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I will own a home

frenchblueC2 said:
so there are 2 bedrooms upstairs? Where are the other two bedrooms?
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first floor at the end of the house. the current owner use on as the master bedroom and the other as an office. The one is a touch small to really be a bedroom but since it has a closet it is called a bedroom. I am figuring I will do the same for now. although I could make the cmputer room/office type space upstairs.
 
That's great! Congrats Brian! I'm in the process of home-buying as well. We're pre-approved and currently house-hunting. Just trying to find the perfect house. I may be picking your brain in a month or so about the closing process.

Our mortgage broker said the minimum we could put down was 3.5%.
 
iBrent said:
That's great! Congrats Brian! I'm in the process of home-buying as well. We're pre-approved and currently house-hunting. Just trying to find the perfect house. I may be picking your brain in a month or so about the closing process.

Our mortgage broker said the minimum we could put down was 3.5%.
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sure if I can answer any questions please let me know.


I think the amount down is depended on the loan type. I do believe the minumum down payment was increased recently.
 
Good luck with the new house, Brian! There is nothing so rewarding and frustrating at the same time as owning a house. Though the frustration tends to go away as soon as you punch a hole in your first wall with a large hammer. :)
 
bishop375 said:
Good luck with the new house, Brian! There is nothing so rewarding and frustrating at the same time as owning a house. Though the frustration tends to go away as soon as you punch a hole in your first wall with a large hammer. :)
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lmao. I think I will start with the garage roof as it appears to need some work.
 
Congrats!!

Congrats!!

Southern Enfield, eh? Are you talking down by the Mobil station going towards east Windsor, or over behind the strip malls on 190?

BTW, whatever you do, stay away from those 80/20 loans...I made the mistake of being a 1st time homebuyer and totally overstretched myself on the payments. You already know that Enfield is fairly pricey in the Property Tax dept, so I'm sure you've addressed that. that being said, right now is certainly a buyers market, and with all of the foolishness that was going on with these subprime mortages, I'm sure the bak will ONLY give you a loan if you are good and ready financially. I'm envious, I HATED going from a house to an apartment...not building any equity here, and the neighbors :censored::censored::censored::censored::censored: if I do so much as an oil change in the parking lot. But, my heat and hot water are included and the rent just went up after being here 4 years, so i'm certainly NOT complaining!
 
south eastern enfield maybe better to discribe the location, near the east windsor town line.

no playing around with the mortgage, its a normal 30 yr fixed rate mortgage with the normals wrapped up in it. So nice controlled monthly payments.
 
wontgrowup said:
BTW, whatever you do, stay away from those 80/20 loans...
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i have to disagree with that, but i guess it all depends on the situation.
we did an 80/20 loan to avoid PMI and once we got settled we refinanced and were able to lock in a 30yr fixed at below 80% of the homes value avoiding PMI again.
again, i guess this only works if you know in 6 months or a year that the houses value will increase enough to allow that.
 
Well...

Well...

Many of the larger Banks stopped doing 80/20 mortgages anyway(witness the whole Fannie Mae "thing"), and now is certainly the time to get into a house....It's certainly a buyers market!! I probably won't see another home until my son has moved out in two years...
 
well I had the home inspection yesterday. I think it went pretty well. Some of the repairs/updates where done on the cheap side but nothing that can't be address over time or down the road when needed. Example the roof could have been put on better. It was just a recover on top of the old roof. Other then little things the one big thing is the oil tank needs to be replaced but I was aware of that. So that is next up to figure out.
 
Holy crap! Nice yard - price seems a little high, or is that just what your market is like?? When you movin in?!
Get rid of that damn oil tank and go to forced air. Should be easy to do in a Rancheroo.
 
blu_fuz said:
Holy crap! Nice yard - price seems a little high, or is that just what your market is like?? When you movin in?!
Get rid of that damn oil tank and go to forced air. Should be easy to do in a Rancheroo.
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the price for this area is pretty good. Since this place is move in ready and really doesn't need work the price is in line with the comperables. homes that need alot of work/updates/cleaning etc are around $150k ~170k now.

and I am not paying the listed price, I got it for less :cool:

closing is tenatively set for December 30th. So I will be moving in over January of next year.

Also its a cape so installing forced hot air wouldn't be easy. Also I would have prefered natural gas heat anyway but it isn't in the are to my knowledge, or at least in that part of town.

now for the one down side so far. to break my lease I have to pay a 2 month rent fee. well as of this point in time either paying the fee or living out the lease would cost the same. So I hope I can sublet or transfer the lease to someone to help out on that front.
 
BrApple said:
now for the one down side so far. to break my lease I have to pay a 2 month rent fee. well as of this point in time either paying the fee or living out the lease would cost the same. So I hope I can sublet or transfer the lease to someone to help out on that front.
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Would you be able to apply the security deposit against that fee?


Where is the oil tank? in the basement or burried under ground?
 
frenchblueC2 said:
Would you be able to apply the security deposit against that fee?


Where is the oil tank? in the basement or burried under ground?
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no I don't believe I can do that. plus I opted for the $175 bond security deposit so I don't get anything back. If I live the lease out and someone wants the apartment then they would effectively take the lease over. but its hoping that someone would want to do that.

oil tank is in the basement so it isn't a hugh deal to replace. but its rusting, leaking and a leg is starting to colapse so it needs to be replaced.
 
Congratulations and have fun with your new home! There's just something satisfying about having your own property...
 
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