Advice for a First Time Home Owner? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

snymat68 · 10-09-2013, 11:02 PM

So my wife and I will be closing on our first house on the 21st! (I think I'm more excited to have a garage again than anything.) Does anyone have any advice for a first-time home owner?

Moser28 · 10-09-2013, 11:09 PM

Take your checkbook to closing just in case. I have found more often than not if you take it you won't need it. If you leave it at home you will need it. I have closed loans for 24 years. Also be prepared to close on a later date, we see that often. Other than that good luck and enjoy your new home!!!!

Liltuffgirl · 10-09-2013, 11:13 PM

Xanax. Extra cash in the bank because something will go wrong or you'll need something expensive that you didn't think of.

I think buying a house was the most annoying damn thing I've ever done. Between trying to find the right one... Agreeing on a price... Then having the bank, realtors,and lawyer all on the same page. I finally just bought from a friend/co worker. But we had a lot of issues with banks and crap. We were both ready to strangle someone.

Oh and above is correct. I took mine thinking I had to pay $400ish. Instead that's how much they gave me

made everything so much better lol

snymat68 · 10-09-2013, 11:16 PM

Quote:

Originally Posted by Moser28

...Also be prepared to close on a later date...

We actually just moved the closing up from the 25th to the 21st. Thanks for the advice!

Bmags · 10-09-2013, 11:26 PM

consider buying a home warranty, they are under 500.00 and have a deductible around 100.00. Its renewable every year could save you thousands of dollars.

snymat68 · 10-09-2013, 11:53 PM

Quote:

Originally Posted by Bmags

consider buying a home warranty, they are under 500.00 and have a deductible around 100.00. Its renewable every year could save you thousands of dollars.

The house comes with one for the 1st yr. I looked into it and it appears the seller purchased one of the best ones going. I believe the deductible is $65 per occurrence. I plan on renewing it for at least a year or two afterward, as the water heater and furnace are getting up there in years.

JohnnyBfromPeoria · 10-10-2013, 01:44 AM

Buy a garden hose with a lifetime warranty.

I've been in the same house (first one I looked at) for over 20 years. If you want to play drums, it's the best thing ever.

When you have to improve/replace/fix something, if you buy crap, you get crap. Don't buy crap.

John B.

keving2873 · 10-10-2013, 01:53 AM

Put a freeze on any spending that is not essential until you close. Making a big purchase is not a good idea when buying a house because they look at every little thing you spend to make sure you can handle the house payment. Once you get the keys, if you have the extra funds laying around, then you can go buy things again, but wait until you have the keys.

Ohten · 10-10-2013, 03:40 AM

A rubber stamp with your name on it,after you are done signing all the paperwork you will have carpal tunnel.

Hannibal · 10-10-2013, 08:25 AM

The "list of things to do" never ever ends. Ever. Become close friends with the kid at home depot. You'll be there often.

PalmerGA · 10-10-2013, 08:42 AM

Congrats on your first home! It's a wonderful feeling to "own" your own home. Knowing nothing at all about your financial situation, I can only say that (if you intend to stay in this house for a long time) and if at all possible:

1. Consider a 12-15 year mortgage, rather than 30 years. Your payment will not be tremendously higher and you will save thousands of dollars over the life of your loan. Depending on the amount of the loan, you could save tens or hundreds of thousands. Just look at your options if you have not already.

2. When payment time comes each month, add something to it to pay down the principle. Even $50-100 bucks makes a difference in the long run. The lower your principle, the lower amount of interest you pay and the sooner you will actually own your home - free and clear.

Best of luck!

jkchambless · 10-10-2013, 08:46 AM

Quote:

Originally Posted by PalmerGA

Congrats on your first home! It's a wonderful feeling to "own" your own home. Knowing nothing at all about your financial situation, I can only say that (if you intend to stay in this house for a long time) and if at all possible:

1. Consider a 12-15 year mortgage, rather than 30 years. Your payment will not be tremendously higher and you will save thousands of dollars over the life of your loan. Depending on the amount of the loan, you could save tens or hundreds of thousands. Just look at your options if you have not already.

