BiC Posted August 26, 2004 Share Posted August 26, 2004 My Wife & I have been pre-approved for a $240,000 mortgage through the VA (Veteran's Admin.): - Fixed 30 year @ 5.755% APR (with 1 point) Also, the following fees will be paid by the lender: Processing Fee $320 Underwriting Fee $269 Application Fee $205 Appraisal Fee $327 Flood Certification Fee $17 Tax Service Fee $73 Credit Report Fee $29 Closing Fee $445 _______________________ Savings $1,685 Can anyone beat this? Remember, it must be a VA mortgage. Peace "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
Compact Diss Posted August 26, 2004 Share Posted August 26, 2004 AWESOME! I'm jealous! Link to comment Share on other sites More sharing options...
Darklava Posted August 26, 2004 Share Posted August 26, 2004 Congrats Bic!Welcome to the high rollers club. Don't forget us po folks down here . . . . . . look down here . . . . . . . . . . . . The story of life is quicker then the blink of an eye, the story of love is hello, goodbye. Link to comment Share on other sites More sharing options...
BiC Posted August 26, 2004 Author Share Posted August 26, 2004 Thanx guys! "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
The Lone Chicken Posted August 27, 2004 Share Posted August 27, 2004 Truly AWESOME news, BiC! I still remember how my wife Maria and I felt when we got approved to buy our house back in late 1992 through our bank's first-time homebuyer program, and how we felt when we actually moved into our own home on New Years Day 1993. As I said back then, sure we still have to pay the bank each month, but the bank at least won't come over and gripe about the cat throwing up on the carpet or anything like that! BiC, you and your family have my prayers that the rest of the mortgage process goes quickly and smoothly and that you very soon find yourselves in your very own home. Robert J. ("Bob") Welch III "If you were the only person who ever lived, God still would have sent Jesus His only Son to die on the cross for YOU, because that is how much HE LOVES YOU!" Link to comment Share on other sites More sharing options...
BiC Posted August 27, 2004 Author Share Posted August 27, 2004 Originally posted by The Lone Chicken: Truly AWESOME news, BiC! I still remember how my wife Maria and I felt when we got approved to buy our house back in late 1992 through our bank's first-time homebuyer program, and how we felt when we actually moved into our own home on New Years Day 1993. As I said back then, sure we still have to pay the bank each month, but the bank at least won't come over and gripe about the cat throwing up on the carpet or anything like that! BiC, you and your family have my prayers that the rest of the mortgage process goes quickly and smoothly and that you very soon find yourselves in your very own home.Thank you for the kind words and prayers! Peace "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
Guitarzan Posted August 27, 2004 Share Posted August 27, 2004 nothing quite like your own castle. congrats BiC. http://www.soundclick.com/bands/pagemusic.cfm?bandID=193274 rock it, i will Link to comment Share on other sites More sharing options...
Bbach1 Posted August 27, 2004 Share Posted August 27, 2004 Just think BiC, now you get to have a $240,000 mortgage. In a couple years you will need something (kids college, kids braces, home remodeling, etc) and you will get a nice second mortgage. Then, when you about get that second payed off, you will then need something (kids college, kids braces, home remodeling, etc) and you will need another second mortgage. welcome to the wonderful world of home ownership. bbach Beauty is in the eye of the beer holder. Link to comment Share on other sites More sharing options...
BiC Posted August 27, 2004 Author Share Posted August 27, 2004 Originally posted by cwfno: Just think BiC, now you get to have a $240,000 mortgage. In a couple years you will need something (kids college, kids braces, home remodeling, etc) and you will get a nice second mortgage. Then, when you about get that second payed off, you will then need something (kids college, kids braces, home remodeling, etc) and you will need another second mortgage. welcome to the wonderful world of home ownership. "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
cosmo115 Posted August 27, 2004 Share Posted August 27, 2004 Good deal and congrats, BiC!!! BTW, Bill Gates called and he said he can't even get a loan with terms that good Link to comment Share on other sites More sharing options...
BiC Posted August 27, 2004 Author Share Posted August 27, 2004 Originally posted by cosmo115: Good deal and congrats, BiC!!! BTW, Bill Gates called and he said he can't even get a loan with terms that good LOL! Hey Cos, are ya caught up with all the threads yet??? "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
cosmo115 Posted August 27, 2004 Share Posted August 27, 2004 Originally posted by BiC: Originally posted by cosmo115: Good deal and congrats, BiC!!! BTW, Bill Gates called and he said he can't even get a loan with terms that good LOL! Hey Cos, are ya caught up with all the threads yet??? Not even close!!!! I haven't even scratched the surface and I don't know when I'll find time to do so with this "work" monkey on my back. http://smileys.smileycentral.com/cat/7/7_15_4.gif Too bad I'm not a gambler and I keep forgetting that I can't win the lottery without buying a ticket Link to comment Share on other sites More sharing options...
