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Old 09-29-2008, 07:26 PM   #81
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Oooh. A not so popular thing to really really think about.
Since you two aren't married yet, you might want to put something in writing about what happens if you don't stay together.

Yeah, yeah.... BUT... it might avoid monstrous headaches should
the unthinkable become thunk.
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Old 09-29-2008, 07:28 PM   #82
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Title should be held jointly if at all possible.
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Old 09-29-2008, 08:56 PM   #83
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We have thought about that too Grilling, no worries there :)

Also, everything will be paid for jointly and will be in both of our names. Nick is also paying the down payment, so he will be assured the money he puts into the equity if something does happen.
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Old 09-29-2008, 10:03 PM   #84
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poor saph......you're getting broadsided by lots of experienced pros.......please listen...........they are giving you lots of words of wisdom...............it may be too much to take in now..........but do listen..........by you avatar not only are you pretty but you look smart, too.......
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Old 09-29-2008, 10:11 PM   #85
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Quote:
Originally Posted by expatgirl View Post
.........by you avatar not only are you pretty but you look smart, too.......
You made her blush she changed her avatar....
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Old 09-29-2008, 10:14 PM   #86
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everyone is changing their avatar these days.........it was hard enough for me to post it in the first place.............I love the foot in the mouth.......that's me..........
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Old 09-29-2008, 10:20 PM   #87
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I am currently living in Richmond, Va, formerly from Colorado.
Thanks, BigJim,.........you have given such great advice...I'd hire you to inspect my next home which might be on Lake Conroe and yes, you would be paid to look at the gd pipes under the house..........
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Old 09-29-2008, 10:56 PM   #88
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The vast amount of mortgage companies that the public deals with never hold the mortgage, but are sales companies. ABC mortgage company will contract with a wholesaler prior to the closing, and will never hold the paper. This goes on up the chain in various forms. FNMA and FNMC sells packages of loans on the market, and, if you have the bucks, you can be a participant in a pool of loans. HUD, for the most part, is an insurer. When a borrower is informed that they will pay the payment to a new lender, a lot of the time it is the servicing that is sold. The whole industry is multi-tiered and is difficult to understand. Most of the above statements are not always correct, and there are hundreds of variations. All you really need to know as a borrower is that if you understand what you agreed to, and you do your part, no one will take your home, raise your rates, or otherwise change the terms.
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Old 09-30-2008, 06:09 AM   #89
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LOTS of advice here, probably too much but most of it good. I've bought three homes, and I do differentiate there. Lots of my freinds buy houses with the thought in mind of what they might be able to sell it for. I've owned a townhouse in Hawaii, a large (to me) home in Florida with lots of space for relatives, a pool, hot tub, etc, and now an 1855 row house in an even older town. As different as they were, all three have been my loves of my life. With the exception of this one, I really thought I'd live in each one for the rest of my life. Here I know better; way too many stairs and steps for us after another decade. But I still love it, and if we don't make a dime from it, and only pour money into it (a real possibility with an oldie), I still love it. My husband fell in love with the dining room (where people really like to congregate), me with the old kitchen (old, not old fashioned) and we both like knowing the history of the place (we've met almost everyone living who owned it, and by proxy the couple who owned it at the turn of the century). But I honestly loved the two other homes I've owned (and several that I rented as well). I think that I weigh in with those who mentioned trying to find out what the monthly payments will be. Easier said than done. But if you're constantly worrying about the mortgage, it is hard to enjoy the home.
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Old 09-30-2008, 06:35 AM   #90
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Well said, Claire.........:)
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