2. When payment time comes each month, add something to it to pay down the principle. Even $50-100 bucks makes a difference in the long run. The lower your principle, the lower amount of interest you pay and the sooner you will actually own your home - free and clear.

Best of luck!

Recommend #2 above - nothing wrong with getting a 30 year mortgage, however adding $100 to principle payment each month (when possible) can pay it off much sooner and save thousands in interest.

PalmerGA · 10-10-2013, 09:15 AM

Quote:

Originally Posted by jkchambless

Recommend #2 above - nothing wrong with getting a 30 year mortgage, however adding $100 to principle payment each month (when possible) can pay it off much sooner and save thousands in interest.

Yeah. That little extra principle really makes a difference. Regarding #1 though, crunching the numbers on a 15 year vs. 30 year mortgage is really quite an eye-opener. For instance:

$300,000 loan / 5% / 30 years = $1610 per month = $569,600 total ($269,600 in interest)

$300,000 loan / 5% / 15 years = $2372 per month = $426,960 total ($126,960 in interest)

That's $150,000 less interest paid over the life of the loan and a much quicker accumulation of equity while making payments.

Maybe it's just me, but I HATE paying interest!

Normagene · 10-10-2013, 09:30 AM

I'd go with the majority; Best Advice; Pay down the Principle. A little extra monies with each monthly payment goes a long way. When I bought my house I put extra down starting with the first payment. Ten years, two months, or 122 payments later......DONE! Saved just under 170K in interest!

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10-09-2013, 11:13 PM	#3
Liltuffgirl Drives: 2013 Camaro SS Join Date: Jul 2013 Location: WV Posts: 319	Xanax. Extra cash in the bank because something will go wrong or you'll need something expensive that you didn't think of. I think buying a house was the most annoying damn thing I've ever done. Between trying to find the right one... Agreeing on a price... Then having the bank, realtors,and lawyer all on the same page. I finally just bought from a friend/co worker. But we had a lot of issues with banks and crap. We were both ready to strangle someone. Oh and above is correct. I took mine thinking I had to pay $400ish. Instead that's how much they gave me made everything so much better lol __________________ 2013 SS

10-10-2013, 01:44 AM	#7
JohnnyBfromPeoria Drives: 2012 LS M6, Black Join Date: May 2009 Location: Phoenix, AZ Posts: 2,045	Buy a garden hose with a lifetime warranty. I've been in the same house (first one I looked at) for over 20 years. If you want to play drums, it's the best thing ever. When you have to improve/replace/fix something, if you buy crap, you get crap. Don't buy crap. John B. __________________ 12 LS M6, IPF S/C, ASA GT-5 wheels, VMax PTB 1995 Mitsubishi Montero SR 1987 Dodge Raider Turbo Project 1986 Mitsubishi Montero 2.4l FI Transplant

10-10-2013, 01:53 AM	#8
keving2873 Drives: 2011 Camaro 2SS RS Join Date: Feb 2011 Location: Bremerton, WA Posts: 701 View My Garage	Put a freeze on any spending that is not essential until you close. Making a big purchase is not a good idea when buying a house because they look at every little thing you spend to make sure you can handle the house payment. Once you get the keys, if you have the extra funds laying around, then you can go buy things again, but wait until you have the keys. __________________ 2023 Black ZL1 Awaiting Allocation 476whp 455trq / Tuned by Tom Wong CAI Intake with ADM Scoop, Borla ATAK cat-back, ARH 1 7/8 Headers and HF Cats Custom Comp Cam 231/234 114LSA 617/598 lift, Katech timing chain Apex Catch-can VMAX Ported Throttle Body 20" Niche Essen's wrapped in Michelin PSS 315/295

10-10-2013, 03:40 AM	#9
Ohten Drives: Granite Crystal Challenger SRT Join Date: Jan 2010 Location: West Palm Beach,FL by way of Akron,OH Posts: 1,406 View My Garage	A rubber stamp with your name on it,after you are done signing all the paperwork you will have carpal tunnel. __________________

