city block on the south side for probably $1 million. I mean the whole square block. However, because of high income taxes and an extremely inordinate union influence, it is almost impossible to get anyone to bring industry here. It's insane, if you ask me.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
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Joined: Feb 2007
Posts: 402
1st String
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1st String
Joined: Feb 2007
Posts: 402 |
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I'd recommend even looking at 15 year fixed loans instead of a 30 year fixed.
my personal preference is a 30yr fixed but paying 1 extra 'principal payment' per year. you have to be disciplined enough to do it, but you end up with a 23 year loan that way with the security of lower monthly payments per housing price (in case something catastrophic happens).
I was going to say,, always take out the 30 year fixed.. you can pay it off sooner if you are able.. but this way, you aren't stuck with a larger payment...
Go with the 10 year fixed loan (I bought a house 2 months ago)...If you can afford the payment, you can't beat the interest rate
I'd never do that for the simple reasons that circumstances change.. Today, you may be able to pay a higher payment, but what if your company goes out of business, or you lose your job and the next one doesn't pay enough to cover the higher payments.,
Then your choices are limited..
I'd always take the longest and if able, pay it off sooner.
The house I bought was listed at 78K and I got it for 46K after only being on the market for a couple months. After putting down around 35%, my 10 year mortgage with 3.25% interest payment w/taxes and insurance included comes to $390 per month...Not sure why I would pass on that payment/rate when my rent was over $100 more per month. Basically, if you can afford it, 10 years is the way to go IMO
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Joined: Sep 2006
Posts: 1,437 Likes: 12
Dawg Talker
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Dawg Talker
Joined: Sep 2006
Posts: 1,437 Likes: 12 |
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Get preapproved by a TRADITIONAL BANKING INSTITUTION not a broker
Why?
“It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” -Steve Jobs.
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Joined: Feb 2007
Posts: 402
1st String
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1st String
Joined: Feb 2007
Posts: 402 |
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Get preapproved by a TRADITIONAL BANKING INSTITUTION not a broker
Why?
A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.
Some out of town lenders don't understand the types of heating systems used in specific areas, they aren't familiar with private septic systems, and they don't immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I've seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.
Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn't will delay closing until questions are answered.
from homebuying.com
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Joined: Sep 2006
Posts: 2,089
Dawg Talker
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Dawg Talker
Joined: Sep 2006
Posts: 2,089 |
These house prices blow my mind since it took me 245k to pick up a condo here.
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Joined: Sep 2006
Posts: 1,437 Likes: 12
Dawg Talker
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Dawg Talker
Joined: Sep 2006
Posts: 1,437 Likes: 12 |
The Ohio prices are astonishing. I am looking at for a 4BR 2.5 Bath house in Michigan (moving back in October) and haven't seen anything decent under 250k. These houses went for close to 400k a few years ago though.
I am really surprised more young adults dont do what PA_Browns has done. $390/month is nothing. You could pull that off making 30k/year. It is really surprising to me that rental properties are still so popular.
I get the credit issues, but if you have 20% in cash to put down and can show consistent income, creditors will overlook some past problems.
“It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” -Steve Jobs.
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Joined: Sep 2006
Posts: 1,437 Likes: 12
Dawg Talker
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Dawg Talker
Joined: Sep 2006
Posts: 1,437 Likes: 12 |
Fair enough. Personally I would suggest going directly to a lender and getting approved. They do the proper credit checks and are much more credible.
“It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” -Steve Jobs.
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Joined: Sep 2006
Posts: 2,089
Dawg Talker
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Dawg Talker
Joined: Sep 2006
Posts: 2,089 |
Canada was lucky enough to not get hit too bad by the crash. Property values went down for sure but they are already on their way back up.
Although I realize that property values are wildly contigent upon place, local economy etc, the price differences blow me away. If my job suddenly moved to Ohio, I'd be looking for a freaking mansion.
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Joined: Feb 2007
Posts: 402
1st String
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1st String
Joined: Feb 2007
Posts: 402 |
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Fair enough. Personally I would suggest going directly to a lender and getting approved. They do the proper credit checks and are much more credible.
That's what I did, I found the rate I wanted (3.25%) and went to the bank and asked for a pre-approval. When I found a house, I went back and the bank ran a credit check (mine came back 785+/my wife's was 764+) and they asked approximately how much I was going to put down (35%). Basically all that was left to do was paperwork and wait for final approval, which actually takes some time because of new mortgage law.
We make about 45K between the two of us and we were pre-approved at $800 a month which gave us a good idea of what type of houses we could realistically afford.
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Joined: Sep 2006
Posts: 15,015 Likes: 147
Legend
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Legend
Joined: Sep 2006
Posts: 15,015 Likes: 147 |
Yeah, it's especially nice if you get paid big city pay, but live in a low cost-of-living area. I have a buddy who works for a company in NYC, but he is a consultant for their IT department and spends most of his time on the road, so he doesn't live in NYC, he lives here in Florida, but gets NYC pay.
We don't have to agree with each other, to respect each others opinion.
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Joined: Sep 2006
Posts: 2,089
Dawg Talker
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Dawg Talker
Joined: Sep 2006
Posts: 2,089 |
There's the plan.... I'll let my boss know that I'll just be telecommunting from Florida here on in.... with winter on the way, that works for me!
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Forums DawgTalk Tailgate Forum Buying a house
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