 Security deposit from the landlord...? |
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 Can a timeshare company ask you to pay for the gifts they gave you at the time of sale if you request to cance? |
Can a timeshare company ask you to pay for the gifts they gave you at the time of sale if you request to cancel your contract due to misrepresentation?
We purchased a timeshare and were ... |
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| I met somebody yesterday regardinng renting an apartment. The place was great and bigger than most. I found the number on craigslist, but at least she gave a number and did NOT give any weird stories ... |
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 I am buying a house on contract from a friend...have a question? |
Hi,
I am buying a house on contract from a friend....In the near future, when I have the full down payment, I will get financing through a bank.
We have talked to several local ... |
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 Applying for housing benefits for private rented home. How can council pay for deposit? And how much approx? |
Basically, me and my fiance are getting housing benefits, £450 a month.
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The council said the H... |
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I own land, with a tax value of 35k. I cash purchased a single wide manufactured home, and installed a septic.
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Twins Due 7-22-10 | Buying our first home, and its a little scary!!? |
So my husband and I just bought our first home, we close next week. We bought a 4 br. 2 bath for 71600, which the seller is paying closing and we get $1700 in brand new appliances. But the asking price was 69900, we tried to bring it down but the seller did not, instead it went up for our appliances. Was this a smart move? Our payments are $499 a month and our intrest is set at 4.875%. I just want to make sure we are not getting in over our heads!! We are about to have our 3/4th kids and we really need a house, but where we live now we only pay $265 a month in rent. What are some good tips for first time home buyers? Thanks!
Additional Details
Yes we have our taxes and insurance in with our house payment which is 499 a month |
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Billy Cunningham
|
i wouldn't be worried one bit, WHere i live in oregon, you can find a junker house for 145,000.
69,900 is the price of the bare lot,. |
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Arbor Mortgage
 |
It sounds like you are getting a terrific deal. You should be proud of yourselves! Congratulations!!
Use this short checklist
http://thearboredge.blogspot.com/2009/12/making-successufl-move-address-tiny.html
As a first time home buyer, start an emergency fund right away. Pick an amount you can afford and start putting it in a savings account every paycheck. Even if it's only twenty dollars, put away something, so if you have a major breakdown, you've got something to fall back on.
Good luck!! |
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Froufrou
 |
Sounds like buyer's remorse, which is not unusual. I probably would not have financed new appliances over 30 years like that, but what's done is done.
You do not mention your PMI or taxes. I am hoping they are included and the $499 is not just your P&I. You probably have done as well a possible, if your location is good, as there is no way to get something for the $265 you have been paying.
Best Wishes! |
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John
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If you think that it's a good deal then it is!
The seller paying closing costs is a good deal. They can be as high as 5K in some areas.
Only you know if it is a good idea.
Can you afford the monthly payments of $499? Does that include real estate taxes?
Do you have enough left over for maintenance & unexpected repairs?
Will you & your family have a better life & a nicer place to live?
Most of us feel whats called "buyers remorse" a fear of the unknown.
Sometimes it's just easier to pay the rent but there is also pride of ownership. |
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Banker
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You got a great price and interest rate. The amortized cost of the appliances is negligible in a mortgage, don't worry too much about it. That $499 doesn't include taxes, figure on 3-5 % of the value of the house per year in taxes (much less in some cases) so if your house's value is 70,000 figure about 3,000.00 a year in taxes and you get a monthly payment of about $750.00 for your living costs. Ask your lender to put your taxes and insurance in escrow, this ensures they are paid, on time by the bank, it's easier for you, safer for them. You must be ready to pay for incidental improvements and major emergencies that appear once you own a home. The costs will go way up in winter with utility usage too. The best advice is to reduce or eliminate discretionary spending, build a large savings account and try not to use credit cards. |
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