This is a question for all of you that have purchased a home....We are first time home buyers, and the thought of signing papers to purchase..well just kinda freaks me out...I can just picture me fainting dead away in the office when we "sign on the dotted line...." I guess this is such a big step. We have done all of our "homework" and have "all our ducks in a row" to buy, but I am still TERRIFIED!!! So, how did yall guys manage to buy a home without keeling over/ throwing up/ pass out/ banging head on the desk/ flip out/ or running away screaming????(lol)..should I have 911 on standby when we sign?:roll: Thanks for listening guys, I dont wanna put any more than I have to on hubby's shoulders!!!! Blessings
I was excited and unsure at the same time. I was mainly unsure about taking out a loan. After we made the first payment I felt better. I honestly never want to do it again because it is discouraging when you read your monthly statement and you realize how little is going to the principle. When we finally move, we plan on purchasing a house outright or building one. We do not want to do the payment thing again. This is one of the blessings of owning a home. It is a good investment especially if it builds up equity. In the end you just might gain. Good luck! Patty
At my age, I have bought my share of homes. The main thing is KEEP IT WITHIN YOUR BUDGET. Even though the real estate agent says you can afford a particular payment, make sure you can. If you want to be a stay at home mom, don't include your income if you are working now. Most loans are for 30 years - do you want to work for the next 30 years (if they use your income)? Also think about the utilities - they are a little more than an apartment. I am not trying to scare you, actually owning a home is very rewarding. IT'S YOURS Take a deep breath, enjoy finding that "right" home and then take a new pen to the signing - there will be lots of papers. Don't be intimadated. Then start dreaming how you are going to make it special to you and your family.
I was excited too! I followed my dh's lead and acted calm during the eternity of signing my name over and over! Inside I was a bit nervous, but so excited to have our own home and not be renting that the adrenalin kicked in. I was think I was so happy that I didn't get the sick feeling! I knew we'd done tons of research, and were getting a house based only on dh's income, and at a price much lower than they said we could afford, so I felt confident in our decision. It sounds like you did your homework, so try and feel the excitement! I bet it will go well! And of course pray that God will help you keep calm during the process! Congratulations!!!
Ohio Grandma---very wise words! AMEN! We purchased our home based on my dh's salary. Well, that sounds good until you realize it was based on overtime salary. He has never been short on overtime in 9 years, thank God. But what a stupid thing to do. I felt so official signing the papers. I personally loved it. But than again, I have a bit of an ego problem. lol. I enjoy things that make me feel cool. lol. Did I just admit to that? That is the second child in me I guess.
I can sooooo totally relate becky!!! We are shopping in the range of 20 grand less than what we were approved for!! We know out credit score and have been negotiating with several places...still---major anxiety attack!!! i sure will be doing some serious heavy duty praying!!:angel: Thanks for all the advice and support guys!!!! It has really helped SO very much!!! Blessings, Shawna
Yep, it's definitely scary. I was really nervous. Excited until the day came, but once the day got here forget it! But we went through with it, happy we did. The nerves will settle down...eventually! Congrats on your purchase! Make sure you don't have a prepayment penalty. Every dollar you add to your payment in the beginning will save you tons! Sounds like you've done a good job planning this, you'll be fine!
Shawna, it's one of the best things you can ever do for you and your family. Just think of that. You can never lose on the house, unless you just don't take of the house and let it go down. Yes, it's hard on person body and stress level. But, hang in there we are here for you and remember you doing something to help the family.
The one bit of advise I want to give is to make sure your contract does not have a balloon payment. If it does, you will be penalized for paying your loan off to early. So assume you have a 30 year loan. If you pay it off in 20 years, they will penalize you for each year that is left. My parents went through this once, and never again will they get a loan with a balloon payment. It is worth looking into. Patty
yes, thanks--i had heard of it before but was not 100 percent sure.....we are making sure though that we get a fixed rate...i want my note to be the same for the next 30 years--i do not want a nasty suprise from month to month!!!
We purchased our home as just land. Then put a REALLY CHEAP mobile home on it. But I have to say - I was really scared too-that is my nature. We have since paid it off and it is ours. It is so good to have that, but in the meantime it was scary trying to make sure we could do it. Life is so unpredictable. OKAY, not trying to make it worse! Owning is so much better than paying the same payments for something that will never be yours. I really believe that things work out for us when we make an honest living and try to do what is best for our family. You will get through it and it will be a blessing in the end!
Even at fixed rates house payments only go up! Keep in mind the house insurance cost and property taxes. Both of those have the potential of going up. Although, it shouldn't make too much of an impact. Also, I have heard that if you pay one extra house payment a year you can significantly cut down what you owe. Do this with your tax return every year! I cannot speak from experience, as we plan to every year but than forget to or some other payment comes up. You can also just add a bit more every month. Also, if you are getting a loan with PMI, always rememeber that PMI does not last forever. HOwever, it will not be taken off your mortgage automatically. You have to be sure it gets taken off. I can't remember now how much equity you have to have to get out of PMI, you will have to ask you loan guy.
I think a fixed rate is the way to go. Even if you have a fixed rate you can still have a balloon payment. We asked the lady who we filed our paperwork with and made sure it wasn't squeezed somewhere on the page. Our friend did not have a fixed rate and her payments went sky high. She had to sell her home to get out from under it because she couldn't keep up with the payments. With a fixed rate you have the assurance of knowing how much money needs to be set aside for your payment. It is easier to plan out your bills. Patty
Our property taxes and insurance fluctuate but it doesn't change our payment. Our morgage company pays for the insurance and taxes. We have never had to take extra money out of our pockets to pay it. It is a blessing. Since we purchased our house about 12 years ago our value has gone up $240,000. and our house payment hasn't and will not rise. Maybe it is the type of loan we have. Patty
When we bought our first home the whole process just stressed me out. By the time we closed and signed all the papers I was just ready for it to be over with and I swore I wouldn't go throught that again for a while. The next home we have we plan on building and I'm sure that will be even more stressfull - dealing with contractors and all that. Okay I'm stressing just thinking about it!!
i was prego while looking for new home and we moved a month after she was born,,, so i was scared yet excited,, only thing was that it was permanernt thing and i am a wandere... made it harder for me hubby was set and ready to live here forever not me! i stkk want my ranch not a ranch house hehe but pray or your peace i know God brought us this particular home for His purposes my neighbors have come back to Him since then sorry wrong forum so wont go into details
I am telling you, Tiffany, things have changed when it comes to having a house built! A year and a half ago my in-laws where going to add onto our house and it was such a big deal that they moved back to Colorado. Handsome runs jobs for those huge concrete tilt-up buildings. He said the red-tape he has to go through is more stressful then raising the building. He can spend a good portion of the day running back and forth to the citie's permit department because something is not right. Patty
wow i never knew there would be so much to file .... to build on but a lot of people like electrician permit to build which has to be okayed by neighbors etc btw we could pay off our home now with retirement $$ if we had to so fixedand refiesare great! watch the market for chane times and what not
