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WOOOOO HOOOOOO!!!!! Approved for a house

Discussion in 'The Lounge' started by 79k20350, Jan 3, 2007.

  1. 79k20350

    79k20350 3/4 ton status

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    So I talked to a lendor today and was approved for $230,000:D I found out that my credit score is 733 (mean, high of 740, low of 727:D) This is pretty exciting for me. Im 19 and been in the work force for a year and a half. So ive started to look and found a few homes that im going to look at this weekend...


    Im so stoked:pimp:
     
  2. Cricket

    Cricket 3/4 ton status

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    Congratulations, you might pm GJK5 for some advice, I believe he's in real estate.
     
  3. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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    Wow, are you jumping in for that much....rule of thumb....stay with no more than 1/4 of your take home each month for your monthly house payment, and try to only go 15 years if you can. Gets you quick equity, and keeps your commitment down. I think its awesome though that your looking at a house at your age....I was 23 before I bought for the first time. Good luck man.
     
  4. kyser_soze

    kyser_soze 1/2 ton status

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    Congrats! Have fun home shopping.
     
  5. 79k20350

    79k20350 3/4 ton status

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    Thanks guys! I dont planning on buying anything at $230,000. Thats just what i was approved for. Also im definetly not going to jump in.

    Fortunatley i have 2 friends that would be moving in with me and bringing in an extra 600 bucks a month making it very afforadable (house would be all mine though, just make it much easier on me)

    Ive talked with a few lendors and will be talking to some agents soon:D
     
  6. boggerless

    boggerless 1 ton status Premium Member

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    glad to hear that,Nick!!!:bow: :bow: make sure the house payment leaves money for fun..and you will still want new furniture eventually.and utilities and ins.make it easy on yourself.trust me.:D
     
  7. 79k20350

    79k20350 3/4 ton status

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    Oh ive been thinking about it...

    As for furniture... Just wait and see what i got up my sleeve...

    Btw, you remembered my name:haha::haha::haha:
     
  8. thatK30guy

    thatK30guy 1 ton status Premium Member

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    I agree with Daryl on this. Ask me, I know. I'm living in my current new home now and still paying for the other one. Plus utilities on both places, too. :(

    When financing your principal and interest, make sure they add the insurance and taxes, too, as its easier paying for escrow since everything will be divided up into 12 months. Easier to pay this rather than trying to pay one payment of the property taxes.

    I bought my first house at 25 and now am on my third one at 36. Its not my retirement home but rather a "flipper" so I can get more money to buy a better and bigger one later.
     
  9. 79k20350

    79k20350 3/4 ton status

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    Definetly having taxes/ insurance added in...
     
  10. boggerless

    boggerless 1 ton status Premium Member

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    yes sir!!!!!:D
     
  11. boggerless

    boggerless 1 ton status Premium Member

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    and a fixed rate.!!!!!!!!!!oh and Nick... save a room for me.:D
     
  12. 79k20350

    79k20350 3/4 ton status

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    Daryl, in all seriousness id take you in without question. Theres an abc very close to the areas im looking :whistle:

    Definetly fixed rate... mortgage rates are headed back up...
     
  13. thatK30guy

    thatK30guy 1 ton status Premium Member

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    Agreed...fixed rate. If the loan officer says variable rate, start to rise from your seat and tell them "thanks, but no thanks". They should change it to fixed rate sooner than you can sit your butt back down. :bow:
     
  14. mxfireman

    mxfireman 1/2 ton status

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    Hey Nick, if you need some help my wife is a real estate agent she can do a referal or answer any questiones for you that you might have.
     
  15. sarasotausmc

    sarasotausmc 1/2 ton status GMOTM Winner

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    Congrats. Just don't get freaked out on the total you see on the mortgage statement. And I definitely agree about the 15 yr mortgage. It's all about the interest, even with a great rate.
     
  16. 79k20350

    79k20350 3/4 ton status

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    Thanks for the support guys.

    Id like to do 15 yr but cant swing it now. Theres always the possibility of refinancing in the future...

    Variable rates are for suckers...I can forsee alot of people losing there homes cause they wont be able to make payments:o

    Thanks for all the support guys!:D
     
  17. 79k20350

    79k20350 3/4 ton status

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  18. chevyfumes

    chevyfumes Court jester

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    Watch for the muzzleflash!
    Feels good to get a lubed up first huh???:wink1:
     
  19. 79k20350

    79k20350 3/4 ton status

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    I dont even want to know:crazy:
     
  20. bear76

    bear76 1/2 ton status

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    With interest rates still low it makes more sense to get a 30yr fixed than a 15yr. Even at 7-8% it will more likely be the lowest interest of any other credit you will have (ex car). At 19 it's not likely you will spend 30yrs living there, so don't pay more than you have to. Your goal should be to find a place you can live for at LEAST 5yrs. After that, almost no matter what the market does you'll be set.

    Also, don't buy a $230,000 home. Look for the least expensive home you can see yourself in for 5yrs. Even if you have roommates, they cannot be trusted with your finances.

    I bought my first home at 19 also. The agents and brokers said "you can afford this easy". Thier job is to sell you a home and a mortage. Don't take them at thier word, ever. I went bankrupt (chap 13) by 21 and learned my lesson, almost homeless. Take your time and don't get in over your head.
     

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