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View Full Version : good informational resources for first time homebuyers

ellsworth81
10-12-2004, 12:02 PM
anyone have good links and info for n00b/prospective homebuyers?
kimpossible
10-12-2004, 12:41 PM
Fannie Mae Foundation (Multilingual) (http://www.homebuyingguide.com/)
SunWuKong
10-12-2004, 02:36 PM
put as much as it is reasonable into your downpayment, as to lower your monthly mortgage. if you do not plan on owning the property for 10 or 20 years, also look for property values in the neighborhood and make sure the property will increase a good amount of value.

i would also look into paying interest only for the first year and then refinancing for a lower rate after the first year. right now it's probably good to do an adjustable loan. well i don't know if interest rates are on the way up, but even montly adjustables have clauses which state that they can't suddenly jump something like 10%. you may consider a 1-year or 3-year arm and just refinance for a lower rate at the end of the term if interest rates are high by then. but personally i would even go for a monthly adjustable loan and then refinance after the first year. you can get a pretty low rate with those.
thaite
10-14-2004, 04:34 PM
http://mtgprofessor.com/
>:^|
10-15-2004, 02:54 PM
anyone have good links and info for n00b/prospective homebuyers?

1. Home inspection.
2. Don't let the previous owner stay after closing.
3. Write a clause into the contract that the previous owner has to take all his or her shit out of the house.

Two of the three were learned from experience. There is nothing quite like filling up 50+ garbage bags full of other people's crap.
Craig
10-15-2004, 02:56 PM
How can you afford a house in your situation ellsworth81 ?
ellsworth81
10-15-2004, 08:29 PM
How can you afford a house in your situation ellsworth81 ?

gotta learn the tricks of the trade someday, right?
Craig
10-15-2004, 08:37 PM
gotta learn the tricks of the trade someday, right?I guess; I'm working in Silicon Valley now and I'm certainly not in the mood to buy over here. How is your job search going ?
ellsworth81
10-15-2004, 10:32 PM
I guess; I'm working in Silicon Valley now and I'm certainly not in the mood to buy over here. How is your job search going ?

i guess it's a different kind of market out there?

i'm running out of reasons to be lazy .... so i'm anticipating it will start in earnest soon?