BiC Posted August 27, 2004 Author Share Posted August 27, 2004 Just feed that "work monkey" a bannana! "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
Shoes Posted August 28, 2004 Share Posted August 28, 2004 Hey BiC... you should appreciate this kind of wake up call. Buzzed by Herc's again... they come out of the north and ride the valley through to the fields behind my house and come directly over and then bank toward Trenton in the west. My place must be a marker for training exercises or something because this happens monthly. Oh ya... are you going to fit a dedicated music room into the new house plans? This is something I've always wished I could accommodate. I still think guitars are like shoes, but louder. Link to comment Share on other sites More sharing options...
BiC Posted August 28, 2004 Author Share Posted August 28, 2004 Originally posted by Guitars are like shoes. But louder.: Hey BiC... you should appreciate this kind of wake up call. Buzzed by Herc's again... they come out of the north and ride the valley through to the fields behind my house and come directly over and then bank toward Trenton in the west. My place must be a marker for training exercises or something because this happens monthly. Oh ya... are you going to fit a dedicated music room into the new house plans? This is something I've always wished I could accommodate.Yeah, the base I'm going to is a Herc base. AT LEAST, it isn't a fighter base! They do have A10's though, but they aren't just too annoying. I probably won't have a dedicated music room. Especially once we adopt in a couple years. At least I will have the garage. "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
Lee Flier Posted August 28, 2004 Share Posted August 28, 2004 Originally posted by cwfno: Just think BiC, now you get to have a $240,000 mortgage. In a couple years you will need something (kids college, kids braces, home remodeling, etc) and you will get a nice second mortgage. Then, when you about get that second payed off, you will then need something (kids college, kids braces, home remodeling, etc) and you will need another second mortgage. welcome to the wonderful world of home ownership.Wow... well I know you may have been half joking, but just to introduce a little practical advice here... I know it's the American way these days to incur massive amounts of debt, but that doesn't make it a good thing! I know it's also the American way to try and grab all you can WHILE you can, but... 1) Just because you can "afford" a $240,000 mortgage according to the bank, doesn't mean you should look for a house costing that much. My realtor was incredulous when I kept telling her I wanted a house that cost WELL below what I was qualified to borrow. It just didn't even register that someone might want less house than I could afford... but now I'm really glad I went that road, because I don't make as much money as I did then, I have the option to work less and spend more time on music! And I still have a totally cool house! Whenever I have a little extra money I can (and do) often do home improvement projects to make it even cooler... like finishing my basement into a studio, adding a fireplace, etc. All this stuff is PAID FOR and if I'd paid more for a house that had everything I wanted in the first place, I'd STILL be paying for it. Remember too you will end up paying 3x the amount of your loan value in mortgage interest. So a $240,000 house is really a $720,000 house! The less house you can buy that still has the attributes you most want, the better, for many reasons. 2) If you plan to have kids and need money for their college, dentist appointments and such, SAVE YOUR MONEY for these things, don't take out a second mortgage! Money saved in an interest bearing account is yours NOW and means more security for your family. Money incurred as debt not only COSTS you much more since you have to PAY interest, but it puts your family AND your home at risk. Remember you are risking your home when you take out a second mortgage. If any financial hardship were to befall you, you would lose your home and have nothing. Don't do it unless it's a life threatening emergency, no matter how tempting the "extra money" seems and how nice the mortgage companies act in their attempt to grab you by the short hairs even more. 3) Don't rack up credit card bills to pay for stuff either. Sure you won't lose your house if you can't pay, so in that sense they're preferable to a second mortgage, but credit card interest is a total racket. Just SAVE MONEY for the stuff you want or need! 3) If you can't save money, you bought too much house. See #1. 4) Your kids are not going to hate you or be deprived if you live in a smaller house than their friends, don't buy them the latest designer clothes or send them to an Ivy League college. Better that you have a secure financial base, without too much debt, and make do with a little less (or a little less instant gratification). Not to mention YOU will be more relaxed and maybe not have to work so many hours that you have to spend away from your family, just to make ends meet. If you earn a lot more money than your monthly expenses, you could even take sabbaticals with your family sometimes and go on a cool trip or start a part time business at home. Life is a lot more fun and you have a lot more options when you're not living close to the edge of your income to debt ratio, as so many folks seem to be. OK, I'll shut up now. Most of all congratulations on your soon to be new home, BiC!! There's nothing like buying your first home... I've been in mine 10 years and I don't take it for granted ever. And kudos to you and the wife for wanting to adopt, too... you guys rock. Link to comment Share on other sites More sharing options...
