|
|
Joined: Jul 2004
Posts: 1,096
Hard-core CEG\'er
|
OP
Hard-core CEG\'er
Joined: Jul 2004
Posts: 1,096 |
Hey guys. Its been a while since Ive posted but Ive still been lurking around.
Welp, like the title says I am buying my own place. I was looking at single families and fixer uppers but this county is so goddamn expensive I couldn't find anything functional in my price range. So I am now looking at condos. There seem to be an abundance of penthouses in my price range wich is great because thats just what I want. I need the vaulted celeings so I dont feel cramped. Anywhoo... Just wondering is anyone has any advice about home loans or condos in general that would help me during the buying process.
I have already been approved for a loan and I am working with a realtor that is being extremly patient with me. I just havent decided on a place yet. Ive still got to make some calls to police departments to see what the crime rates are like in the areas I am looking.
Oh and one more thing. Im going to need to sell my SVT ASAP because Ive got no where to store it and after Im locked into a home loan Im not going to have the spare cash for any projects or toys for a while. For those of you who dont already know about it, it is stuck in second gear and has a rod knock. It's also missing the side skirts. Although, it has new G-Force tires and the upgraded shift tower from a Focus. Any offers? Highest offer by the time I move takes it away. PM me if your interested.
Enough with my rambeling.
98 Contour SVT (soon to be reborn)
2000 GMC Envoy... Screw you guys, I like it.
89' Mustang 5.0 (Just bolt on's... for now)
|
|
|
|
|
Joined: Aug 2004
Posts: 2,659
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Aug 2004
Posts: 2,659 |
Well, as far a buying a home I would get a home inspector to check out the house. To make sure everything is okay. THey usually charge $300-$500. But being a condo it should be to bad. Ask about association fees and what that covers. And if there is something wrong with the house make sure that the seller knows and maybe they can fix it before you move in or lower the selling price. Congrats on your new home and I wish you luck!
PM about car sent!
Oh and be patient. IT took me 6 months to find my home and trust me it was worth the wait. As far as the loan do you plan on staying for a long time? Because you do have alot of options. There are 30yrs fixed loans (if you plan on staying a long time) there are Interest only loans ( I dont recommend cause its risky, just paying interest, allows you to buy bigger home with less cash) 5yr and 7yr arms (fixed rate for 5yrs and 7yrs and after that you refinace hoping for a better rate. Ask you realtor they should be very helpful. Also make the banks work for you business. Shopp around dont just go with the first bank that will give you $$$. Trust me the banks are happy to give you cash.
Last edited by jtour; 01/14/06 01:50 AM.
"Do what you like, Because you have to drive it!"-Me
99 Contour LX
95 Mustang GT Convertible
97 Z24 Cavalier
|
|
|
|
|
Joined: Feb 2004
Posts: 7,392
Addicted CEG\'er
|
|
Addicted CEG\'er
Joined: Feb 2004
Posts: 7,392 |
i would be very careful about buying a condo/townhouse. make sure the local market will support you reselling it within a timeframe that you feel is realistic (probably 5 years-ish). it's very likely you'll want a single family house after a few years, and condo's are notorious for being hard to re-sell.... plus the housing market is about to get a lot softer for sellers. don't count on getting any equity from a condo within five years unless the market will support it.
i'd seriously investigate as much as possible with someone other than your realtor.
good luck!
02 Mustang GT... Tuned by Nelsons. Low 12's, anyone? 
.....______
___|______\_____
|/-\_________/-\_|
.\_/...............\_/
|
|
|
|
|
Joined: Aug 2004
Posts: 2,659
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Aug 2004
Posts: 2,659 |
Originally posted by MxRacer:
i would be very careful about buying a condo/townhouse. make sure the local market will support you reselling it within a timeframe that you feel is realistic (probably 5 years-ish). it's very likely you'll want a single family house after a few years, and condo's are notorious for being hard to re-sell.... plus the housing market is about to get a lot softer for sellers. don't count on getting any equity from a condo within five years unless the market will support it.
i'd seriously investigate as much as possible with someone other than your realtor.
good luck!
True, but I would look into keeping the condo and renting it out. Look at the renters market. You would be surprised how many people are looking to rent because of how hard it is to buy. Do some more research.
