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MattW
08-30-2007, 03:55 PM
Bought our first home!!! We're out of contract review and shopped and locked for a mortgage. Closing in late Oct.

Started a nice bidding war between two national banks already offering low closing costs, and got the one with the better rates to cut their closing costs by over $4K!

Most people might be wary to buy right now, but this was our timeline, and our credit is good enough to still qualify for some good loans. On top of that, we found a great property that the seller was desperate to finally sell. Negotiated down almost 5% off their already reduced price.

Scary and exciting all at once...

Mandy-Jane
08-30-2007, 04:03 PM
Congratulations! Owning your own home is great. And it beats renting!

aadams73
08-30-2007, 04:04 PM
Congratulations!!

reigningcatsndogs
08-30-2007, 04:07 PM
Congratulations!!!! That's so exciting!!!
(now, run out and buy a tool box and a lawn mower and...)

Rolling Thunder
08-30-2007, 04:10 PM
Now is an excellent time to buy a home. If you can get the credit, of course. Congratulations!

NeuroFizz
08-30-2007, 04:58 PM
Congrats, Matt. Home ownership is so satisfying. But, your car will soon know the way to Home Depot by heart.

jodiodi
08-30-2007, 05:04 PM
Congratulations.

We bought our first home in 2005 when my husband retired from the military. I came down from Alaska with a friend who knew what to look for, and I have to say I'm grateful. The paperwork is tedious, but worth it. Neither my husband nor I had ever bought a home before. Mine was inherited so it was quite a learning experience. Plus, it's great to know you can do whatever you want with your own house and nobody can forbid you--like if you want your livingroom painted bold chartruse. (My mother actually painted our kitchen that when I was a kid.)

And as for Home Depot--my favorite store.

Azraelsbane
08-30-2007, 05:19 PM
Congrats! My husband and I just bought our first home in July, and we love it! :D Now is an awesome time to buy because the market is in the toilet. Tons of people trying to sell, not many buying. We got our 1200 sq. ft. 3/2 house for 140k, and it's only 3 years old! :D It's not a big house, but the price was right.

Also, the person talking about Home Depot... Totally spot on. ;)

Have fun with the new house! Don't dedicate a room to boxes like I did...2 months later, and it's still a box room. I figure we'll have to clean it our when we have a kid. :roll:

Ol' Fashioned Girl
08-30-2007, 05:22 PM
We're within three years of paying ours off! Woohoo! There're some tempting deals out there, but the thought of another mortgage... oy!

Congrats! Hope you're as happy as we've been. :)

Rolling Thunder
08-30-2007, 05:28 PM
We're within three years of paying ours off! Woohoo! There're some tempting deals out there, but the thought of another mortgage... oy!

Congrats! Hope you're as happy as we've been. :)

Actually, a mortgage is great protection in many ways. As long as the first lien is being kept up to date your worries about other things are lessened. A free and clear title is great but it also opens up certain problems. Now you have equity, a lot of equity. If you were to get into a car accident or such, and your insurance falls short if you're sued, your house is at greater risk.

Generally, banks holding a first lien on a house can't prevent a second lien being placed against the property. But they can prevent a liquidation if the mortgage is being paid regularly. Lawyers also look at that first lien to decide if a lawsuit is worthwhile. The less assets available for a lawsuit, the less likely they are to push the matter.

maestrowork
08-30-2007, 05:39 PM
well, there are lots of headaches associated with home ownership, but i would buy another house if i could -- it's good investment if nothing else, and the mortgage has good benefits.

MidnightMuse
08-30-2007, 06:14 PM
Congratulations!

Seriously, all plumbing disasters aside, I wouldn't trade owning my home for anything. It's a wonderful feeling, and the best investment of your money that you can make. Yes, there are risks, and you'll get to know Home Depot better than you'd like (I prefer Lowes, myself).

But having complete control over what your home looks like is fantastic ! Just keep some tools handy, and 911 on the speed dial :D

maestrowork
08-30-2007, 06:16 PM
I am boycotting Home Depot. So Lowes for me from now on, until they screw up, of course.

MidnightMuse
08-30-2007, 06:22 PM
They're building a Lowes just 10 miles from my house, I'm hoping that's not a sign :D

jodiodi
08-30-2007, 06:23 PM
Oh yes! The tax benefits of home ownership: I forgot. I didn't even know about that the first year we had the house. This past year's taxes, however, were significantly less because I could write off the interest or something like that on our mortgage. Also, when we travel 11 hours down to GA, to see about the house down there, the trip can be written off partially because we're tending to rental property.

I like Lowes too. I love going through the kitchen design areas of both stores and drooling, my trembling fingers brushing over the cabinets.

MattW
08-31-2007, 01:55 AM
Before this year, I never knew Home Depot had Labor Day sales!

Now I want to buy all this stuff, but I don't even have the house to put it in yet... Hardwood floors 20% off, and I'm planning to put them in before moving in.

Mandy-Jane
08-31-2007, 05:10 AM
We're within three years of paying ours off! Woohoo! There're some tempting deals out there, but the thought of another mortgage... oy!
:)

We were within one year of paying ours off, and then we went and sold it and bought a bigger place. Now we're more in debt than we've ever been! (But we love our house!)