BiC Posted August 28, 2004 Author Share Posted August 28, 2004 Originally posted by Lee Flier: Wow... well I know you may have been half joking, but just to introduce a little practical advice here... I know it's the American way these days to incur massive amounts of debt, but that doesn't make it a good thing! I know it's also the American way to try and grab all you can WHILE you can, but... _______________________ Me: Thanx for the comments, Lee. I am a rather savy consumer, so you will find that I pretty well agree with you 100%. ____________________________ Lee: 1) Just because you can "afford" a $240,000 mortgage according to the bank, doesn't mean you should look for a house costing that much. My realtor was incredulous when I kept telling her I wanted a house that cost WELL below what I was qualified to borrow. ________________________ ME: You are quite right! Although we have been pre-approved for $240,000, we have already decided upon a figure that is well below $240,000. Also, we will be hiring a Buyer's Agent who will be working 100% for us, and not the seller. We also will not divulge to this agent our top-dollar we are willing to spend. It is wise to only give them a ball-park figure, in case they are inclined to "help" the seller. You just never know who you can really trust, so you never divulge the highest price you are willing to pay... especially in a dual-agent relationship! __________________________ Lee: Remember too you will end up paying 3x the amount of your loan value in mortgage interest. So a $240,000 house is really a $720,000 house! The less house you can buy that still has the attributes you most want, the better, for many reasons. ________________ Me: Actually, our interest on $240,000 (although we will not be spending $240,000) will be $259,843.12. But, I see your point. ___________________ Lee: 2) If you plan to have kids and need money for their college, dentist appointments and such, SAVE YOUR MONEY for these things, don't take out a second mortgage! ________________ Me: In all actuality, we would never take out a 2nd mortgage for such expenses. That's what investments are for... and we are quite invested! _________________ Lee: 3) Don't rack up credit card bills to pay for stuff either. Sure you won't lose your house if you can't pay, so in that sense they're preferable to a second mortgage, but credit card interest is a total racket. Just SAVE MONEY for the stuff you want or need! ____________________ Me: We have been preparing for our home purchase since we've been married, including a plan to pay down ALL of our credit card/consumer debt. We only owe $1,700 on our CC, and have been currently paying $1,000 a month toward that debt. We no longer use our CC UNLESS we can pay it off fully each and every month. We use it strictly for internet shopping since our debit card once was "stolen" over the internet. We are STRONG advocates of using a debit card for everything else! ____________________ Lee: 3) If you can't save money, you bought too much house. See #1. ___________________ Me: Very true. ____________________ Lee: 4) Your kids are not going to hate you or be deprived if you live in a smaller house than their friends, don't buy them the latest designer clothes or send them to an Ivy League college. Better that you have a secure financial base, without too much debt, and make do with a little less (or a little less instant gratification). Not to mention YOU will be more relaxed and maybe not have to work so many hours that you have to spend away from your family, just to make ends meet. If you earn a lot more money than your monthly expenses, you could even take sabbaticals with your family sometimes and go on a cool trip or start a part time business at home. Life is a lot more fun and you have a lot more options when you're not living close to the edge of your income to debt ratio, as so many folks seem to be. ___________________ Me: Very true. __________________ Lee: OK, I'll shut up now. Most of all congratulations on your soon to be new home, BiC!! There's nothing like buying your first home... I've been in mine 10 years and I don't take it for granted ever. And kudos to you and the wife for wanting to adopt, too... you guys rock. _____________________ Me: Thank you for your well thought out response, Lee. I totally agree with you. Thank you for the kind comments about our future adoption... another expense we are saving toward which will cost appr. $15,000.00 Peace "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
Dave da Dude Posted August 28, 2004 Share Posted August 28, 2004 BiC and Lee, All well thought out philosophies and plans for finances and house buying I wish we had done that in 1985. We bought a cool three story 1890's Victorian in Massachussets for $140,000 and financed the whole amount with a second mortgage to the sellers. Eight years later the house still needed a new roof (slate at $20,000 plus) and painting. We had no money for improvements during the eight years. I had been out of work for over a year, three or four months behind on the mortgage and the bottom had dropped out of the real estate market in New England. The house was now worth about $100,000 on the open market (it had been appraised at $145,000 at purchase) and when the "Demand Notice" arrived from the bank (they were very nice and tried to work with us, they didn't really want the house), we had no choice but to turn the house back over to the bank. So, everyone out there, Lee and BiC are not just being old fuddy duddys about finances. There is merit in their advice. The good news, we adopted our first son the year before and that's when me moved down South and adopted our second son Couldn't be happier in South Carolina and I love my new job. We'll have a house again. It's not nearly as important as "My Two Sons" Gotta' geetar... got the amp. There must be SOMEthing else I... "need". Link to comment Share on other sites More sharing options...
