House vs Rent

[Svnla]

OP, I am in the same boat as you, looking for a nice house to settle down.

As others said, 20% down if possible, then closing cost and point (if applicable). Don't forget at least 6 months of emergency fund (with the new larger budget), money set aside for maint. and misc. for the house, insurance for the house (much more than rental insurance), utilities (more than the old place), etc.

Go to bankrate.com and read up the real estate section, very helpful.

Also, you need to bring up your FICO score if you want to get the best interest rate (3.xx%).

Check this one out = http://cgi.money.cnn.com/tools/mortgagecalc/

 

[Ketchup]

First of all Dice144, this is a great time to be going from apartment to house. There are a lot of deals to be had. And if you can pay 20% down, the payment itself wouldn't be that bad at all.

There are other things to factor in. Get a general idea of what your taxes and insurance will be. Those should go into escrow, so they will raise the payment figured on interest along.

Older houses are going to take extra cash, because things are going to break at some point. We don't know when, but you need to have a fund for when they do. It might just cut into the new PC budget a little.

Do you have extra time on your hands? Yard maintenance and so forth will cut into your Diablo III time, so make sure you are prepared.

It's a risk, but everything worthwhile is. If you want my opinion, save up some money and go for it. Once the market recovers, I should hope it would be a good long time before we are here again.

 

[Dice144]

First of all, thanks for all the helpful feedback! My Dad was Mr. Fix it all around my house growing up. When I was 23 I helped him raise his garage roof 3'. Also helped him tear down 90% of the exterior walls to rebuild and insulate them. I can and feel ok getting a somewhat older house as long as the fountain is solid. The rest my Dad and myself could do it needed.

Also my Dad is out of work so now would be a good time to buy because I can help my Dad out with some $$ and have more family time away from my step mom.

I have been saving monthly pretending I have a more expensive mortgage to see if I can do it. Save min of $500 a month towards the house fund. Some months put $750 instead of $500 when I don't buy tech gadgets

My current apartment is just to freaking small! restarting my saving punishment plan (eat out ALOT less and save!). This savings is on top of the auto $500 a month savings.

 

[Bignate603]

You sound like you're on track. If you keep on going with your savings and give your credit time to creep up a bit you should be in a very good shape.