10-10-2013, 08:42 AM	#11
PalmerGA Drives: 2013 SIM 1SS/RS L99 Join Date: May 2012 Location: Southwest GA Posts: 8,754 View My Garage	Congrats on your first home! It's a wonderful feeling to "own" your own home. Knowing nothing at all about your financial situation, I can only say that (if you intend to stay in this house for a long time) and if at all possible: 1. Consider a 12-15 year mortgage, rather than 30 years. Your payment will not be tremendously higher and you will save thousands of dollars over the life of your loan. Depending on the amount of the loan, you could save tens or hundreds of thousands. Just look at your options if you have not already. 2. When payment time comes each month, add something to it to pay down the principle. Even $50-100 bucks makes a difference in the long run. The lower your principle, the lower amount of interest you pay and the sooner you will actually own your home - free and clear. Best of luck! __________________ 2013 1SS/RS Coupe L99, Stainless Power Works LT Headers, SCT X4 Custom Tune from RDP, CAI Inc. Air Intake w/ Apex Scoop, VMAX CNC Ported Throttle Body, Solo Axle-Back Exhaust w/ J-pipes, Apex Catch Can, Husky Splash Guards, Heritage Grille, 3D Carbon Rear Spoiler, Oracle Chrome Turn Signal Bulbs, GM Reverse Light Trim Billets, Gorilla Black Locking Lugs, Emblem Pros Retro SS Badges/Custom Retro SS Kickplates/Under-hood Bowtie, 35% window Tint, Nitto Motivo Tires (6-8-18)

10-09-2013, 11:02 PM	#1
snymat68 Drives: 2013 Blue Ray 1LS M6 Join Date: Apr 2013 Location: Pittsburgh, PA Posts: 1,227 View My Garage	Advice for a First Time Home Owner? So my wife and I will be closing on our first house on the 21st! (I think I'm more excited to have a garage again than anything.) Does anyone have any advice for a first-time home owner? __________________ Performance Mods Elite Catch Can \| CAI Intake with Scoop & Washer Bottle Relocation \| MRT v2 Axle-Back Exhaust \| MagnaFlow Resonated X-Pipe \| Resonator Delete \| Vmax Ported Throttle Body \| GM Strut Tower Brace \| JDP Tow Hook \| Vitesse Throttle Controller Aesthetic Mods Chrome Peek-A-Boo Door Handles \| Interior Accessories Kit \| OEM RS HIDs w/ 6000k Bulbs & 5000k LED Fogs \| Tail Light, Marker Light, & Turn Signal Tint \| Tru-Sequence Sequential Turn Signals & Brake Lights \| Silver Fade Gill Stripes \| Carbon Fiber Bowties \| Various Chrome/Painted/Carbon Fiber Items

10-09-2013, 11:09 PM	#2
Moser28 Drives: 2010 LT2 RS Coupe Join Date: Jun 2013 Location: Mt. Juliet,TN Posts: 11	Take your checkbook to closing just in case. I have found more often than not if you take it you won't need it. If you leave it at home you will need it. I have closed loans for 24 years. Also be prepared to close on a later date, we see that often. Other than that good luck and enjoy your new home!!!!

10-09-2013, 11:26 PM	#5
Bmags Drives: 2013 Camaro 2SS/RS SIM Join Date: Mar 2013 Location: Maryland Posts: 106	consider buying a home warranty, they are under 500.00 and have a deductible around 100.00. Its renewable every year could save you thousands of dollars.

10-10-2013, 08:25 AM	#10
Hannibal Drives: Camaro SS & ZL1 Join Date: Sep 2011 Location: Southeast USA Posts: 527	The "list of things to do" never ever ends. Ever. Become close friends with the kid at home depot. You'll be there often.

10-10-2013, 09:30 AM	#14
Normagene Drives: 2013 Ashen Gray M6 ZL1 Join Date: Sep 2012 Location: South Eastern, Mass Posts: 2,615 View My Garage	I'd go with the majority; Best Advice; Pay down the Principle. A little extra monies with each monthly payment goes a long way. When I bought my house I put extra down starting with the first payment. Ten years, two months, or 122 payments later......DONE! Saved just under 170K in interest! Sent from my iPad using Tapatalk - now Free