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Advice for 1st time home buyers...

Discussion in 'Off-Topic Discussion' started by Medic343, Aug 23, 2020.

  1. Aug 24, 2020 at 10:05 AM
    #31
    kparrow

    kparrow New Member

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    I wouldn’t worry too much about the term of your mortgage. I re-financed after a year from a 30 year to a 20 year fixed at a lower rate and actually dropped my payment about $100 a month.....and now I’m putting just over 50% to principle each month and I pay extra each month so it’s closer to 55-60% to principle.

    Stuff will break. Be prepared to fix it, no big deal.

    Enjoy it!
     
    Medic343 [OP] likes this.
  2. Aug 24, 2020 at 10:13 AM
    #32
    glowblue

    glowblue From time to time

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    Might be too late to get it in the contract for the seller to pay, but I'd recommend getting a property survey from a licensed surveyor. Depending on your situation cost shouldn't be too bad ($300-$400). Learned this lesson from a previous house I lived in. I was putting in an inground pool and go a survey done before digging the pool and found out the neighbors fence along my back lot line was 10 feet on MY side of the property line. Not a big deal - but it was surprising to say the least.
     
    Medic343 [OP] likes this.
  3. Aug 24, 2020 at 10:56 AM
    #33
    Medinasmoke

    Medinasmoke New Member

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    Will your pmi be wrapped into our loan? Mine was. Any additional money I had I payed towards principle to lower my loan percentage to 80.0. And once under 80 I no longer needing pmi. They sent me check for the diff almost 3 grand. Good way if you don’t have 20% but have a little cash here and there
     
    Boerseun and Medic343 [OP] like this.
  4. Aug 24, 2020 at 11:12 AM
    #34
    mtTundra

    mtTundra New Member

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    Longer list than the wife needs to know about....
    Congrats.
    As others said just set aside a little slush fund for the inevitable fixes that need to happen. Sprinkler zone fowls, toilet leaks, garage door opener stops working, etc. These are more likely but also be prepared for the bigger expenses like the water heater goes out, broken windows (because kids), etc. No more landlord means you get to make all the fixes you could call them for previously.

    I always make moving an opportunity to purge stuff. If I haven't used something in over a year it doesn't get moved into the new house, sell it, donate it, or throw it out.

    Most of all enjoy the process making it yours.

    Cheers,
     
    Medic343 [OP] likes this.
  5. Aug 24, 2020 at 11:37 AM
    #35
    Medic343

    Medic343 [OP] 5+4+3=2

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    I was strongly considering getting the property survey done on my own, using Google Maps and one of my hunting apps, it seems there may be a little buffer zone of property that isn't fenced in that may belong to me.

    PMI will be part of the loan payment, we will not have enough money down to get the loan to value below 80% But if I understood you correctly, once you pay down your principle to where the loan to value is less than 80% you won't need PMI anymore and can drop it?

    I am already trying to prep my wife for the purge LOL. I definitely am not moving stuff that has been dormant for longer than a year at our current place.
     
  6. Aug 24, 2020 at 12:11 PM
    #36
    Medinasmoke

    Medinasmoke New Member

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    Absolutel! couple hoops the mortgage company put you thru ( good payment history, must request removal, some others). The kicker is pmi is prorated and could receive a refund if your under 80. Here is what I did. My mortgage payment 2100. I usually pay 3. I call all the time when I got close to 80. . I sent in 6 grand in on my payment. That got me under 80 and they refund me whatI prepayed In pmi. Which was close to 3 grand. Cash back but didn’t lower my loan payments
     
    Medic343 [OP] likes this.
  7. Aug 24, 2020 at 12:34 PM
    #37
    glowblue

    glowblue From time to time

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  8. Aug 24, 2020 at 2:19 PM
    #38
    Stumpjumper

    Stumpjumper New Member

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    Escrow require deposits and the mortgage company has your money and the use of it. I would rather have control and use of my money. Also I can double up on taxes in one year and increase my deductions when filing income tax.
     
  9. Aug 24, 2020 at 2:23 PM
    #39
    Stumpjumper

    Stumpjumper New Member

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    On new construction the first year tax bill might be just for the unimproved land. Depends on the appraisal date.
     
  10. Aug 24, 2020 at 3:54 PM
    #40
    Haggis777

    Haggis777 I.L.J.C.M.L.

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    I wish YouTube was around when I had my first two homes. PLENTY of DIY videos on home repair to save you some $$$ while learning a lot as well. Just know that fine line of when a task may be out of your level of competency!
     
    Medic343 [OP] likes this.
  11. Aug 27, 2020 at 2:32 PM
    #41
    Medic343

    Medic343 [OP] 5+4+3=2

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    Its not a new home so I don't think that will apply to us.

    Just left the bank and locked in 2.625% for the mortgage. We are pretty dang happy with that
     
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  12. Aug 27, 2020 at 3:18 PM
    #42
    Dyollp

    Dyollp New Member

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    That's great. Congratulations. Unless you have all your retirement accounts maxed out, credit cards, auto loans and others paid off, I wouldn't be in a hurry to pay that mortgage off early. Even then, that money is so cheap.
     
    Medic343 [OP] likes this.
  13. Sep 1, 2020 at 8:30 PM
    #43
    Medic343

    Medic343 [OP] 5+4+3=2

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    We are looking at making some extra principal payments early on to get rid of the PMI as soon as possible. After that drops off we won't be in much of a hurry... Like you said that rate is cheap.
     
    YardBird likes this.
  14. Sep 1, 2020 at 9:48 PM
    #44
    SouthWestGA

    SouthWestGA New Member

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    Get a property survey and purchase title insurance
     
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