What a thrill it is!

**RuthNY** · 10-18-2005, 12:45 PM

I've requested to be pre-approved for an amount to buy my own home. I'm not sure what I am doing at this point, but I want to know what my options are and how much home I can afford on my own.
The results are pretty good, I can afford a pretty decent home and it's about how much I was hoping for but the real thrill was to be told "You have fantastic credit!" THAT'S a thrill and I'm very proud

Now, I have to decide whether to go shopping... I do hate renting!

**homesteadmamma** · 10-18-2005, 12:49 PM

Thats exciting news. Can't wait to hear what you plan to do.

**Darlene** · 10-18-2005, 01:30 PM

Good for you Ruth! Remember not to buy too much house. You want to own the house, not have the house own you.

How exciting!

**Mom23boys** · 10-18-2005, 01:45 PM

Originally posted by RuthNY

but the real thrill was to be told "You have fantastic credit!"

What a an awesome phrase to hear!! Good luck with whatever you choose.

**sanderson76** · 10-18-2005, 03:05 PM

That is great. I am so excited for you

**Shell** · 10-18-2005, 06:36 PM

You should be very proud of your credit. WTG!

**Telephus44** · 10-18-2005, 06:49 PM

Congrats! That's even better than "I love your outfit!" in my book!

**ironmaiden** · 10-18-2005, 08:13 PM

Now that the bank has told you what you can afford, it is time for YOU to figure out what you can afford.

Stick to a fixed mortgage rate. Don't do any interest only or adjustable rates.

How old are you? If you are in your mid-forties or above, do you want to take out a 30 year loan? How do you plan on paying that mortgage post-65 years old? Work forever? Pay it off early? Sell the minute you retire?

Find out what taxes are in the various towns you are interested in.

How important are the quality of the schools to you? If you don't have kids, the perfectly good town next door with not the best schools would be a better buy in how much house you can get for your money. Good safe neighborhoods can be found in towns that have only okay schools.

Plan for the long haul. If real estate prices go down, you don't want to buy a house with the idea that you will move in about 5 years. That way if prices dip, it doesn't matter cause you'll ride it out.

What can you live with and what kind of work on a house could you do yourself? Outdated kitchen, old carpets, outdated wallpaper, outdated bathrooms, need a new roof, old furnace etc.

Figure out a guesstimate of utilities and taxes. Add these to a "mortgage" and figure out how much money the house would cost YOU per month.

Figure out how much you spend on other "stuff" now each month. Stuff like eating out, new clothes, money on kids if you have them, vacations etc. At what amount will a mortgage cramp your style?
How much are you willing to give up for a house? Are you willing to be house poor? Drive used cars? Give up eating out etc.

Use a mortgage calculator and figure out what different interest rates and amounts do to your monthly rate.

**Katybird** · 10-18-2005, 08:25 PM

Congratulations Ruth! That is exciting news. I know that you will find the home of your dreams out there waiting for you.

**Rachel Barratt** · 10-18-2005, 09:49 PM

Congratulations. The only thing I can add is take your time to find the right house. Buy an up-to-date map showing any planned roads. Buy a local paper to get an idea of the houses available, their prices and any trouble hotspots. If you like an area drive or walk round it on different days at different times to see if there are any problems such as noise and parking. Ask people who live in the area what they think of it. Good luck and happy house hunting.

**beckanoah** · 10-18-2005, 10:41 PM

Congratulations.

I hope I can be in the same place by August of Next year. Hopefully even moved in by then.

IronMaiden. You have great hints. I thank you.

**RuthNY** · 10-19-2005, 09:00 AM

Thanks for the well wishes and advice. This isn't going to be easy, I have so many variables right now. I will use my head tho, and I'll keep you posted.

**Jayne** · 10-19-2005, 09:25 AM

Thats wonderful Ruth!!!!...I hope you find a great house!!!

**Englishlady** · 10-19-2005, 10:28 AM

Ruth that is VERY good news!

I KNOW you will choose wisely

I pull out all the stops and I cruise the neighbourhood at Peak potential noise times, evenings weekends etc.

Chat to next door neighbours ( BEFORE putting in an offer

)

Signs of an up and coming area: Refurbs going on in shops other houses etc.

We live in a very small house, the type of which they don't build anymore ( which makes it easier to sell, eventually)

Small houses are cheap to heat/cool, easier to clean, you need LESS of everything

Worse case scenario if the market goes down or you need to sell. smaller houses appeal to MORE people because folks will always want to own their own home, but those with bigger homes wanting to down size and first-time buyers will all equally be interested in a nicely presented smaller home

Good luck
karen

**UPSyours2** · 10-20-2005, 10:50 PM

Originally posted by RuthNY

"You have fantastic credit!" THAT'S a thrill and I'm very proud

Ruth that is wonderful news

Good Luck house hunting

your dream home awaits you!

DH Mom has excellent credit too! DH credit was really good up until he decided to own a business & then got into problems since his VW business parts shop was legal but the one next to him where all the work was done people were going after him so his accountant said to file for Bankruptcy.

Things got settled & we bought our home quite a few years later.

it's a small cape that was added on in the back kitchen area & BR, has 2 rooms upstairs.

We are going to add on probably in the spring, making the kitchen alot more bigger (so I can have a pantry & storage space for all my pots N pans, etc. DH needs room for his pool table (now it's sitting on the deck all bundled up) We had no choice since we needed space for Ma to move in & climbing stairs she doesn't do very well since she's got hip & vision problems. (DH also)

DH is working on the plans still