I got pre-approved for a home loan!!!

[bry3]

I just got pre-approved for home loan today. I've dreamed of being a home owner for the last 10 years and now it's almost a reality (I'm 34 now). I've worked so hard to come this far in my life, I'm just excited that I'll be able to say that I own a home.

[CaptainTom]

congratulations from a former loan officer. Getting a home loan in todays market is harder than ever. You'll love having the tax reduction and the appreciation (once the market goes back to normal).

[toverman]

Congrats!

You'll also love having to fix every stinkin' thing that goes wrong! But that's part of the joy.

[keefeborden]

Originally Posted by bry3

I just got pre-approved for home loan today. I've dreamed of being a home owner for the last 10 years and now it's almost a reality (I'm 34 now). I've worked so hard to come this far in my life, I'm just excited that I'll be able to say that I own a home.

Ben: To begin with, congratulations on your new home. I procrastinated as long as I could before buying a home. I closed on the home about three years ago, but have never felt the sense of accomplishment. If I told you: "I signed documents today which will put me deep in debt for the next 30 years," your reply might be something like: "my sincere condolences. I'm truly sorry to hear that." As far as I'm concerned, that's what buying a home amounts to: incurring massive debt, large repair bills, upkeeping, taxes and insurance costs that I didn't have to deal with before. Yes, I do have more place to store my stuff, but that's a small gain. To me, the real accomplishment comes when you pay off the mortgage. In my case, that won't happen for many years, if ever. As far as I'm concerned, the bank owns the home until the mortgage is paid off. Until then, I'm allowed to live in it as long as I keep paying mortgages, taxes, insurance, maintenance, and repair bills.

Again, I don't mean to belittle your accomplishment. I merely meant to say that I never felt the same sense of achievement that most others have when they buy the home.
Best, Keefe.

[gmarblestone]

dude, what a downer...

Owning a home is a good investment as long as you can afford it. Remember inflation is a natural thing and helps you with this long investment. A house payment of 900 a month (not including taxes) might seem like a lot right now, but in 10 years because of inflation it will be more like 500 to you. IF you rent however your payment rises with inflation. So in 10 years you would be paying 1400 a month. Add to this the fact that there is a good chance that your house will increase in value, not only due to inflation but perhaps due to a good housing market AND add the tax benefit you will get from interest.

So, yes, there is ALWAYS something to do in your house and you have to do it: The air will go out, the fridge will break, the house will need painting. But i promise, in about 5 years when you are done "remodeling" and tired of fixing things... you will enjoy it :).

JUST MAKE SURE YOU CAN AFFORD IT! DON'T LIVE HOUSE POOR.

G

Originally Posted by keefeborden

Ben: To begin with, congratulations on your new home. I procrastinated as long as I could before buying a home. I closed on the home about three years ago, but have never felt the sense of accomplishment. If I told you: "I signed documents today which will put me deep in debt for the next 30 years," your reply might be something like: "my sincere condolences. I'm truly sorry to hear that." As far as I'm concerned, that's what buying a home amounts to: incurring massive debt, large repair bills, upkeeping, taxes and insurance costs that I didn't have to deal with before. Yes, I do have more place to store my stuff, but that's a small gain. To me, the real accomplishment comes when you pay off the mortgage. In my case, that won't happen for many years, if ever. As far as I'm concerned, the bank owns the home until the mortgage is paid off. Until then, I'm allowed to live in it as long as I keep paying mortgages, taxes, insurance, maintenance, and repair bills.

Again, I don't mean to belittle your accomplishment. I merely meant to say that I never felt the same sense of achievement that most others have when they buy the home.
Best, Keefe.

[Detonate]

Please buy my house!!!

[Jake]

Originally Posted by Detonate

Please buy my house!!!

You should put that in your sig with your D2x and 12-24mm

[Detonate]

Excellent suggestion.

DONE!

[Jake]

Originally Posted by Detonate

Excellent suggestion.

DONE!

You will have it sold in no time now!

[toverman]

Originally Posted by keefeborden

If I told you: "I signed documents today which will put me deep in debt for the next 30 years," your reply might be something like: "my sincere condolences. I'm truly sorry to hear that."

