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Aug 08, 2008 21:04

Got pre approved for a mortgage.... now to buy or not to buy..?

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tessama August 9 2008, 07:09:55 UTC
A house is an awesome thing... just be absolutely sure you can afford the monthly payment before you move in. The first month is really difficult and there are all sorts of moving expenses and "little things" that add up here and there like lamps, light bulbs, trash cans, mop and broom, etc. Also, I would recommend saving up a good chunky down payment. Aim for 20% down because that's what most banks use when they calculate a monthly payment with a given price and rate (most banks require at least 10% down for a standard loan; otherwise, you may want to look at FHA options which require less than 5%). Don't forget about closing costs, too... although if you're lucky, you can find a seller to pay for some or even all of them. You'll also need to think about utilities and insurance and, strangely, more money on groceries than you spend when you live in an apartment.

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syren_of_song August 9 2008, 16:33:36 UTC
I am aware...not of the goceries..but my stomach is already in knots :)

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