The count down has begun. In 3 days we're flying to TX to look at houses. We're hoping to find something this weekend, but if not we're probably just going to rent for a couple of months while we still look. We don't want to buy something out of desperation. I think we should be able to find something, seeing as though I have 26 possible homes on my list. Those homes range from 120K-140K and 1450 sq. feet to 2100 sq. feet. Most of them were built in the last 6 years.
It's a little scary making this jump into such a huge commitment. We don't know how long we'll be there or anything. We know we'll be there for at least 2 years, but after that who knows?
One of the things I've had to learn the most about is the mortgage and all that that entails. There are so many different options, I have a hard time staying on top of it all. I think right now I'm leaning toward a 7 year ARM. If we have 1 point down, our interest rate would be 5.9% for 7 years and then we could refinance (without penalties) or the interest rate could change once a year for the next 23 years. The 30 year fixed would be a rate of 6.408 with 1 point down. Anyone know if this is high? We're locked into this rate right now for 90 days and we'll have one chance to float down to a lower interest rate if it ever drops. That means, once we start the actual house buying process I'll have to call every day to see what the interest rates are. A bit annoying, but what can you do?
Also, anyone have suggestions on:
1. size/type of home
2. loans and mortgages
3. anything else you didn't think of but would have liked to know when you were buying
4 comments:
We dream of buying a home, but its not likely in our near future. However, I took "Housing the Family" from the Y about a year-ish ago. It was all about finding just enough home and taking care of it from an LDS perspective. I also took a home ownership seminar class so when that someday comes along, I'll hopefully remember a thing or two.
Feel free to borrow/browse my text books anytime. I'm sure you've found lots of literature though. It sounds like you've become quite educated about it.
For home size- My teacher suggested as a general rule of thumb that home size should be about 4-500 sq. ft. per person so that its not too big and you never see one another, but not too small that you want to kill each other. Thus 1450-2100 ft that you are looking at should be a perfect 3-4 person home. Sounds just right for you guys.
For mortgages and the others that we talked about considering when buying a home, you can browse my texts to see if there's anything new for you to consider.
GOOD LUCK! JBaird
I guess this post means you haven't had your baby yet! Thanks for the response. I'll probably be calling you about it.
From the mom.....
I think the 4-500 square feet per person is interesting. We had 9 people in 2500 square feet. The saving grace was that we had enough yard and free range of most of the neighborhood and other friends that no one was confined here all the time. But then there were times, especially with Suzie and Mandy's friends, when we would have an extra 10 people here. I think 1450 is too small. You need a place where kids can play that is not obvious from the front door and also a good place for a computer in the middle of the house. I love the great room idea. Fenced back yard with grass is important. Have fun!
I don't think that 1500 is too small (that is what we have for our 5) It is a bit on the smallish side but it will be great to move up to something in two years. If you don't think that you will be there forever you shouldn't be stuck with too much house to clean! You don't want to have to downsize if you move somewhere the market is higher. What ever will hold it's value though is ideal. Your agent will know about local mortgage companies that they like working with. They should also be able to give you a good idea of what will sell in five years and what might not.
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