Life Update!

[mrenglish]

One more thing, make sure you review the HUD-1 statement carefully. It will list all of the costs and credits being applied. It's a long form but definitely give it a good review. Do not let them rush you at signing. If you escrow your taxes, insurance, etc make sure you have a clear understanding on how much that is and what the total payment will be when combined with principle and interest.
If at all possible, avoid the larger banks for finance. Try to go with a credit union or a smaller bank. They do not tend to wrap their mortgages up into invest packages unless its to Fannie or Freddie.

 

[bubblehead33]

Good luck man!

 

[flmason]

Congratulations to you both on your new home. I hope all goes well with your inspection and that the property appraises for an amount greater than your loan value.
After the purchase contact your county property appraiser to make sure your tax base for 2014 is calculated on your purchase amount rather than the former owner's amount. Also if you escrow your taxes and insurance make sure to ask that the CPI indexing factor is removed. Some banks like to add 5% indexing and then return any overage to you at a later date, thus making more money on you.

 

[gwtwdbss]

Excellent news. Best of luck!

 

[smeigs]

Thanks for the helpful tips guys.. A lot goes into buying a home that I didnt even know existed! We are supposed to hear back tonight if they accept or not... Will get back to you!

 

[cigrmaster]

Congrats on the great news. The one piece of advice I can give you is to make sure you have a good real estate attorney who represents you at the closing. Do not allow the seller or the loan company have their attorney the only one in the room. It is worth the money you spend to have your own. I have never done a closing without one. They represent your interests and trust me if you are not a lawyer, you are not qualified to read all the documents you have to sign. I once caught Bank of America try to screw me at a closing by adding in a point where there should not have been one. I left the closing and had to re work the loan to get it to where my attorney was comfortable. There are just so many places where they can screw you.

 

[pstlpkr]

Congratulations Smeigs!

You'll soon be experiencing a new emotion...

Pride of Ownership.

All the best!

::

Do I see a "Smokin' Hole/Man Cave in your future?!

 

[cortezattic]

Best wishes and lot's o'luck! Take Harris's advice. :clap:

 

[jservant98]

Your first House...very exiting and I hope everything goes great.

:puffpipe: