I'm buying a house!!!!

[Charlesbusa]

I can barely believe it!!  I made an offer on this house yesterday and they have accepted it!!
3 bedroom  1 1/2 bath  attached garage
1260sq ft    5200 sq ft lot   great neighberhood
Its in Lakewood which is near Long Beach, CA.
I got it for probably $50,000 to $60,000 less than what it could have sold for.

Great deal and I really love this house!!
29 yrs old and buying my first house....

 

[flrider]

Great going!! Here in NorCal the homes are selling for over asking price, not lower than asking or appraised value. Congratulations on your 1st.

 

[phatjoe]

sweet congrats

enjoy

 

[Revlis]

Yeah Buddy, That first house feels good man... Congrats...

 

[VaBusa]

Congrats on the new home! Looks nice...

 

[thesnake]

Not bad at all charles--- at 29 your making a great decision.

 

[BulletTrain]

Congrats!

Buyin' yer own home is a wonderful experience... if you survive it. Hehehehehe

 

[thesnake]

if you ask me it just sucks away riding time. Grass, landscaping, repairs, painting, shopping, etc, etc

 

[thesnake]

BUT is beats the hell outa renting!

 

[Projekt]

Congratulations, I am putting my house up for sale in Lorton, VA should walk away with a nice sum of money.
The best advice I can give is: Don't spend too much time at Home Depot or else it will get overwhelming. One small Projekt® per month is probably good if not go slower than that. Most homeowners will agree that once you buy a house it is never finished. However it is a great way to accumulate equity and possibly cash some money out in the future when you sell. What sort of rate did you get from your mortgage company? Are you going 15-30year fixed or a 5 or 7/1 arm?

 

[BigBSBusa]

Sweet, man! I know the feeling is amazing! The projects will now increase, 'Busa time will fade but hey! Seriously, it sounds like you got a good deal and if you decide to sell should be able to make a little change off of it. Congrats!

 

[Charlesbusa]

What sort of rate did you get from your mortgage company? Are you going 15-30year fixed or a 5 or 7/1 arm?

The rate will be 6.25% or lower. 30yr fixed
5.5% or lower. 7yr arm

Or lower because the lender has agreed that if interest rates drop so will mine but if they rise mine will not.

Haven't decided on 7yr arm, 10yr arm, or 30 fixed. I'm actually going to start a poll just to get different views on the loans. Look for that poll

 

[thesnake]

Finance is one of the things I know a little about.

Before you can ask which is best, you need to determine how long your going to be in the residence. Most people flip on average around every 5 years.

With that said, rates will go up from here. It's pretty simple, if you plan on being in the house longer than the fix portion of the ARM, your going to get raked. If your planning on flipping it sometime during the fixed portion, by all means use to to save some financing cash.

I ain't one for moving, so I went with a 15yr fixed at 4.75 w/ no points (refi a few months ago). Rates have ticked up since then, but are still  pretty low now. The rate your quoted is way to high assuming you have very good credit. In CA right now, a 30yr fixed can be had for around 5.4% w/ no points. It all depends on the credit, lock period, etc though.

Assuming your not broke, never touch any morgage deal that offers "no money closing / free closing" as all they are doing is scalping you on the rate. In effect your paying them points in the form of a mortgage rate.

let me know if you have any specific questions-- glad to help.

-snake



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Reason for Edit: "typo -- meant to say 4.75"|1092074119 -->

 

[Big O]

HeheHEY!!! Congrats on the new house!!!
Now you can have your own garage.
Don't worry about taking away from your riding time...you find that there's nothing so important to do around the house that can't be put off so you can go riding. And with the bike Right There in the garage, begging to go for a ride, how can you resist?

Hmmm, cut foot-high grass in front yard or go for a ride...hmmm decisions decisions. Buy a dishwasher, get a landscaper, and a maid.

 

[Charlesbusa]

Hmmm, cut foot-high grass in front yard or go for a ride...hmmm decisions decisions.  Buy a dishwasher, get a landscaper, and a maid.

I can't wait to make those kind of decisions!!!!

 

[Pipefighter248]

Congrats on the house.

 

[MzBusa]

Nice house...Congradulations!!

 

[tbonebusa]

Great move....can't go wrong with real estate in California these days....

 

[PACIFICBUSA]

congrats, bro! Nice house, BTW...

 

[banditoo]

Right on brutha !! Having bought my first place in my early twenties was definitely sweet ass as well !!! Now if only us Canucks could use our mortgages for tax write down's like you American folk can