Nervous soon to be new home buyer... (Baltimore, Upper Marlboro: mortgage, credit)

[shockerfd]

The termite and home inspection is scheduled for Thursday. The house isn't technically new but has all new flooring, cabinets, appliances, paint, windows, fixtures, totally gutted and new bathroom, etc. It's an acquaintance of ours who buys houses and remodels them. They had it inspected when they bought it and found no major issues. We're having our own inspector of course go through it. Hopefully all will go well. We rent a decent older cape cod with electric baseboard heat. Ouch! It's quite drafty as well. With the electric rate increase we wrapped up this past winter and kept the heat as low as we could tolerate it. This house has an oil furnace, baseboard hot water. I'm not too exciteted about that but there is central ac and I may have access to a heat pump which may fall in to place and be more efficient. My fiance is already looking forward to doing something artistic on the walls on the 4 year old's bedroom. It should be fun. We definitely have to watch the spending until we see how we are going to be able to manange.

[lscalder]

You will manage. It times time to adjust

[ChosenGSR]

I am in a similar boat, going to be buying later this year. It's hard to take that plunge the first time.

[Zippy7fo]

You guys are making the right choice. The area is booming and it seems everybody in the country is moving to DC. This is only gonna fuel property values to rise because of supply, demand, and greedy developers, lenders, and speculators. You guys are making the right decision and you can always move out and move into something more affordable later if this doesn't feel right. Trust me paying a mortgage is FAR BETTER THAN PAYING RENT....

[relotomd]

[quote=RoadTripGurl;714794]Only 1375.00? I wish i had your payment.


My pmt is $1108 includes taxes and insurance! NEW Construction! Lovin it! Eastern Shore!!!!!!!!

[RoadTripGurl]

Great. Eastern Shore is not for me. Get over it already.

[shift_limitations]

Hi,
I just want to put my 2 cents. My credit union started new loan waiving PMI.
Also no points, no origination fee. I am paying 500 dollars as fee to them. I got a rate of 6.375 for jumbo loan with no PMI.
Moderator cut: business website

[lscalder]

People need to look out for loans like these with no points or no fees at all they are ripping folks off with out folks knowing. Hers how
1. Banks are in the business to make money no to loose money.
2. If the banks pay for everything then how do the banks make money?
3. If the banks ever say no closing or no fees, or no origination points they are putting all the fees in the interest rate. SO although they say no fees they are giving you a higher rate so they are not getting their money at settlement but over the life of the loan which the home owners always are loosing.
I do loans all day everyday and I have clients who ask about no closing cost loans and I always explain to them their are two rates one for the no closing cost which are always higher and a rate with the home owner paying closing and is always lower. SO please do not fall for loans or lines like this because how can a bank survive paying every client closing cost and if there were no catch to it trust me I would have the no closing cost loan personally knowing I am a loan officer I pay closing as well but its saving me money when I do the calculations. So please stop advertising false advertisement. I mean there are so many companies out there who will do anything to make money and do not seem to the high rate of foreclosures and it makes me sick. I for one always explain everything to all of my clients the pros and cons about every program for me I like the fix programs in this market for all my clients as like the 30yr fix or 40 yr fix with loan rates that will save them money on their mortgage each month.

If anyone needs Moderator cut: Soliciting business

[Njrover0216]

I am trying to leave this state because my house is a nightmare! My mortgage was 1210 when I first bought it back in 2003. That too included my taxes, insurance etc. With taxes going up by 2008 my mortgage will be 1380 a month. That is a huge increase. On top of that the electric bills are skyrocketing. My husband is the only person who is working right now and he brings home about 63K a year. Our electric bill on a duplex with budget billing is going to be $280 a month! That is $170 dollar increase in 3 years. Now I am stuck in this house, which needed a lot of work that is almost completed, because I can not afford a single family home. So we are thinking of relocating to the Carolina's where we can buy a beautiful brand new home for 200K!

[uncjohnny]

Now I am getting really worried...I just bought in PG (Upper Marlboro). I had been looking all over metro D.C and could not afford anything until I found this TH. My mortgage is $1863 a month including taxes, ins, HOA, ect...I do not make more than 60K a year, and after reading all these post I feel like I am making a big mistake. I knew we were going to be living tight, but HECK!