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Old 09-29-2008, 02:58 PM   #71
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Saph, everyone wants to share in your joy of owning a new home but us oldtimers know the pitfalls.......please don't take it as a downer...........people care and they've taken the time to share with you........my home will never sell now...........not with the current market............but I love it and I'll stay with it.......hurricane Ike knocked down the fence all the way around.......neighbor Jimmy is willing to share the now open view and when the time is right we'll go in on fence together..........we could buy one now but if he wants to help out we'll wait........
You are absolutely right. The large equity position that I have in my home today is the result of the $500 I put down on my first home. Remember worrying over how I was going to pay the $79 payment. A home is probably your best investment, and the only one that you can really enjoy while it earns for you.
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Old 09-29-2008, 03:06 PM   #72
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DQ, you are pretty much correct. The typical user and purchaser of a home inspection is the buyer for his own use. They are relatively cheap (a couple of hundred bucks here), and can save you a ton. As I stated, I will not crawl under a home and inspect pipes for a few dollars. Another point, the appraiser is NOT a home inspector or engineer, nor do they work for you. Their job is to estimate market value under a predetermined set of conditions, generally as is, and their client is the mortgage company. Yeah, I know, you paid for it, but the bank is still my client.
You are a breath of fresh air.......where did you hale from???
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Old 09-29-2008, 03:58 PM   #73
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You are absolutely right. The large equity position that I have in my home today is the result of the $500 I put down on my first home. Remember worrying over how I was going to pay the $79 payment. A home is probably your best investment, and the only one that you can really enjoy while it earns for you.
You're right............
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Old 09-29-2008, 04:08 PM   #74
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With the financial markets being what they are internationally, make sure your mortgage money is assured and your rate locked in.
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Old 09-29-2008, 04:49 PM   #75
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You are a breath of fresh air.......where did you hale from???
I am currently living in Richmond, Va, formerly from Colorado.
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Old 09-29-2008, 05:45 PM   #76
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I appreciate all the advice everyone!

Good news, the home inspection went REALLY well. He pointed out some minor things like in the basement one of the storage rooms has foam for the ceiling, said if theres a fire we would probably pass out on those fumes before burning, and a small wire that needed replacing.

Things like that he told us about when he didn't have to. He was really good. Great to know that the place is sound and ready for a move in!!!

Nick and I waived our first two conditions - mortgage approval and home inspection. One down to go, and it should be in tomorrow! The status certificate saying everything about the condo and condo company.

Nick and I could know in the next couple of days :)
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Old 09-29-2008, 07:03 PM   #77
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not sure if this has been said.... or if it's still relevant.... (i cant spell)

make sure your mortgage co, bank, credit union, whatever.... doesn't sell mortgages.
Our first house mortgage was sold about 10 times in 3 years.... (hence crisis)
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Old 09-29-2008, 07:08 PM   #78
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I don't think any mortgage co., bank, or credit union can or will guarantee that they'll never sell a mortgage. That would be stupid on their part.

The smart part is going with as reputable a lender as you can - via research, word of mouth, etc., & hope for the best.
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Old 09-29-2008, 07:16 PM   #79
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not sure if this has been said.... or if it's still relevant.... (i cant spell)

make sure your mortgage co, bank, credit union, whatever.... doesn't sell mortgages.
Our first house mortgage was sold about 10 times in 3 years.... (hence crisis)

Selling mortgages is normal and is done often so the lender can raise capital. Your mortgage is sold for X amount of dollars thus raising money for the lender; and the buyer of your mortgage makes money on the interest paid from the home buyer's payments. Your payments remain the same and so does the interest payment. You are just paying to a different lender.
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Old 09-29-2008, 07:18 PM   #80
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^^^ correct, it should not affect the home buyer one bit.
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