First Time Home Buyer!!!
cbl117
Posts: 285
Hey Guys,
I'm really excited and wanted to share that I just put my first offer ever on a home. The offer goes in this morning and I have until friday to hear back from the seller. The house is in mount washington in LA. Its a 20's cottage. There are so many things happening at once and I don't even know how to fully pay for closing costs!:o
I'm really excited and wanted to share that I just put my first offer ever on a home. The offer goes in this morning and I have until friday to hear back from the seller. The house is in mount washington in LA. Its a 20's cottage. There are so many things happening at once and I don't even know how to fully pay for closing costs!:o
2 Channel
Vandersteen 3a Sigs
Music Reference RM-200
Hovland HP-100
VPI Scout w/ Benz Ace
Rotel RCD-1072
Cardas Golden Reference Speaker Cables
Cardas Golden Reference Interconnects
Cardas Golden Power Cords
PS Audio UPC-200HB
Black Diamond Racing Isolation
Vandersteen 3a Sigs
Music Reference RM-200
Hovland HP-100
VPI Scout w/ Benz Ace
Rotel RCD-1072
Cardas Golden Reference Speaker Cables
Cardas Golden Reference Interconnects
Cardas Golden Power Cords
PS Audio UPC-200HB
Black Diamond Racing Isolation
Post edited by cbl117 on
Comments
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Congrats! We just bought our first home last year. See if you can get the seller to incur the closing costs. That's what we did.I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore
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Congrats. Its quite an experience!
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Great news! We bought our first house last year as well, it was a process but I'm so glad that we did it. I (almost) can't wait to see what tax time brings this year!Wristwatch--->Crisco
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I just bought my first house this year, too. Things will be tight the first few months... they still are for me. I still don't know how I managed to pay for closing and my first month's bills... perhaps that has something to do with why my CC's are all maxed out
. But, I'm working my way back, and it feels good to be putting money into something that's getting me more equity every payment I make. Plus, I can do whatever the hell I want with it. Ludicrous gibs! -
Congrats and good luckengtaz
I love how music can brighten up a bad day. -
But, I'm working my way back, and it feels good to be putting money into something that's getting me more equity every payment I make.
I think that was the biggest shock -- looking at the amortization schedule. Absolutely nothing has been going toward the principal. We've been paying an $850 mortgage for about a year and a half, and have only amassed about $500 in equity. C'est la vie blah blah sera.I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore -
There's an easy fix to that. Most mortgages allow you to pay extra at any time towards the principal. If you pay an extra $50 or 100 a month (or whatever you can afford) beyond your "payment due" amount, it goes towards the principal of the loan. You can knock years off the term of a loan doing this. We paid off a 15 year mortgage in about 1/2 that time by doing this.I think that was the biggest shock -- looking at the amortization schedule. Absolutely nothing has been going toward the principal. We've been paying an $850 mortgage for about a year and a half, and have only amassed about $500 in equity.
There are probably on-line calculators to let you do this sort of "what if" analysis. Since the math on interest is pretty straightforward, I wrote an Excel spreadsheet to do it (back, like, 15 years ago). I must still have an e-copy of it someplace... -
Thanks for the tip. I just figured paying extra would work in the same way as paying extra on car payments -- in that it was simply substracted from your next month's bill. At least, that's the way my first car's loan was set-up...I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore
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I pay $408 a month... about $40 goes towards the principal. I've got a 5.75% interest loan, taxes are included in that payment, and I'm paying mortgage insurance because I only put 3% down on the house.
Once the PMI comes off and I can afford to start paying a little more on the principle alone, it should go quicker. Of course, my mortgage also only started at $42,100.Ludicrous gibs! -
And, zombie boy, mhardy is correct, most mortgages allow you to pay extra on the principle alone without penalties. I know mine does...Ludicrous gibs!
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Then that's the way I'll roll from here on out. Thanks nadams and mhardy and congrats CBL. Any possibility you were able to swing a dedicated audio room?I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore
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mhardy6647 wrote: »There's an easy fix to that. Most mortgages allow you to pay extra at any time towards the principal. If you pay an extra $50 or 100 a month (or whatever you can afford) beyond your "payment due" amount, it goes towards the principal of the loan. You can knock years off the term of a loan doing this. We paid off a 15 year mortgage in about 1/2 that time by doing this.
There are probably on-line calculators to let you do this sort of "what if" analysis. Since the math on interest is pretty straightforward, I wrote an Excel spreadsheet to do it (back, like, 15 years ago). I must still have an e-copy of it someplace...
