Comments on: Home Purchasing Tips

By: eric

eric — Thu, 09 Aug 2007 02:36:14 +0000

watch out for corner lots!
you actually have TWO front yards. sometimes neither one of these can be fenced in and there are some other weird laws about front yards.

also, do your final walkthrough IMMEDIATELY preceeding the signage of the mortgage. you don’t want to spend your first day in your new home (especially if it’s your first or you’re cutting it close with the rent in your old palce) cleaning and cleaning and fixing and cleaning.

By: Travis Roberts

Travis Roberts — Wed, 08 Aug 2007 03:51:27 +0000

I meant to say I am “now” pulling electrical wires instead of “not.” Hey, after work I pulled another 8 hour day pulling those wires. Sorry

By: Travis Roberts

Travis Roberts — Wed, 08 Aug 2007 03:49:53 +0000

We are building a home and I am blogging about it. What makes us so different is that I am the general contractor and I am doing and sub-contracting the work out. An example is that I have done all grade work, constructed a 900ft driveway, dug footers, and I am not pulling electrical wires. Even if we put no mpney down (we are by the way) we will have over 25% sweat equity up front. This may be more.

Great points, the 25% figure for a monthly house payment is right on the….money.

By: Paul Moyer

Paul Moyer — Wed, 08 Aug 2007 03:04:03 +0000

MY WIFE IS SO HOT! Especially when she is talking about money.

Watch out for you closing costs. The bank will try to keep bumping up different fees. Make sure you know if any points are involved and what the amount you need to have at closing. You don’t want to get stuck borrowing money from a family member just to close the loan.

Many of the new mortgages out there have fixed closing costs, no closing costs, or just a great deal of transparency in this area. This has been a sticky part of the home purchase for a long time and the banks are finally listening to the consumer.

By: Amy Moyer

Amy Moyer — Tue, 07 Aug 2007 14:23:55 +0000

When you are figuring out how much cash you need on hand for the down payment, also figure in all of those “new home” expenses. Do you want new furniture, curtains, paint? Are there repairs that need to be done right away? If you do not have the cash for all of that stuff, can you be patient and get the “stuff” little by little?
When we bought our fixer upper, it was so tempting (and still is) to go ahead and make those purchases even though we did not have the cash. Because we talked about it and planned ahead, we have managed to stay on our budget! Having no credit card payments makes it worth the wait!

By: Julie Brown

Julie Brown — Tue, 07 Aug 2007 10:29:33 +0000

Get an idea of what the bank will loan you and how much you want to spend on a house first. Then stick to it. Ask the realtor to only show you homes in your price range. It is way too easy to say “Oh it’s only another $100 a month – we can swing it if we just cut out X”.
By the way, I thought I heard several months ago that soon it would not be possible to buy a home with no money down? Anyone else?