Few people live in a home for 30 years nowadays. When it's a long-term investment, property tends to gain at least a little value over time. Think of it as building equity that someday you'll be able to recoup. All renting helps you do is build credit and have a usually short-term place to live. Sorry your home hasn't been a positive experience for you so far.

My comment above was a bit tongue-in-cheek. My wife and I bought less house than we could afford (aka "fixer-upper") that was large enough to accommodate the family we planned to have. With two kids, it's getting small, but we don't regret our decision. Still in the process of fixer-uppering, but seeing how we owe less than the appraised value, we hope to get a return in a few years when we move to another house.

[Shane]

I work for a large Fortune 500 builder, and I will tell you that now is a good time to buy - it is a BUYERS market . . . and would you rather buy in a buyers market or a sellers market?

With builders and pre-owned homes selling at significant discounts, it is a great time to get in and take advantage of built-in equity when the market gets back to normal.

Don't let the doomsday bunch talk you down - when the market is good, everyone thinks it will be good forever and when the market is bad, everyone thinks it will be bad forever - the reality is that there are always ups & downs and we are in a down right now, so with interest rates low and prices even lower, take advantage of this unique opportunity.

Like someone said above, be smart in your purchase and budget for additional costs so buy as much house as you can afford, not as much house as you want.

Enjoy your new home!!!

[d2creative]

Originally Posted by keefeborden

Ben: To begin with, congratulations on your new home. I procrastinated as long as I could before buying a home. I closed on the home about three years ago, but have never felt the sense of accomplishment. If I told you: "I signed documents today which will put me deep in debt for the next 30 years," your reply might be something like: "my sincere condolences. I'm truly sorry to hear that." As far as I'm concerned, that's what buying a home amounts to: incurring massive debt, large repair bills, upkeeping, taxes and insurance costs that I didn't have to deal with before. Yes, I do have more place to store my stuff, but that's a small gain. To me, the real accomplishment comes when you pay off the mortgage. In my case, that won't happen for many years, if ever. As far as I'm concerned, the bank owns the home until the mortgage is paid off. Until then, I'm allowed to live in it as long as I keep paying mortgages, taxes, insurance, maintenance, and repair bills.

Again, I don't mean to belittle your accomplishment. I merely meant to say that I never felt the same sense of achievement that most others have when they buy the home.
Best, Keefe.

It all depends where you buy. My home goes up in value about 10k/year, especially with improvements. This is pretty good considering it was 40 years old when i bought it and it only cost me $140k. So when i do sell, i leave with a lot more than what I came in with.

But yes, sometimes I question it when I think that I could be paying one flat fee every month to live somewhere and not have to worry about anything else.

[gmarblestone]

One more suggestion. In Houston i have found that it is smarter to buy an older house closer into town than a new house out side of town. Now this is very much a personal opinion. But i find that when you do go to sell in 10 years or so the houses in town most likely will consistently go up. But in the outskirts of town there is still more room to build so you can get a new house instead of your 10 year old house in the same location for the same money. Why buy used?

You live in ft worth, so i have no clue if its true there?
Anyone agree/disagree?

G

Originally Posted by d2creative

It all depends where you buy. My home goes up in value about 10k/year, especially with improvements. This is pretty good considering it was 40 years old when i bought it and it only cost me $140k. So when i do sell, i leave with a lot more than what I came in with.

But yes, sometimes I question it when I think that I could be paying one flat fee every month to live somewhere and not have to worry about anything else.

[ndsimm]

Congrats on the pre-approval!
until the papers are completely signed and you have the keys in hand - DO NOT go and buy ANYTHING else on credit. the bank preapproved you based on what is currently on your report and if you suddenly go get the Plasma at Best Buy, the new car for the garage, etc... you could lose the approval (I've seen it happen)
Take your time with the process and don't let the gloom and doomers in the market get you down....

[d2creative]

Originally Posted by gmarblestone

One more suggestion. In Houston i have found that it is smarter to buy an older house closer into town than a new house out side of town. Now this is very much a personal opinion. But i find that when you do go to sell in 10 years or so the houses in town most likely will consistently go up. But in the outskirts of town there is still more room to build so you can get a new house instead of your 10 year old house in the same location for the same money. Why buy used?

You live in ft worth, so i have no clue if its true there?
Anyone agree/disagree?

G

Bingo. I should have mentioned that. Spot on with our experience.