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a questionS about buying a house

MY MOTHER IN LAW CAN BE VARY DRAMATIC SHES TELLING ME THAT BUYING A HOUSE IS THE BIGGEST THING IN MY HOLE LIFE (BESIDES BABY) AND THAT I SHOULD LOOK FOR 3 YEARS BEFORE I DEICED ANYTHING AHES GOT MY FREAKED OUT AND WORRIED!


(SORRY i didn't know the caps where on!)


(1)
how much did/does your home cost and how much mortgage do you pay a month and for how long 5-10 -30 years


question (2) how long did it take you to find your home?

(3) was it hard to get a lone?

(4) after you found your house how long did it take for you to move in

(5) how much did/does your how cost and how much morgae do you apy a month and for how long 1,15, 30 years


(6) do you have any advice for me??!! or tips things you wish you had or hadn't done??!

Answer Question
 
Zandrialeann

Asked by Zandrialeann at 11:47 PM on Aug. 15, 2010 in Money & Work

Level 7 (165 Credits)
Answers (7)
  • I'm now on my 5th home (bought 4, built 1) and just about to to sell current house and buy in yet another state. To answer your questions:
    1) use a bank's financial calculate for a reasonable estimate (bank of america has a good one). realize they may not include taxes & insurance, which can easily add $200 - $500 per month or more to your expenses
    2) everyone will be different, I move with my job about every 18 months, which means I typically find & close on a new home in less than 3 weeks. however, if I was looking for "final home" or place to raise kids for several years, I would take at least 6 months in a new area to learn the neighborhoods & schools
    3) It's much harder now. Plan to have at least 10% and better, 20% for down payment
    4) Plan to move in as soon as you close - anything else is wasting $
    6) be really, really picky with your agent, be honest about your $ situation and put them to work for you!
    SpoiledSamMom

    Answer by SpoiledSamMom at 12:04 AM on Aug. 16, 2010

  • our house cost about $80,000 and we pay $800/mth including our property taxes and home insurance. property taxes vary in every zipcode! when you find a house you like, look at the county tax records or ask the seller what they run so you can figure out how much it will add per month...ours is a 30yr

    it took us about 6 mths. my first home i bought by myself and it took me one week. my sister took over a year to find hers.

    Loans are not that hard. however, just because you are pre-approved for a loan amount doesnt mean you can ACTUALLY afford it. i was pre-approved for $125000. there was NO way i could afford over $1000 a mth in house payments.

    As soon as we closed we spent about 2 weeks doing touch ups like repainting or replacing carpet..whatever needed done (make sure you budget for that too!) then we moved in.

    danmck1120

    Answer by danmck1120 at 1:11 AM on Aug. 16, 2010

  • my advice:
    If you use an agent dont feel bad for running them around until you find what you want and for the price you can afford.
    remember that houses take alot of work. there are no maintainance men that come fix stuff if it breaks for free. A/C's break and are expensive!!!!!
    If you are not good at saving money, dont self escrow.
    try to make sure all closing costs will be paid by the seller. You dont want to have to put a Down payment on the house AND have to pay $2000-$3000 (or more!) at the very beginning
    danmck1120

    Answer by danmck1120 at 1:15 AM on Aug. 16, 2010

  • My house cost 110,000 (17 years ago). I have a 20 year mortgage and my principle and interest totals 771 a month. I take care of the property taxes and insurance myself, which are and additional 3500 per year. I took us about 4 months to find it and about a month to finish the paperwork and move it. We had gotten pre-approved for our mortgage and the bank required us to put 10% down and carry PMI (private mortgage insurance) for a specified period of time. What goes around comes back... today, Banks are requiring that 10% again and PMI, and to get the best advertised interest rate you will need to have stellar credit. Keep in mind that there are a lot more expenses monthly to pay on top of this... utilities and such... Good Luck!
    WoodWitch

    Answer by WoodWitch at 8:12 AM on Aug. 16, 2010

  • Ok, As for looking for 3 years, I don't believe in that. I personally believe that when you walk into a house and it feels right then that is the house. It can take a week to years. I just say don't settle.
    I used to write mortgages and yes this is a big thing but LIFE to me is bigger.
    My house cost 115,000.00 we live in Northern PA. I took out a 30 year mortgage. My actual mortgage payment is 604.00 then with insurance and taxes, that I escrowed in, the payment is 861.00. It took us 1 month to apply, get the paperwork done and close. After that we took another couple of weeks to paint and that. Otherwise around here a month is common. I highly recommend escrowing, highly recommend getting pre approved, now they will look at your gross and usually say you can afford upto 30% of that for a house pmt. Don't go with that. Personally take your net, average pmts, c/c, cars, insurance, est. utilities, groceries.
    mommy2each

    Answer by mommy2each at 12:12 PM on Aug. 16, 2010

  • and see what you are comfortable with. Don't stress your self out. You do not want to ever be house or car poor. If you have any questions please feel free to message me.
    mommy2each

    Answer by mommy2each at 12:12 PM on Aug. 16, 2010

  • Maybe she means take 3 years to understand what you want, and save up a down payment. Not necessarily shop.

    We don't own our own home- but the more we rent the more I understand what I like and what I don't like.

    As some of the previous posters mentioned- now a days it takes a lot longer and it's a lot harder to be approved for a mortgage. Check your credit and make sure things look good there.
    If you haven't already, save up an emergency fund as well as a down payment.
    Both you and your husband can start a list of things you want your new home to have.

    GOOD LUCK :)
    Erica_Smerica

    Answer by Erica_Smerica at 8:16 PM on Aug. 16, 2010

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