Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
OK, Im going to try to kind blog my experience buying my First house.
My wife and I make 76k base salary and we make between 80k to 86K with some regular overtime, but we want to go by our base salary for our mortgage. We had saved 25k for down payment and we have like 5k that we are not going to used for down-payment. What kind house do I want? well something cozy, nothing big like you see my budget is not too big.
Now we just started last Saturday by going to the realtor. The realtor is a friend of our family, so I kind trust him, but you never know. We were there for about an hour and he was explaining us all the process and he showed us on his computer couple of houses on our range. We think our range is 270K, but we don't know because we are waiting for our Pre-approval and we applied for that the same day last Saturday.
I'm looking for a house in Bergen County. I know there are expensive and the taxes are hight, but if you look really good and you are not picky, you will find couple of houses.
Last night I could not sleep because I'm kind scare. We went from starting to save money to thinking about buying a house to we are actually looking for a house. I feel like it is too much, is this normal? I would like to know how your felt when you starting to look for a house?
I have a plan of my mind and I would like to know what you guys that have experience think about it.
1. I'm going to have 5k on a saving for backup, plus the 8k credit I will have 13k on saving and of course if everything goes fine.
2.I'm going to look to pay between my mortgage + insurance + taxes from 1800 to 2000.
3. First year is going to be hard because I'm planning to pay my taxes ahead of time with my tax credit that I'm going to received at the end of the year. That will cut my monthly payment.
I would appreciate if you guys comment on my "PLAN", also I would you guys to comment on my entire post. Please I would take any advise, but please please be positive about. I stop telling my family about our plan because they are so negative about it. Also, anybody with our same salary living in a house with that range? Thanks and I would post any updates.
How much is your debt situation? Do you have car and/or credit card payments due? That figures a lot into the equation.
I can tell you right now, that looking in Bergen county, you're looking at a 2100 monthly payment easily. 1350 on the mortgage payment, at least 600 in taxes, then PMI and homeowner's insurance.
I think, if you're looking at your first home, you're setting your expectations a little high. But that's OK, most people do. I think you have to realize that with all the costs in obtaining a house, plus upkeep and all that, you need to re-asses your budget.
Save the sleepness nights for when you actually put an offer in.
I think you're definitely aiming too high with a 250k mortgage. You may want to scale it down a bit. Not a lot, but somewhere between 200-225.
You are forgetting closing costs, etc. which are going to eat away at the savings you have. Not to mention that you'll be cash-strapped that you can't buy furniture or anything.
I'm looking for houses 270K asking price, but like you say I have to look for something on the 200-225 range, that is why I'm looking for something around 270 to offer 10% down of their regular price plus closing cost. Thats put me on 200-220 range. I know that does not mean that they will take the offer, but I'm not in rush to move. About furniture, If you are talking about sofa and Bed that I already have. If you talk about Fridge, Stove that I can bought it with the saving. Is not going to be stainless. Hey Thanks SweepThe Leg for your comment, this post will remind me to not go over my 200-225 range. Thanks again
I'm looking for houses 270K asking price, but like you say I have to look for something on the 200-225 range, that is why I'm looking for something around 270 to offer 10% down of their regular price plus closing cost. Thats put me on 200-220 range. I know that does not mean that they will take the offer, but I'm not in rush to move. About furniture, If you are talking about sofa and Bed that I already have. If you talk about Fridge, Stove that I can bought it with the saving. Is not going to be stainless. Hey Thanks SweepThe Leg for your comment, this post will remind me to not go over my 200-225 range. Thanks again
10 percent of 270 is 27K. Then you have to figure the mortgage, which is the remaining balance of the house. 270 - 27k puts you in the 240s, not the 200-220 range.
I will offer the owner of the house 10% down of their asking price.
10% of 270K is 27000.
270K - 27K = 243k
243k - 25k = 218k and that puts me on the 200K to 225K range.
I will offer the owner of the house 10% down of their asking price.
10% of 270K is 27000.
270K - 27K = 243k
243k - 25k = 218k and that puts me on the 200K to 225K range.
Correct me if I'm wrong, but I think what you're trying to say is that your initial offer to the homeowner will be 10% off their asking price, which is different than 10 percent down.
Otherwise, it sounds like you're putting in 10% of their asking price and the 25k you have saved as your initial payment.
Congratulations on buying your first home! My husband and I are about to embark on this journey ourselves soon and I am looking forward to keeping up with your experiences along the way. We are in about the same boat as you are, but I am really trying to find a house around the 240,000 range. It would be oh so great if they would include closing costs in that price too though. We are really working hard to pay off our car so that there will be no side payments to worry about. Have fun house shopping!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Have fun house shopping!
