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Mom Confessions Mom Confessions

Home buying help

Anonymous
Posted by Anonymous
  • 13 Replies

We put an offer in on the home that we are currently renting for $800 a month last night for $80,000.  They are asking 89,900.  We have $16,000 to put down and we were told we could do a 10 year fixed mortgage at 2.875%.  The payments will be $614 monthly.  My husband's credit isn't the greatest, he is at 632.  Did we jump the gun?  Is this a good rate?  Are we shooting ourselves in the foot?  I have never bought anything this expensive before and I am FREAKING out!  We hope that they will meet us in the middle at $85,000 on the price. 

Posted by Anonymous on Feb. 20, 2013 at 11:26 AM
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Replies (1-10):
smushy79
by Gold Member on Feb. 20, 2013 at 11:27 AM

 Yes that is a good rate. Hope the owners accept your offer!

jillbailey26
by on Feb. 20, 2013 at 11:28 AM

It sounds good to me.


"Let us therefore make every effort to do what leads to peace and to mutual edification"  Romans 14:19

Anonymous
by Anonymous 2 on Feb. 20, 2013 at 11:29 AM
That's an awesome rate!! We just bought our house at 3.25% and thought that was good...wish we would have waited a month lol
Anonymous
by Anonymous - Original Poster on Feb. 20, 2013 at 11:29 AM

We have been renting from them for the last 3 1/2 years.  We love the place and we have become good friends with them.  I am hoping that they do accept it.  We really can't afford too much more than the $16,000 down plus the closing costs.

Quoting smushy79:

 Yes that is a good rate. Hope the owners accept your offer!


Anonymous
by Anonymous - Original Poster on Feb. 20, 2013 at 11:30 AM

I think it's so low because we are doing a 10 year.

Quoting Anonymous:

That's an awesome rate!! We just bought our house at 3.25% and thought that was good...wish we would have waited a month lol


Anonymous
by Anonymous 3 on Feb. 20, 2013 at 11:31 AM
Yes. Good rate. Low ball offer just based on their asking price but if they'll counter then good. Remember there are closing costs involved. That's what always got me on buying my homes. Ask your loan officer all kinds of questions a to how this works. But you seem to be in a good place financially and aren't trying to get more home than you can afford. It's always very nerve racking to buy a home. Good luck!

Oh and a 10yr loan is an awesome idea!! At least you won't be in debt the next 30 years.
cmorden06
by Bronze Member on Feb. 20, 2013 at 11:32 AM
Yeah thats a good rate


Quoting Anonymous:

We put an offer in on the home that we are currently renting for $800 a month last night for $80,000.  They are asking 89,900.  We have $16,000 to put down and we were told we could do a 10 year fixed mortgage at 2.875%.  The payments will be $614 monthly.  My husband's credit isn't the greatest, he is at 632.  Did we jump the gun?  Is this a good rate?  Are we shooting ourselves in the foot?  I have never bought anything this expensive before and I am FREAKING out!  We hope that they will meet us in the middle at $85,000 on the price. 


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Anonymous
by Anonymous 4 on Feb. 20, 2013 at 11:33 AM
Sounds great! And, you won't have to move! Win! Hope you get it!
Anonymous
by Anonymous 2 on Feb. 20, 2013 at 11:33 AM

im not 100% on how it all works to be honest but I do know that a friend of ours is getting ready to buy a house in our neighborhood and he is doing a 30yr fixed and has the same rate as you so idk lol

listen, buying a house is SCARY!!! Try not to second guess your self. It's a big step but in the end, worth it. Dh and I backed out twice just becaue we were terrified to make such a big leap but in the end it was worth it! good luck!

Quoting Anonymous:

I think it's so low because we are doing a 10 year.

Quoting Anonymous:

That's an awesome rate!! We just bought our house at 3.25% and thought that was good...wish we would have waited a month lol



Anonymous
by Anonymous 5 on Feb. 20, 2013 at 11:33 AM

It's a great rate, and a 10 year is awesome.  But if they meet you at $85k you need to come up with another $1k to avoid mortgage insurace.  Also, what does the payment cover?  Remember than you wil have home owners insurance, taxes, mainenance and capital improvements, not just P & I.

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