Moving! - Jemsite
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post #1 of 45 (permalink) Old 06-23-2014, 11:32 AM Thread Starter
 
Join Date: Aug 2012
Location: West 'By God' Virginnie, USA
Posts: 1,454
Moving!

I haven't said anything, even with all the posting I do on here, but for the past several months we've been looking to buy a house. Poor Jeff has to commute to Charleston every day and it takes a big chunk of his day. Plus he often works 10 to 12 hours so there are nights he hardly has time to sleep so we're 'compromising' on location and we've been looking at houses half way between Charleston and Huntington.
Well, we were approved for a loan recently and we found a few houses that would be great for us, and one of the owners just accepted our bid!
Still some crap we have to go through, and as first time buyers we have to be really careful, people around here like to screw 'ignorant' home shoppers, so we've done a lot of research and I've talked to a few law student I went to school with (soon to be full on lawyers) about what to look for and my friend said she'd look at the paperwork for us before we sign anything.
Talk about 'vibrating'! You think I was gushing over my new guitars? I'm absolutely 'orgasmic' over the idea of OUR OWN HOUSE!
No more rent, just mortgage, taxes, upkeep and.... oh Dear Lord, don't think about that just yet! LOL
If everything goes smoothly, or at least; not too rough, we should be done with all this and moving by the end of next month, or early the month after that. The house is great. Three bedrooms, two baths (HUGE shower in the master bath, love to take long showers, and it has this gigantic shower head that comes out of the middle of the ceiling. ) It's all modern, an older house but it was recently updated. New kitchen, baths, they said even the wiring was totally redone. No knob and tube crap.
The inspection will be this week, and Jeff's father knows the inspector that's doing the walk-through, so we know he'll do his best to catch anything and everything that could be an issue... so........fingers crossed.
And why am I telling you guys this? I'm telling EVERYONE! LOL
We've kept it under wraps so far. We didn't want to tell anyone and then have it all fall through, but it looks like it's really going to happen now.
Okay, enough. I should actually get to work. I just got the call from the Realtor and posted this to every forum I frequent... and sent a text to everyone in my contact list. LOL
Only one real downside I see.......no new guitars for a long time.
But I'll have a HOUSE!!!!
1001
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post #2 of 45 (permalink) Old 06-23-2014, 12:15 PM
 
Join Date: Feb 2014
Location: Kansas
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Re: Moving!

Good on ya... Renting is throwing money away. Buying requires much more responsibility, but you can usually get your money back out of it. Plus extra $$, providing the real estate market doesn't crash and you take good care of it. :-)

Have you guys already picked out the "music room"?
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post #3 of 45 (permalink) Old 06-23-2014, 02:20 PM
 
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Re: Moving!

Congrats. It's a great time to be house hunting, we're doing the same. Hopefully you'll be getting a good interest rate right now while they are so low.
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post #4 of 45 (permalink) Old 06-23-2014, 03:31 PM Thread Starter
 
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Re: Moving!

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Originally Posted by FireEagle View Post
Good on ya... Renting is throwing money away. Buying requires much more responsibility, but you can usually get your money back out of it. Plus extra $$, providing the real estate market doesn't crash and you take good care of it. :-)

Have you guys already picked out the "music room"?
That's why we were looking at three bedrooms, or anything with an 'extra' room somewhere.
Our room, guest room, guitar room. Then if/when we have kids; our room, kids room, guitar room. Sorry guests, you get the couch.
We've been renting a house. One floor ranch with a finished basement, but the rent we're paying is nearly as much as what we'll be paying for a mortgage.
We have some money saved and our parents are going to give us 'early wedding gifts' to make the down payment even larger so we can lower the principal on the loan even more.
I'm stuck here in this office another hour, but I'm hopping in my chair to get out. Right after work I'm gong to drive out and look at my new house. I'm keeping in mind that things can, and sometimes do, not go right so......but still.....
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post #5 of 45 (permalink) Old 06-23-2014, 03:38 PM
 
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Re: Moving!

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Originally Posted by ItalianPCTech View Post
We have some money saved and our parents are going to give us 'early wedding gifts' to make the down payment even larger so we can lower the principal on the loan even more.
Rule of thumb is you'll want a down payment (20%) to get you into 80% LTV (loan to value) in order to avoid PMI, or mortgage insurance, or you'll really be throwing money out the window.
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post #6 of 45 (permalink) Old 06-23-2014, 03:42 PM Thread Starter
 
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Re: Moving!