That is something to think about, thanks for the tip!Wristwatch--->Crisco -
Here's a calculator, by the way.
http://money.ninemsn.com.au/property/tools/principal-and-interest-calculator.aspx -
I pay $408 a month... about $40 goes towards the principal. I've got a 5.75% interest loan, taxes are included in that payment, and I'm paying mortgage insurance because I only put 3% down on the house.
Once the PMI comes off and I can afford to start paying a little more on the principle alone, it should go quicker. Of course, my mortgage also only started at $42,100.
Jeeez I want that kind of mortgage.
My taxes alone are $600 a month in escrow, NO PMI.
Congrats cbl117! -
Hey Guys,
I'm really excited and wanted to share that I just put my first offer ever on a home. The offer goes in this morning and I have until friday to hear back from the seller. The house is in mount washington in LA. Its a 20's cottage. There are so many things happening at once and I don't even know how to fully pay for closing costs!:o
good job!!
now all your weekends will be busy..
There's always something to do...whether you like it or not...lolPioneer Elite VSX-53, Polk RT800i fronts, Polk CS400i center, FX500i surround, Velodyne sub -
Congrats!! Good luck on the offer. When it's accepted is when the fun starts;)
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Congrats. Mt. Washington is a nice little area. Lots of well kept homes and long time residents. Just for future reference, if your closing costs are a problem you can always increase your offer by the amount of your estimated closing costs, then ask the seller to pay your costs for you. It wont cost the seller anything and basically you just financed the cost. Although, most lenders will limit the amount of non-recurring costs the seller can pay, but in most cases you can fit all or most of the closing cost in. Again, congrats, you big balla you!:cool:Everytime I think I'm out, THEY PULL ME BACK IN!!!!!!
Polk 70's,40,30's
Velo DLS 3500 Sub
JVC 61" HD-ILA
Sony DA4ES AVR
Oppo 981 DVD
Sony CDP-CX235 CD
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UPDATE: My realtor spoke with the seller's realtor and it looks promising. 80/20 in our favor as he put it! :eek: I'll find out for sure tomorrow evening.2 Channel
Vandersteen 3a Sigs
Music Reference RM-200
Hovland HP-100
VPI Scout w/ Benz Ace
Rotel RCD-1072
Cardas Golden Reference Speaker Cables
Cardas Golden Reference Interconnects
Cardas Golden Power Cords
PS Audio UPC-200HB
Black Diamond Racing Isolation -
Good luck/ congrats! I am hoping to join you in just a few months, so I'm starting to feel the bubble gut a little bit. Can't imagine how you're feeling right now 2007 Club Polk Football Pool Champ
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Congratulations:
Beyond on my fourth home, may I offer a piece or two of advice that has served us well. Each year do one major improvement to the home. This will allow you to leave it in better shape than when you bought it. Don't neglect the yard, curb appeal is a big part of the home as an investment.
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Amplifiers: Parasound Halo P6 pre, Vista Audio i34, Peachtree amp500, Adcom GFP-565 GFA-535ii, 545ii, 555ii
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The sellers accepted the offer!!! Escrow closes in 30 days!!!
Some interesting info...After figuring out next years tax return with purchasing this home, it will only cost an extra $180 dollars a month to go from renting to owning a home. And thats conservative considering I'm still going to get half of my property taxes in tax returns.2 Channel
Vandersteen 3a Sigs
Music Reference RM-200
Hovland HP-100
VPI Scout w/ Benz Ace
Rotel RCD-1072
Cardas Golden Reference Speaker Cables
Cardas Golden Reference Interconnects
Cardas Golden Power Cords
PS Audio UPC-200HB
Black Diamond Racing Isolation -
Good luck with homes in LA. I really don't know how you guys do it out there. Yea, the taxes are high in Texas, but the houses are cheap.
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The statistic was something like this: Pay 1 extra payment a year (directly to principle) and you will cut 12 years off the life of a 30 year mortgage.Testing
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See if your mortgage company will allow you to make bi-weekly payments instead of a monthly payment. There is your one extra payment a year. It's a system that works well for folks that are PAID bi-weekly.
I also believe if along with your first mortgage payment, you make an equivalent principal payment, it'll knock a 30 year mortgage down to about 23 years. -
Owning is soooooo much better than renting. Congrats on the offer being accepted! Take a few days to let things calm down and then we'll talk about where to go from here.