Lee Flier Posted August 28, 2004 Share Posted August 28, 2004 You're a class act BiC. I figured you'd be pretty sensible about these things, just thought I'd throw that out there for anybody who might benefit. Congrats again and I hope to meet ya at the southeast forum gathering! Link to comment Share on other sites More sharing options...
Bbach1 Posted August 29, 2004 Share Posted August 29, 2004 Originally posted by Lee Flier: Originally posted by cwfno: Just think BiC, now you get to have a $240,000 mortgage. In a couple years you will need something (kids college, kids braces, home remodeling, etc) and you will get a nice second mortgage. Then, when you about get that second payed off, you will then need something (kids college, kids braces, home remodeling, etc) and you will need another second mortgage. welcome to the wonderful world of home ownership.Wow... well I know you may have been half joking, but just to introduce a little practical advice here... I know it's the American way these days to incur massive amounts of debt, but that doesn't make it a good thing! I know it's also the American way to try and grab all you can WHILE you can, but... 1) Just because you can "afford" a $240,000 mortgage according to the bank, doesn't mean you should look for a house costing that much. My realtor was incredulous when I kept telling her I wanted a house that cost WELL below what I was qualified to borrow. It just didn't even register that someone might want less house than I could afford... but now I'm really glad I went that road, because I don't make as much money as I did then, I have the option to work less and spend more time on music! And I still have a totally cool house! Whenever I have a little extra money I can (and do) often do home improvement projects to make it even cooler... like finishing my basement into a studio, adding a fireplace, etc. All this stuff is PAID FOR and if I'd paid more for a house that had everything I wanted in the first place, I'd STILL be paying for it. Remember too you will end up paying 3x the amount of your loan value in mortgage interest. So a $240,000 house is really a $720,000 house! The less house you can buy that still has the attributes you most want, the better, for many reasons. 2) If you plan to have kids and need money for their college, dentist appointments and such, SAVE YOUR MONEY for these things, don't take out a second mortgage! Money saved in an interest bearing account is yours NOW and means more security for your family. Money incurred as debt not only COSTS you much more since you have to PAY interest, but it puts your family AND your home at risk. Remember you are risking your home when you take out a second mortgage. If any financial hardship were to befall you, you would lose your home and have nothing. Don't do it unless it's a life threatening emergency, no matter how tempting the "extra money" seems and how nice the mortgage companies act in their attempt to grab you by the short hairs even more. 3) Don't rack up credit card bills to pay for stuff either. Sure you won't lose your house if you can't pay, so in that sense they're preferable to a second mortgage, but credit card interest is a total racket. Just SAVE MONEY for the stuff you want or need! 3) If you can't save money, you bought too much house. See #1. 4) Your kids are not going to hate you or be deprived if you live in a smaller house than their friends, don't buy them the latest designer clothes or send them to an Ivy League college. Better that you have a secure financial base, without too much debt, and make do with a little less (or a little less instant gratification). Not to mention YOU will be more relaxed and maybe not have to work so many hours that you have to spend away from your family, just to make ends meet. If you earn a lot more money than your monthly expenses, you could even take sabbaticals with your family sometimes and go on a cool trip or start a part time business at home. Life is a lot more fun and you have a lot more options when you're not living close to the edge of your income to debt ratio, as so many folks seem to be. OK, I'll shut up now. Most of all congratulations on your soon to be new home, BiC!! There's nothing like buying your first home... I've been in mine 10 years and I don't take it for granted ever. And kudos to you and the wife for wanting to adopt, too... you guys rock. There's always the sensible one in the group. bbach Beauty is in the eye of the beer holder. Link to comment Share on other sites More sharing options...
BiC Posted August 29, 2004 Author Share Posted August 29, 2004 quote:Originally posted by Lee Flier: You're a class act BiC. "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7 Link to comment Share on other sites More sharing options...
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