"Do what you like, Because you have to drive it!"-Me
99 Contour LX
95 Mustang GT Convertible
97 Z24 Cavalier
|
|
|
|
|
Joined: Feb 2004
Posts: 7,392
Addicted CEG\'er
|
|
Addicted CEG\'er
Joined: Feb 2004
Posts: 7,392 |
Originally posted by jtour:
Originally posted by MxRacer:
i would be very careful about buying a condo/townhouse. make sure the local market will support you reselling it within a timeframe that you feel is realistic (probably 5 years-ish). it's very likely you'll want a single family house after a few years, and condo's are notorious for being hard to re-sell.... plus the housing market is about to get a lot softer for sellers. don't count on getting any equity from a condo within five years unless the market will support it.
i'd seriously investigate as much as possible with someone other than your realtor.
good luck!
True, but I would look into keeping the condo and renting it out. Look at the renters market. You would be surprised how many people are looking to rent because of how hard it is to buy. Do some more research.
if you can swing a nut on two mortgages, more power to ya... but remember, that place isn't always occupied. paying two notes would tap most young people out VERY quickly. for someone buying a first home, it may not be the best idea. (i should know... i just moved out of a condo, and several neighbors can't get out from under theirs!)
02 Mustang GT... Tuned by Nelsons. Low 12's, anyone?
.....______
___|______\_____
|/-\_________/-\_|
.\_/...............\_/
|
|
|
|
|
Joined: Jul 2004
Posts: 1,096
Hard-core CEG\'er
|
|
OP
Hard-core CEG\'er
Joined: Jul 2004
Posts: 1,096 |
Here's the thing. I only have about a years worth of credit. I made the big mistake of waiting to start building credit until a little over a year ago. I have to go with a stated income loan with a higher interest rate. At least thats what Ive been told.
Also I dont have all that long to find a place. I am being forced to move by the end of march. The condo market in this area is unbelievable right now. They are appreciating like crazy. I want to find one I like so I can lock it down before the market spices up again. I have been researching the realestate market like crazy for the past month. Its just hard to find someone knoledgable about home loans that will give me unbiased advice without their own private agenda.
One more thing... How do I shop around for loans without having my credit pulled multiple times?
Forgive my spelling, its 3 in the morn and Im sick.
98 Contour SVT (soon to be reborn)
2000 GMC Envoy... Screw you guys, I like it.
89' Mustang 5.0 (Just bolt on's... for now)
|
|
|
|
|
Joined: Feb 2002
Posts: 1,451
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Feb 2002
Posts: 1,451 |
I'm not licensed in maryland so I can't write your loan but I would be happy to give you some info about financing. Send me a PM 
Vinny 2000 T-RED CSVT
MODS: 18" REV model 2 ST200 struts/Roush springs
CTA intake Pipe/K&N Filter
Dtec Heatshield
Optimized TB
True Duals w/ magnaflow mufflers/resonators
|
|
|
|
|
Joined: Mar 2002
Posts: 1,399
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Mar 2002
Posts: 1,399 |
Shop around/haggle for your mortgage rate. You can save a bundle. Don't immediately jump on the first offer. Remember, they're the ones who need you to get their money.
Also, check out the condo association's reserve fund. If there are big repairs coming, you don't want to suddenly stuck with a big repair bill. If the fund is big enough, it can soften the blow.
For that matter, check how old the building is, and if you can, find out about what has been done to it.
98 Silver Frost SVT
97 BMW 540I Sport, six speed
"Blue is for sky, black is for soil, and white is for simplicity, purity and hope for the future"
"A coveted car should never stunt your life, but should make it more rich and interesting."
|
|
|
|
|
Joined: Aug 2004
Posts: 2,659
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Aug 2004
Posts: 2,659 |
Also look for first time buyer benefits. They should help you out cause its your first purchase. Do some research on the NET. If you only plan on staying in for a little bit you can benefit from the appreciation value on the condo to buy your next home. Make it work for you. Good Luck.
"Do what you like, Because you have to drive it!"-Me
99 Contour LX
95 Mustang GT Convertible
97 Z24 Cavalier
|
|
|
|
|
Joined: Jul 2004
Posts: 1,096
Hard-core CEG\'er
|
|
OP
Hard-core CEG\'er
Joined: Jul 2004
Posts: 1,096 |
Originally posted by Pienstars:
I'm not licensed in maryland so I can't write your loan but I would be happy to give you some info about financing. Send me a PM
PM Sent.
98 Contour SVT (soon to be reborn)
2000 GMC Envoy... Screw you guys, I like it.
89' Mustang 5.0 (Just bolt on's... for now)
|
|
|
|
|