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Originally Posted by jaxadam View Post
Congrats. It's a great time to be house hunting, we're doing the same. Hopefully you'll be getting a good interest rate right now while they are so low.
Good luck on your hunt.
We'll see once everything is calculated what's going to be what. We're still in the banks hands on that.
I doubt it's going to be a great rate, even though they are low at the moment, we both have very little credit. Jeff more than I, but not only is he older than I am, I just recently got a 'real' credit card and since my student loans were minimal, thanks to Mom and Dad saving money so that me and my sissy could go to college, even that doesn't help me with my credit. I haven't even started paying on them yet. I have a Sears and a Macy's card, but I used restraint using them, so not a lot of credit built up there either.
It's kind of annoying how the banks do things. We are 'pre-approved' for the loan, but they can't tell us yet what the interest is going to be. I guess they were waiting to see how much we were going to spend and will adjust accordingly.
I don't know. My brain is really good with numbers, patterns, and such, but the convoluted way banks work even makes me confused. Like I said; that's why we're being careful and not signing anything until people we know, trust, and know what they are looking at say, "Okay, it's all good." Some of that is happening tonight. Jeff is leaving work early so we can see the Realtor and get some of the paperwork to show to our 'attorney'. Well, law grad, she hasn't passed the bar yet but she was in the top five of her class, so I trust her knowledge.
I'm rambling, back to work.
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post #7 of 45 (permalink) Old 06-23-2014, 03:50 PM
 
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Re: Moving!

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Originally Posted by ItalianPCTech View Post
It's kind of annoying how the banks do things. We are 'pre-approved' for the loan, but they can't tell us yet what the interest is going to be. I guess they were waiting to see how much we were going to spend and will adjust accordingly
That's really weird, because pre-approval means they come back with an amount and rate depending on what loan you're after (30-year fixed, 5/1 ARM, etc.).

The rates will vary slightly depending on what day it is, but they usually stay within a certain range, so maybe they're waiting to quote you at the time you plan to write it up.
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post #8 of 45 (permalink) Old 06-23-2014, 04:02 PM Thread Starter
 
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Re: Moving!

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Originally Posted by jaxadam View Post
Rule of thumb is you'll want a down payment (20%) to get you into 80% LTV (loan to value) in order to avoid PMI, or mortgage insurance, or you'll really be throwing money out the window.
Well, compared to 'the rest of the world', houses are fairly cheap here.
Jeff is doing very well at his job, and even though I'm happy where I am now, I'm sure it wouldn't take me long to find something with much better pay, if needed. I am an 'edumacated hillbilly' after all.
The house listed for $110,000 and we offered $105,000 and they took it. It wasn't on the market that long.
Jeff and I have $11,000 in our savings, that's with us putting money away and my graduation gifts, and his bonuses at work (you have no idea how hard it was for me to not call Rich and buy a guitar or three when I got my graduation checks. LOL) and our parents said they will at least match what we can put down, maybe more if they can scratch it up, so I think we're good on the down payment.
I'm trying not to get too crazy about this stuff. It's all going so 'perfectly' and I'm afraid the bubble with burst. I've had three panic attacks waiting for our Realtor to call, now that she finally has, I have other things making my head run round....
Plus, we've set a date for the wedding. It's not until October next year, but that's more planning, and money and headaches. I'm gong to have a nervous breakdown by this time next year, I'm sure of it.
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post #9 of 45 (permalink) Old 06-23-2014, 04:10 PM Thread Starter
 
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Re: Moving!

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Originally Posted by jaxadam View Post
The rates will vary slightly depending on what day it is, but they usually stay within a certain range, so maybe they're waiting to quote you at the time you plan to write it up.
That makes sense. And like I said; they really like to try to screw first time buyers around here.
We were pre-approved for up to $150,000, but that's pretty much all they told us. I'm betting they are going to try to give us a higher rate because of the smaller principal. Sometimes I think going to a shylock would be more fair.
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post #10 of 45 (permalink) Old 06-23-2014, 06:25 PM
 
Join Date: Dec 2000
Location: Australia
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Re: Moving!

Congrats! Welcome to home ownership!!


Ahh, mortgages. Nothing makes you feel more poor every month than a mortgage. lol.

$100,000 homes :O. Which area? I don't know much about the US, but some friends of ours from there were telling me about how much cheaper homes and land are over there. It was enough to make me contemplate a massive change.
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post #11 of 45 (permalink) Old 06-23-2014, 06:50 PM Thread Starter
 
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Location: West 'By God' Virginnie, USA
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Re: Moving!

