Yeah I can't wait to get my place sold and buy something more affordable. I can make it where I'm at now but it does limit me doing other things--I'll have an expensive place in a few years. Right now I want to be able to travel and do shit

3/3/2008 10:56:06 AM

Just closed on my first house on Friday!!!!

3/3/2008 10:59:40 AM

Sweet. What are the rates at these days?

3/3/2008 11:02:34 AM

derivatives dipped a quarter point today - the market is a rolercoaster

3/3/2008 6:01:11 PM

So, I closed on my house a week ago today and we've been in here working on it (fixin it up) all week.

Five minutes ago, I had a guy come to my house, refer to me me by my legal name, and try to sell GE Home Security.

A) How'd he find me so fast?
B) Should I trust him? Seems odd to have a door-to-door guy come by and want to install some stuff in my house as a demonstration. His name was Tim Kinlaw and he gave me some printed out flier.

3/3/2008 7:42:24 PM

welp, i put an offer in tonight, and will find out by ~1pm tomorrow.

looking to close the thursday before easter, due to some work related travel.

try and do a bang bang job and crank out everything asap.

3/3/2008 9:14:42 PM

Good luck Ben.....

Is this in Delaware?

3/3/2008 9:15:55 PM

yes

3/3/2008 9:20:42 PM

yeah amelia, in downtown wilmington.

thanks!

3/3/2008 9:22:05 PM

LOL.....

I looked at your post about it. It looks really nice. Congrats.

Looks like she really liked green.

3/3/2008 9:28:07 PM

it's funny how close it is to the color i put in my place now in the living room and foyer

3/3/2008 9:43:15 PM

how many units are in that building? what is shared?

3/3/2008 9:46:31 PM

6.

If you look at the facade, the unit is on the 2nd floor, with the two windows to the left. it's the corner unit, hence the far wall window in the bedroom. actually, it's both the windows you can see on the left side, and the left front window, and the center

as for what is shared, there's a common linked security/fire alarm system, private parking lot, basement with laundry facilities, individual storage in the basement as well (kinda like locked fenced in compartments), beautiful hardwood victorian foyer, that's currently being redone... wide victorian style staircase...

hot water heaters are all in the same location, and numbered

the hoa pays for the structural insurance, and all you need is essentially what amounts to renters insurance... so that's a major cost point for the condo association.
the building is much deeper than it looks from the front... the left side dips down, and there's like a patio, but the right side goes back further.

[Edited on March 3, 2008 at 9:54 PM. Reason : e]

[Edited on March 3, 2008 at 9:55 PM. Reason : e]

3/3/2008 9:53:21 PM

cool - good luck

3/3/2008 9:55:45 PM

Quote :

"Five minutes ago, I had a guy come to my house, refer to me me by my legal name, and try to sell GE Home Security. A) How'd he find me so fast? B) Should I trust him? Seems odd to have a door-to-door guy come by and want to install some stuff in my house as a demonstration. His name was Tim Kinlaw and he gave me some printed out flier. "

There are companies that scour the register of deeds for recorded deeds each day. Since the deed to your property as well as the deed of trust are public documents anyone can look them up. These companies actually pay people to work from home and pull the documents then enter the info in to their database. For the next six months you can expect to be bombarded with offers for all kinds of mortgage insurance in addition to the alarm system people.

3/3/2008 10:08:41 PM

woot

offer got accepted.

inspection monday, TURN THE WHEELS

[Edited on March 4, 2008 at 10:33 AM. Reason : E]

3/4/2008 10:33:33 AM

turn the wheels?

3/4/2008 10:47:48 AM

earlier in the thread i mentioned an allusion to the processes of purchasing to wheels moving, and moving fastly with trying to close by the 20th.

this was the last step in having all the wheels movin' at the same time

3/4/2008 10:51:27 AM

Were they moving at different times before?

3/4/2008 10:53:25 AM

IT WAS A SHITTY ALLUSION

I GOT IT



naw just like hadn't made an appt with the inspector, just did pre-approval and the like as opposed to full scale mortgage processing, contacting the attorney for closing (in NC is it required to have an attorney present at closing?), etc

[Edited on March 4, 2008 at 11:02 AM. Reason : e]

3/4/2008 11:01:05 AM

I'm not sure it's required but I sure as hell wouldn't go through it without one.

3/4/2008 11:07:38 AM

anyone know any good first time home buyer loans?

3/4/2008 11:58:39 PM

Do you need zero down? The 100% financing options have dried up to the point a lot more people are looking at going FHA now.

3/5/2008 12:09:36 AM

Alright, not that I can afford 20% downpayment right now but I'm working on it and trying to look around.

The websites that search for houses I've found havent found much in the Apex/JordanLake/HollySprings/Fuquay areas at all.

Are the houses there just $texas and thus above the price range I'm searching in?

3/5/2008 12:13:57 AM

you can get 100% loans if you have good credit, etc.

3/5/2008 1:08:04 PM

What's your price range?
You just said yesterday you couldn't afford a house.

3/5/2008 1:21:08 PM

Hey can yall help me out a bit?


I'm looking to buy a home in the area and I'm curious what kind of price range I should be looking in. I'm open to townhome/condo/SFH's just something nice for me and probably one other person who'd chip in.


Here's some numbers I could throw around

can make a downpayment, up to 25k if need be
Credit is good enough, market is good enough, pretty sure I can get 5.25%
Don't want to spend more than $1000/mo in mortgage+insurance+taxes+PMI or whatever else is needed.

