CottageHore Posted June 18 Posted June 18 For those of you who have already purchased your first home… What price did you purchase your first home for? How much money did you put down? And how much is your monthly mortgage payment? (My goal was to save up $60,000 for my first home, with my budget being $240,000 or lower, put down a good amount and have a lower monthly payment with some money left over for mortgage payments, closing costs/repairs, and furniture. But I'm realizing that might not be realistic unless I wanna wait another year or more. I currently have $24,000 saved up and should have $30,000 by the end of the summer. I'd prefer not to purchase a home until I have $40,000, give or take a few thousand. I'd have more than enough to put down and some extra for expenses but I'm afraid this would bring my monthly payment above $1,800 which I'd prefer to stay beneath. But idek how to gauge that without going through the whole process. I wanna hear your experiences, please!) Any tips appreciated! Also, I know the market sucks. It is what it is and I don't need to be reminded, I think about it enough so miss me with that ****, thank you.
Lana Banana Posted June 18 Posted June 18 I live in The Netherlands and I don't have a family meaning I'll probably never be able to buy anything here. 1 1
Raphy23 Posted June 18 Posted June 18 This depends on location. price: $540k down: $80k (+ another $15k in closing fees/taxes) payment: $3000/month
CottageHore Posted June 19 Author Posted June 19 6 minutes ago, Raphy23 said: This depends on location. price: $540k down: $80k (+ another $15k in closing fees/taxes) payment: $3000/month What interest rate did you lock in with?
makeme Posted June 19 Posted June 19 I live in Florida where housing sucks but we bought last year for 800k. The mortgage is about 5k i'm not sure what he paid on the down payment.
shinyshimmery Posted June 19 Posted June 19 (edited) My first house was $200k and I gave a $20,000 downpayment (10%). My interest rate was 2.5% during the pandemic. My monthly mortgage payment was $1,400 I sold that home and my current home cost $310,228 and my downpayment was also 10% or $31,000. My current interest rate is 6.75% and my monthly mortgage payment is $2,600 I don't recommend getting an FHA loan as you wont be able to get rid of your PMI fee at all. Alternatively, with a conventional loan, PMI goes away after you pay off 20% of your total loan amount. I do recommend going with new construction, as it will reduce the possibility of early repairs… you also get warranty on a lot of your appliances as well as any home defects for at least one year. Builders also tend to offer the best incentives when you go with their lender. Edited June 19 by shinyshimmery
suburbannature Posted June 19 Posted June 19 10 minutes ago, Smarticle said: @suburbannature paid it with ATRL gofundme donations Suing for slander ur over
Raphy23 Posted June 19 Posted June 19 (edited) 1 hour ago, CottageHore said: What interest rate did you lock in with? A horrible rate. 4.89% for 5 year fixed. It is what it is My biggest advice is don't forget all the closing/lawyer fees/taxes. I bought in the biggest city in my country so I had to pay Land Transfer Taxes both for my state and again for the municipality. These closing fees are a lot more than most people expect. EDIT: apparently US does not use the term Land transfer tax, but the equivalent would be Deep Stamp Tax/Real Estate Transfer Tax. Edited June 19 by Raphy23
Sophomore Posted June 19 Posted June 19 Bought during the pandemic and as much as I didn't want to do it then, I'm glad I did. Purchased a new build for $360,000 with $20k down and like 2% interest. My mortgage is $1880. Now my builder is selling the same exact house the next street over in my neighborhood for $465,000 and interest rates are like 6% and up. I definitely recommend a new build, unless you're in a position to put a good chunk of money aside for repairs and maintenance. Most new builds come with a 2/10 warranty as well as some sort of limited warranty through the builder. The only downside to new builds is there usually isn't much room to negotiate in price and if anything the prices will go up quickly as more houses sell in the development. 1
Bubble Tea Posted June 19 Posted June 19 Damn NZ housing market really is ******. I bought for $605k, down payment $200k (with help from my dear parents). Interest split loan 50/50 - 5.4% 2 years and 5.8% 3 years. (which was fortunate cause rates are much higher now)
CottageHore Posted June 19 Author Posted June 19 43 minutes ago, Tropical said: Damn NZ housing market really is ******. I bought for $605k, down payment $200k (with help from my dear parents). Interest split loan 50/50 - 5.4% 2 years and 5.8% 3 years. (which was fortunate cause rates are much higher now) I also heard y'all have grocery store closed for several hours during the day, is that true?
prettyinpink940 Posted June 19 Posted June 19 Mortgage does not exist in my country. I own my house outright.
Bubble Tea Posted June 19 Posted June 19 52 minutes ago, CottageHore said: I also heard y'all have grocery store closed for several hours during the day, is that true? I mean... no? Lol. The one near me is open 7am-10pm.
Oktober Knight Posted June 19 Posted June 19 Cost: $190k Down payment: $9,000 Monthly mortage with insurance: $1100
jonapova Posted June 19 Posted June 19 I'm in the UK. We bought our current house when the mortgage rates were high, so we locked in at 6.3% for 2 years. We didn't want to be paying a hefty mortgage each month so we put a £105,000 deposit down, the house was £185,000 to buy. Our mortgage is only £495 a month. I would recommend doing a bigger down payment if it's possible, but also have extra money held back just to feel secure, houses cost a lot of money to fix and maintain
Raphy23 Posted June 19 Posted June 19 11 hours ago, fememeist said: You can also own a condo. All of that maintenance is covered by the monthly maintenance fee you pay.
karron0624 Posted June 20 Posted June 20 Price: $275,000 downpayment and closing costs: $9850~ monthly mortgage payment: $1679 (including home insurance, HOA, PMI, and taxes). P&I alone is $1250 what you should also ask: location: Nashville, Tn USA time period bought: 2020 current estimated value of home: $430,000 average home maintenance expenses: $2200 a year This is why you dont wait for a crash kids. Even if home values crashed 30% we would still break even if we sold today.
Goaty Posted June 21 Posted June 21 I just moved to a city with property tax at like 2% and I'm so ******. It'll take me several years to amass the capital to put down a decent down payment, but then between the property tax and interest I'm basically priced out of home ownership entirely. There are homes in my budget but they are all very old and in undesirable areas, and the gamble of hidden / unexpected home maintenance scares me. If I had just graduated one ******* year earlier than I did I'd have had the chance to lock in one of those 2% interest rates. I would have been doomed to stay in my home state (not a pleasant thought) but at least I would be building easy equity I could use to move somewhere else. God the housing market blows
Thiago Silva Posted June 21 Posted June 21 When I was buying my first place, saving up for the down payment was a bit of a challenge. I found that setting a savings goal each month really helped, and cutting down on unnecessary expenses made a big difference.
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