Well, the average income here is much lower than in most of the U.S., so the real estate is priced accordingly.
I have family in New Jersey (I'm in West 'By God' Virginia) and my cousin has basically the same job that I do; receptionist in a doctors office.
I started this job a few months back at $15.00 an hour. She started her job several years ago and started at $20.00 an hour. At the rate they give raises here, and if I keep this job, it will be many years before I even reach what she started with.
And my job is considered one of the high paying jobs in the area.
Average mechanic makes around $50,000 a year here. I know in New Jersey most mechanics make a lot more than that. Another cousin in New Jersey married a mechanic. He's a 'hired hand' at a shop, it's not even his, and they live in a big house, have three cars, blah blah blah, and that's even with the higher cost of living there.
The cost of living in the U.S. swings so incredibly far from area to area. It's like you're in different worlds.
People see how low the prices of houses are here in West Virginia and think, "Wow! Everyone should be able to afford a house!"
Not so, too many people here trying to live on $8.00 an hour, and many more trying to live on minimum wage. $7.25 an hour.
The best paying jobs are in the coal mines, if you don't mind 'black lung' and the ever immanent chance that the roof of the tunnel is going to cave in on you, or you'll die from methane gas poisoning if a vent is hit by accident.
Other than that, most of the jobs here are call centers. Amazon has one of their biggest call centers not far from where I live. And the people I know that work(ed) there are broke, and/or on Zoloft or Prozac because there's so much stress involved in a job like that.
The only reason this is happening for us is how well my fiancee is doing at his job. He's managing a branch of a shipping company, and while I have no business telling anyone how much he makes......I'll just say: his salary makes mine look like a part-time, summer job.
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post #12 of 45 (permalink) Old 06-23-2014, 07:13 PM
 
Join Date: Dec 2000
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Re: Moving!

Ah, coolies. Thanks for the info. hehe.. didn't mean for you to go into specifics with your money and jobs and stuff, but still, thanks for the info!

It's all about balance I guess. No point in having a giant house with a giant mortgage if all you're doing is spending the majority of your life out of your house in a job, slaving away, and not doing what you love.
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post #13 of 45 (permalink) Old 06-23-2014, 07:40 PM
 
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Re: Moving!

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Originally Posted by wilch View Post
No point in having a giant house with a giant mortgage if all you're doing is spending the majority of your life out of your house in a job, slaving away, and not doing what you love.
Exactly. I wish a lot of other people had this perspective as well.
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post #14 of 45 (permalink) Old 06-23-2014, 08:33 PM
 
Join Date: Jul 2012
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Re: Moving!

Congrats.

You have two big plusses going.

First you are young and that is self-explanatory.

The other is that this still slow real estate market does not always lend to buying as a smart decision. In the last decade most of my friends who have bought in my area have lost 30-60% percent of the value of their house with only a 15-20% percent uptick since the great bust but those are Northern California numbers, specifically the coast which was hit the hardest.

The ones renting back in the height wanted to own but either didn't have the money or actually saw the bust. One house a block from me was listing for 4.8 mil (stupid by any standard) and when it all broke down it went down to less than two million. The person/people/company who bought it at the high are paying five bones for a house they will now have to wait at least 30 years for to break even according to my realtor friend. A lot of people lost their shirts. The buying got stupid because nobody actually lives here but mostly buy and sell houses internationally via the internet sight unseen, a lot from China.

Unless the market drops huge again I think you should be in an OK situation. It is usually better to pay a mortgage over a rent when the house is not to lose half of its value overnight in a bomb of the real estate market. Chances are you will be OK either way because if your house is valued at $500K (just using round number here) and it goes down to $250K, you are young enough that you will be around when it recovers and then gains. But if it goes up, to let's say $750K in the next 10 years to 20 years and this time goes by as fast as lightening, then that could get you a down on a second home which could provide you rental income. It's at this point you don't have to live hand to mouth like the vast majority of us.

Of course nothing is safe but if the idea of buying a house, and just one for a home to live in, and not try to buy a whole crop of houses, is still pretty sound. One house can't set you back into hell like my neighbor who had a moderate job but bought ten during the height of the craze only to lose it all and then some. In the 21st century it may become a thing to buy a house for the idea of having shelter and not getting rich. The only millionaire in our family lost it all because of this business of real estate. Rant over and enjoy your place, make it a home, and don't buy next one until you have this one paid off.
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post #15 of 45 (permalink) Old 06-23-2014, 08:37 PM Thread Starter
 
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Re: Moving!

Bingo! We intend to enjoy life. We're not going to the Jersey Shore this year, too much to do with the house once we're in, plus: we'll not have a lot of money left over, but we intend to take vacations, have weekend cookouts, have friends over for games, even games we don't normally watch. (not big on hockey here, but what the hell. LOL) because we want to work to live, not live to work.
We should be able to fairly easily handle just about any mortgage they throw at us, and it's not a huge house anyway, we do not intend to try to live beyond our means. And hopefully we'll be able to pay it down pretty quickly. I hate owing money, for anything. That's why I have so little credit history. I hardly ever use my cards and when I do; I pay the balance ASAP.
I've even been able to control myself when it comes to buying shoes. Now; that's hard for me!
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