I'm such a chicken
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I'm such a chicken
| Sun, 03-16-2008 - 12:04pm |
So last week, I made the decision that since I'm on Spring Break this week, I'm going to look into buying a townhome.
| Sun, 03-16-2008 - 12:04pm |
So last week, I made the decision that since I'm on Spring Break this week, I'm going to look into buying a townhome.
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You'd be crazy not to be a little scared of a purchase that big!
I think I have an idea of what I can spend, and I'm pretty stubborn about spending money.
Buying a house definitely is a commitment, but I'm a big believer that when you see "the one", you'll know.
Thanks, Nicole.
Will they tell me all of those "extras" beforehand?
A good loan officer should tell you exactly what you're getting into.
36% of my income after taxes?
Well, they will approve at higher, especially with good credit...but with the tightened restrictions in this recent credit crisis, those are the guidelines they're now trying to follow.
I live in the midwest- Kansas City.
I think you'll be surprised at how "easy" it is to afford it. My realtor said that to me before I bought, and I didn't believe him. With my HOA fees and property taxes included, my monthly payment went up about 40 percent over renting (my rent at the time was pretty cheap) -- it freaked me out at first, but I've made it work for more than a year and a half now. I'm also not just scraping by. I have a life -- not a lot of luxuries, but I don't eat Ramen every night, either.
No, it's not "easy" -- but it is amazing how you learn to make your home a priority once you have taken that plunge. The mortgage comes first, period. Once you get into the habit, it's not that difficult.
You can do it! :)
AJ, enjoying life with C.
I just read the rest of the posts, and had some things to add...
First, you may not get everything you want -- three beds, two baths, location, new... Very few first-timers do. The best first step is to go out looking a few times in neighborhoods you like. That will give you a very good idea of what is out there in your price range. So, maybe you settle for two bedrooms or something that doesn't need major reno, but needs some new carpet and paint. I wanted a single family home, but ended up with a 2-bed townhouse because the only single family homes I could afford were really run down and in sketchy areas. It's in good shape, but I'm slowly doing projects to update things (new doors, paint, kitchen cabinets, etc.)
Second, I agree with the PPs -- find your comfortable upper limit and stick to it. That limit should include taxes, mortgage insurance (if required), HOAs, etc. That limit might also narrow down your choices -- it might put you in smaller condo, for example, but owning is owning. I believe it's good to own, even if you're not moving into
AJ, enjoying life with C.
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