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well, this qualifies as good news.

Discussion in 'The Lounge' started by jekbrown, Feb 5, 2007.

  1. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    I was recovering from surgery and mom and pop show up. I hobble out there looking like a 98 year old man and they whip out a card for me and the wife. Inside the card are some checks to help me and the wife with our downpayment / closing costs for our house. We are going to put it in our HSBC account (along with our tax returns and any spare $ we have laying around) asap and earn 6% until we buy. This is gonna help a lot. We won't have much for clo$ing co$t$, so most of this should go towards keeping the principle low. Thats a good thing, because even though rates are good, I don't like giving money away for nuttin'. :)

    any-whoo, once I recover from surgery the wife and I will be heading to see a fellow Wells Fargo employee about home loan pre-approval. This is gonna be hella cool. :thumb:

    j
     
  2. CDA 455

    CDA 455 3/4 ton status

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    :woot: :woot: :woot: :woot: :woot: :woot: :woot: :woot:

    Hey, good for you :bow: :bow: !

    Buying a home is an excellent investment!
     
  3. newyorkin

    newyorkin 1 ton status

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    Cool, that's good news.
     
  4. surpip

    surpip 1 ton status

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    try a VA loan, i got mine for a real good deal, went through a broker, and got a real low interest rate.
     
  5. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    yeppers, I qualify for ALL of the goodies. ;)

    Our state has a 1st time home buyers program that gets you out of a few closing cost fees... and more importantly gets you hella good rates. Assuming they don't go up soon, we should be able to lock in 5.25%. Thats better than most people I know... though my parents nailed a 4.6% re-fi a few years back (yikes!).

    You can take advantage of that state program and the VA loan system at the same time also. The VA loan means that I dodge another couple of tiny closing costs fees, and most importantly I won't have to buy any mortgage insurance. Yay!

    Lastly, I work for Wells Fargo Bank, which is #2 regionallyy (and maybe nationwide, I dunno, not my biz group!) in home loans. They have an employee home ownership program that waives a few more small fees... lowers some others... and most importantly, you pay ZERO origination fees. This is a pretty big deal, since OFs tend to be at least 1% of the value of the house and that $ doesn't go towards the loan at all... its just $ you give to a lender for the "priviledge" of borrowing from them. At any rate, I don't have to pay it... at all. :thumb: This allows us to use a few thou to buy the points needed to get the 5.25% rate, which is what we really want.

    Apprently the help with the DP thing has been a long time family tradition... which is pretty dang cool. In a way I feel kinda bad taking $ from mom and dad at my age (31), but on the other hand, they are rich as hell (they probably made the amount of $ they gave me in one day of good stock market movement!) and my sister has still mooched eleventy billion times more $ than I ever have. ;)

    I'll keep this thread up-dated as the home buying experience goes forward...

    j
     
  6. surpip

    surpip 1 ton status

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    thats cool man, good luck with the house
     
  7. rdn2blazer

    rdn2blazer 1 ton status Premium Member

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    good for you jek, hope it goes very well with the home buy, good luck to ya. I hope someday to be there too.
     
  8. colbystephens

    colbystephens 1 ton status GMOTM Winner

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    so your girl finally met your family, huh? that was you... right? how'd that go?
     
  9. boggerless

    boggerless 1 ton status Premium Member

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    thats great news!remember, the garage is the MOST important thing.:haha:
     
  10. bigjbear

    bigjbear 1 ton status Staff Member Moderator

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    Great news. Good luck on your purchase.
     
  11. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    yeah, the garage is important! Here is pretty much how we consider an ad for a house...

    a) can we afford it
    b) is it a stand alone single family home
    c) is the location sane for our commutes / resale
    d) does is have a garage or shop?
    e) is there room for RV parking (tow rig + truggy have to go somewhere!)
    f) does it have at least 3 beds and 2 full baths
    g) is there room to add-on to the house and/or build a shop later?
    h) is the driveway flat... I don't want a ski slope for a driveway, can't work on rigs and it would suck in snow/ice.

    if a house meets all of that crap... then we move into smaller stuff like, do we like the flooplan etc. At our first time home buyers class we met a really good realator lady that we are going to work with. She used to be a $$ negotiator for a large local hospital, so hopefully she can score us a good deal. Washington state law requires that you know, in writing, who the realator works for (you or the seller) and this lady never BS's people and works with buyers to buy a house that she is listing. Thats good, because if your realator is working for the seller, their primary interest is getting you to buy... for the absolute most amount of $ possible... as soon as possible.

    any-whoo, I'll keep this thread updated as we move along the process. I've chronicaled graduating from college, get married and buying my first new car on ck5... why not the house? ;) :thumb:

    j
     
  12. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    well, I emailed my fellow WF employee and he sent me a link to start the pre-approval process. Here we go! woohoo! It'll be the bomb to have my own house and send all my $ towards equity as opposed to my landlords retirement. :thumb: I'm kinda nervous... dunno how much I'll be preapproved for... :confused: :crazy:

    j
     
  13. CDA 455

    CDA 455 3/4 ton status

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    Since I live close to you, when you have the multi-keg house-warming party,
    I'll bounce and man the door :woot: :D !!

    I'll even rent a tux :wink1: !
     
  14. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    we haven't talked about a house warming party... might be a good way to get some free ****... :thumb: :grin:

    j
     
  15. CDA 455

    CDA 455 3/4 ton status

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    Hell yeah :bow: :bow: !!


    Check it out: Register at Snap On tools for your house-warming party gifts :saweet: :woot: !!
     
  16. IGOR

    IGOR 1/2 ton status Premium Member

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    Good for you Jek - are you looking only in WA - or are you gonna look on the "good" side of the river? LOL
     

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