Want to move in summer.


What kind of numbers am I looking at?

150k range maybe? I'm hoping that's good enough, but not sure

3/5/2008 4:56:33 PM

Forgot to mention, looking to live there 2-5 years then move out, either rent or sell.


My goal is to make a smart move, find something comfortable I would live in, and have it be cheaper than paying rent

3/5/2008 4:57:53 PM

Should be around there, it's pretty easy to run some of the mortgage calculators, play with interest rates/down payments, etc. Just set something up in Excel that adds it all up. Tax values are easy enough to figure out..don't forget HOA fees, sometimes they're significant..

3/5/2008 4:58:45 PM

yeah, i've played with the mortgage calculator. I didn't know really how trustworthy something like that would be.

So far they've been telling me that for a 150k home, 20% down and 30yr fixed rate 5.25% I'm looking at around 800/mo monthly payments (That's counting mortgage+interest+taxes and assuming 0 HOA).

I'm gonna talk to a realtor soon, I just don't want to show up looking like a jackass thinking about a 150k home and in actuality i'm looking way out of my league.

3/5/2008 5:03:29 PM

Where the hell can you get 5.25 right now?

3/5/2008 5:33:03 PM

that's what im sayin'

3/5/2008 5:34:06 PM

Quote :

"yeah, i've played with the mortgage calculator. I didn't know really how trustworthy something like that would be. So far they've been telling me that for a 150k home, 20% down and 30yr fixed rate 5.25% I'm looking at around 800/mo monthly payments (That's counting mortgage+interest+taxes and assuming 0 HOA). I'm gonna talk to a realtor soon, I just don't want to show up looking like a jackass thinking about a 150k home and in actuality i'm looking way out of my league."

If you have thought forward enough to save 20% I can guaran-damn-tee you, you wont look like a jackass.

Well maybe on your assumed interest rate. I would buy at that rate.

[Edited on March 5, 2008 at 6:36 PM. Reason : ,]

3/5/2008 6:35:47 PM

CONGRATS BEN!!!!

We have owned this house for like 2 months and it is still awesome to pull up and go.....well it's mine and Chase's.

3/5/2008 9:29:51 PM

David, I can't. read the first line-

"Alright, not that I can afford 20% downpayment right now but I'm working on it and trying to look around."

As in, I'm looking now, and planning roughly where i can/can't live in the future.

Christ almighty people, just because I can't do it today doesn't mean I can't forever.

[Edited on March 5, 2008 at 10:39 PM. Reason : .]

3/5/2008 10:38:27 PM

You can buy a house without a 20% down payment.

3/6/2008 10:09:40 AM

Yeah, you can def do it without 20%...

3/6/2008 10:17:24 AM

Isn't that financially a poor move though?

Maybe I got mis-educated by my parents in that case, but as far as I understood the higher interest rates on the 2nd loan if you split, or on the 100% were not going to make it worth your while in the long run, the the PMI would really chew into you as well (at least till you reach 20% equity)

And I also though you couldn't get a traditional loan without at least 10% to 20% down, otherwise it's one of those ARM things. I don't want an ARM as isn't that how all these homeowners in the market got themselves into HUGE trouble (interest rates got jacked up on them to the point they can't pay anymore)?

Not arguing, but I am confused now.

3/6/2008 11:15:52 AM

you can get a fixed rate without 20%.

i started with a 100% loan and refinanced six months later for a whopping $390. now my interest rate is 5.75% with no pmi.

3/6/2008 11:23:44 AM

How did you refinance for $390?

3/6/2008 11:25:41 AM

Quote :

"I don't want an ARM as isn't that how all these homeowners in the market got themselves into HUGE trouble (interest rates got jacked up on them to the point they can't pay anymore)?"

A majority of these are people who bought way too much house and don't have the means to support it, regardless of the interest rate, which only compounded the problem. The bigger issue is that it was TERRIBLY easy to get a home loan at the time. I mean, I'm not capable of buying a 250,000 house. So I'm not going to go out, get an ARM that keeps my payments lower in the short term on a house I know I won't be able to afford long term.

3/6/2008 11:30:52 AM

i got a fixed rate 100% loan this week.

rates kinda suck right now, but i'll refinance after a year or two, esp. after building some more credit.

3/6/2008 11:36:17 AM

What %?

3/6/2008 11:38:29 AM

fixed rate 100%? so no down payment...interesting...

3/6/2008 11:48:10 AM

That's not too uncommon. He just doesn't have a ton of $$ for a large down payment but he isn't a fucking retard buying above his means.

3/6/2008 11:50:54 AM

Oh, exactly. That's what I'm looking at doing, but when I've told everyone I'm not going to be able to do 10-20% down, I get weird looks. The house and land I want can't be anymore than 85k, which is roughly about 700 month after everything, I hope. That's within me and my wife's means.

3/6/2008 11:54:44 AM

That can't be much more than your rent...

3/6/2008 11:55:51 AM

You should be fine... it's very common nowadays to have less than 20% down... Even 0% down is pretty common. If a lender tells you it's not feasible/common then I think I'd look elsewhere

3/6/2008 11:56:17 AM

Haha. When does a lender ever tell you it's not feasible?

3/6/2008 11:59:23 AM

i got 100%, no down, no PMI, fixed rate (good rate) back in Jan.

[Edited on March 6, 2008 at 1:10 PM. Reason : ]

3/6/2008 1:10:30 PM