Buying a house, need some advice

dbzeag said:
I don't think I have to worry about it. I don't have to pay taxes for 10 years because I am a new home buyer
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I'm just saying don't go into it thinking "Oh, the payment is $700 a month! That's equal to/less than our current rent". Its never that low. There's always additional costs they don't tell you about and then the hidden costs of home ownership. I don't care how well fixed up the house is, you'll be spending several hundred dollars a month at Home Depot for at least the first 6 months, and then periodically thereafter. Just keep that in mind so you don't end up overextending yourself.

Also, if you're going to pay for this house with a gift from your parents or whomever, make sure you have the money in your account for at least 6 months prior to going for a mortage. I forgot the exact significance, but it has something to do with your overall financial stability in the eyes of lenders. They don't like to see a one time massive deposit right before you go to finance.


Just remember this : homeownership is a huge pain in the ass, but its totally worth it.
 
And I don't think you need to mark non-gay threads as non-gay. Just post. If you want to make a gay themed thread though, I'd still mark it as such so people who don't like that kind of thing don't have to read about it.
 
theacoustician said:
I'm just saying don't go into it thinking "Oh, the payment is $700 a month! That's equal to/less than our current rent". Its never that low. There's always additional costs they don't tell you about and then the hidden costs of home ownership. I don't care how well fixed up the house is, you'll be spending several hundred dollars a month at Home Depot for at least the first 6 months, and then periodically thereafter. Just keep that in mind so you don't end up overextending yourself.

Also, if you're going to pay for this house with a gift from your parents or whomever, make sure you have the money in your account for at least 6 months prior to going for a mortage. I forgot the exact significance, but it has something to do with your overall financial stability in the eyes of lenders. They don't like to see a one time massive deposit right before you go to finance.


Just remember this : homeownership is a huge pain in the ass, but its totally worth it.
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I was figuring on that as well. I won't have to worry about my parents giving me any money. They are broke bastards that mootch off of my sister and me.

The house isn't in 100% shape, so I am budgetting for a fix up. Chim was going to help out as well.
 
theacoustician said:
And I don't think you need to mark non-gay threads as non-gay. Just post. If you want to make a gay themed thread though, I'd still mark it as such so people who don't like that kind of thing don't have to read about it.
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Are you sure about that?? I am just making sure people don't get too confused.
 
dbzeag said:
I was figuring on that as well. I won't have to worry about my parents giving me any money. They are broke bastards that mootch off of my sister and me.

The house isn't in 100% shape, so I am budgetting for a fix up. Chim was going to help out as well.
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Cool. Then the only other thing is get a copy of your credit report. Chim's too if his name going on the mortage. You just want to see what it is the bank will see before financing so there aren't any surprises. You might even be able to work a few tricks to get your score up a couple of points before you apply. Good luck.
 
theacoustician said:
Cool. Then the only other thing is get a copy of your credit report. Chim's too if his name going on the mortage. You just want to see what it is the bank will see before financing so there aren't any surprises. You might even be able to work a few tricks to get your score up a couple of points before you apply. Good luck.
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Where would I get that? freecreditreport.com? Will that give me my history?

Can I check it without being a determent to my credit rating?

I don't think chim's name will be on it, but we will use his money for like improvements and stuff.
 
dbzeag said:
Where would I get that? freecreditreport.com? Will that give me my history?

Can I check it without being a determent to my credit rating?

I don't think chim's name will be on it, but we will use his money for like improvements and stuff.
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You can do that or you can order it directly from Equifax, Experion, etc. You are allowed to order a credit report every 6 months without it effecting your credit score.
 
theacoustician said:
You can do that or you can order it directly from Equifax, Experion, etc. You are allowed to order a credit report every 6 months without it effecting your credit score.
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If I order one, then the lenders order one, then banks order one, wouldn't that hurt?
 
fly said:
Pulling your own credit report has no effect on your score.
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I used to work at Equifax and I can tell you without a doubt, that is false. If you're pulling your report constantly its marked as suspicious activity and will earn you a couple points penality. It is because it can be a precursor to ID theft. I'm not sure how they handle the new "credit monitoring" services they offer in relation to your score since most of those allow you to view your score at any time. I guess its marked with a different access code.
 
theacoustician said:
I used to work at Equifax and I can tell you without a doubt, that is false. If you're pulling your report constantly its marked as suspicious activity and will earn you a couple points penality. It is because it can be a precursor to ID theft. I'm not sure how they handle the new "credit monitoring" services they offer in relation to your score since most of those allow you to view your score at any time. I guess its marked with a different access code.
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Soft pulls really do not effect your credit. Its an urban legend. I challenge you to prove me wrong. :D
 
dbzeag said:
If I order one, then the lenders order one, then banks order one, wouldn't that hurt?
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by the way, if you plan on shopping around for the best rate, then in order for this not to look bad on your credit, you need to hit all the banks within 24 to 48 hours of each other. this way, it's a bulk thing and it doesn't look bad.
don't shop a bank today, then enxt week do another, and so on. do it all at once. do your research, have your ducks and phone numbers and questions lined up, and do it slam bam thank you maam.
 
Thorn Bird said:
by the way, if you plan on shopping around for the best rate, then in order for this not to look bad on your credit, you need to hit all the banks within 24 to 48 hours of each other. this way, it's a bulk thing and it doesn't look bad.
don't shop a bank today, then enxt week do another, and so on. do it all at once. do your research, have your ducks and phone numbers and questions lined up, and do it slam bam thank you maam.
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you know that's not the way he rolls :dont:
 
Thorn Bird said:
by the way, if you plan on shopping around for the best rate, then in order for this not to look bad on your credit, you need to hit all the banks within 24 to 48 hours of each other. this way, it's a bulk thing and it doesn't look bad.
don't shop a bank today, then enxt week do another, and so on. do it all at once. do your research, have your ducks and phone numbers and questions lined up, and do it slam bam thank you maam.
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Also the best way to apply for credit cards. I almost tripled my available credit in 24 hours. :fly:
 
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