Oregon

Great news...

... Our roommate is moving out at the end of July!! While I will miss his monthly checks, I will love having my third bedroom back. Now I can actually put my wedding stuff out of the hall way and into a room! I can actually find my craft things again rather than burrow through boxes and boxes! Yeah!!

And the best thing -- I can take a bath again without having him walk in because he's not paying attention (it's happened twice - he's been so mortified both times I almost died from laughter!) or run around in my underpants!! Smile

Re: Great news...

  • sarahmarietmsarahmarietm member
    100 Comments
    edited December 2011
    Yay for you! I can safely say FI and I are tired of the merry-go-round of roommates we've had the last year and a half.  We're currently renting this cute little house his parents own, but we're starting to get the wheels in motion to find out how big of a home-loan we can get. ADVICE APPRECIATED.
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  • edited December 2011
    Congrats to you Snarky!!!

    I was excited to have the third bedroom free when my cousin moved out last summer... that's totally my guest room/office/craft vomit. :D
    Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind. - Dr. Seuss
  • edited December 2011
    Yay! I couldn't imagine having roommates anymore. As soon as I lived on my own, I never went back. Well, I live with FI now, but that's different. There's benefits to be had.
  • edited December 2011
    This was the first time I've really had a roommate since I bought the house five years ago. When my FI moved in with me, he brought his roommate. And he's a nice enough guy but so thrilled to have the house back.

    The only advice I can give you on homebuying is definitely look for something that is below your maximum limit. I didn't do that and at times, paying the mortgage has taken a toll on my finances. The other smart thing to do is pay off as much credit card debt as possible. It seriously has an impact on your credit rating.

    As far as house-shopping goes, realize that you will be one of the lucky few if you find a house with everything you want in it. Decide what your top three musts are and focus on them. Ignore paint, wallpaper and furnishings. Those are easy to change and often homes are staged so they wow you. Often that distracts you from more serious problems. Insist on an inspection first and get your realtor to find the "deal-breaker" inspector - the seller's will HATE it but it's the best move. I had one like that and he found everything that was a problem. Just what I needed to hear before I bought the house because you go in with your eyes open. You decide what is fixable and what isn't. That said, not all things like dryrot should freak you out. Sometimes that is a fairly inexpensive fix.

    That's all I got for now ....
  • sarahmarietmsarahmarietm member
    100 Comments
    edited December 2011
    Thanks Snarky! That's really good advice.  FI and I both have excellent credit, we make sure to always pay our credit card off, in full, on time, every month. So no "bad" debt for us, with the exception of my student loan, which we're chiseling away at! haha.  
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  • edited December 2011
    My dad owns a mortgage company and I used to process for him when I was in college, so if you have any questions when it comes to that process I can definitely answer just about anything!

    We bought our house last year and I totally agree with the inspection. Also, shop around for a broker. Call around at different types of places - mortgage companies, banks, etc. Ask for a written Good Faith Estimate and if at closing it's more than $100 off (barring taxes being higher than anticipated) call and question your broker before signing. A good broker can get pretty close to the actual closing costs, and a lot of time rip people off at closing because at that point people just want to close and have the keys.

    Also, perhaps the biggest thing most people don't know to question is the yield spread premium.  A lot of places advertise "no closing costs" and things along those lines. No one can close a loan without costs, and the costs are usually between $8,000-$10,000. You have to pay the title company, the appraisor, broker, escrow account, etc. If they claim they aren't taking a fee on your loan, then the lendor they are going through is paying them points (or a percentage) for selling you a higher interest rate.  Trust me, they are always making money on your loan.

    They will quote you an interest rate in your GFE. You can always "buy" the rate down, which will raise your closing closts. You can also have them "sell" you a higher interest rate and they will pay part of your closing costs. A good broker will show you 2 or 3 GFEs, showing different interest rates and closing cost options. The best rule of thumb is that if you will save enough money (with your monthly payments) with the lower interest rate to make up the difference in the higher closing costs in 3 years, it's a better investment to buy the lower rate. If not, take the higher rate and have them pay down your closing costs.

    Sorry, I really meant for this to be short. Good luck, it's an exciting process!
    Wedding Countdown Ticker
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