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Homeowner?
Feb. 5th, 2011 05:16 pmSo I've been thinking more and more lately about buying a home. This is certainly the market for it and mortgage rates are at a low. I've signed up with a couple of "search for a house for sale" sites and I just got back from a meeting with a mortgage lender. I was pre-approved for the amount that's my personal cap, so the next step is finding a house.
I'm really quite nervous about this.
The lender gave me a couple of options, one of which looks rather nicer than the others and would cover the deposit for the loan up to $8000. Even so, I'm going to be required to put $1000 into the purchase, via inspections or pre-paying hazard insurance or something, in order to qualify. It's weird, because I think that $1000 would be the most money I've ever held in my hands at once, even as a check. Even when I got my car, the payment went straight from the credit union to the dealership. I should be able to save up the money before I would actually close on the house, barring injury, accident or emergency. Still it's weird
On the plus side, the lender worked it out for me and, including property taxes and house insurance, a loan for $120,000 (my limit) would still work out to lower monthly mortgage payment than I'm paying right now in rent.
I'm really quite nervous about this.
The lender gave me a couple of options, one of which looks rather nicer than the others and would cover the deposit for the loan up to $8000. Even so, I'm going to be required to put $1000 into the purchase, via inspections or pre-paying hazard insurance or something, in order to qualify. It's weird, because I think that $1000 would be the most money I've ever held in my hands at once, even as a check. Even when I got my car, the payment went straight from the credit union to the dealership. I should be able to save up the money before I would actually close on the house, barring injury, accident or emergency. Still it's weird
On the plus side, the lender worked it out for me and, including property taxes and house insurance, a loan for $120,000 (my limit) would still work out to lower monthly mortgage payment than I'm paying right now in rent.
