I'm now a home owner

[boomhower]

I closed on my first house yesterday. It feels damned good if I do say so. Unlike the true American way my house is less than twice my yearly income and on a 15 year loan(3.5% rate to boot) that I plan to pay off in ten. It's not a McMansion but enough for my family to be comfortable in. Now for the fun of painting and moving.

 

[Mike Gayner]

Good work man - it's a good feeling huh? We moved into our first home about 18 months ago and it still feels great.

I'm also extremely envious of America's government-subsidised extremely low interest, extremely long term rates.

 

[Spacehead]

I closed on my first house yesterday. It feels damned good if I do say so. Unlike the true American way my house is less than twice my yearly income and on a 15 year loan(3.5% rate to boot) that I plan to pay off in ten. It's not a McMansion but enough for my family to be comfortable in.

Now for the fun of painting and moving.

 

[yh125d]

I expect to be in your position about 1-2 months from now. Just spent all morning in a suburb looking, found 2 that are definite good buys. Might make an offer next week.

 

[Binarycow]

congratz.
Owning a house is a lot of responsibility, however, it is also an amazing thing. shut the doors and windows and you can play music as loud as you want. want to eat a wheel of cheese naked in your living? now you can. within your property boundary, youre pretty your own king.

 

[highland145]

Grats. No better time to buy with these crazy rates.

 

[ponyo]

congrats. It was one of the scariest and yet best feeling moment. I also did 15yr but my rate was double yours. But of course rates were much higher back then. I paid mine off in 9 yrs. Enjoy your home ownership and the work and reward that comes with it.

 

[arcenite]

Congrats! Not sure why you felt the need to share how much it cost in comparison to your income but buying a house is always fun!

 

[mmntech]

Now that I'm starting a new job making "real" money, I'm looking at buying a house or condo. Renting is a waste of money. Unfortunately, everything is just so damn expensive.

 

[Baked]

Very nice. Congrats.

 

[Vic Vega]

...

 

[etrigan420]

Unlike the true American way my house is less than twice my yearly income and on a 15 year loan(3.5% rate to boot) that I plan to pay off in ten.

Why do you hate America?

 

[OILFIELDTRASH]

Pics? Houses are the shiznizzle. Owning a home is one of the most awesome things. I'm on my second one and hope it will be my last. Never know though. Only thing for sure is change.

 

[boomhower]

Congrats! Not sure why you felt the need to share how much it cost in comparison to your income but buying a house is always fun!

Why do you hate America?

The way of the last several years that has gotten us into the predicament we are in, take the absolute max the bank will give regardless of if you can really afford it or not. It seems house poor and debt up to your eyeballs is the American way.

 

[IronWing]

Congratulations! Moving ain't so bad.
1) yard sale
2) for anything that don't sell at yard sale, call charity to haul away
3) anything that charity won't take leave on curb

As far as painting goes, well painting sucks, can't help you there.

Enjoy your new home!

 

[Rudee]

Actually, you're technically not an "owner" until you pay off the Mortgage. The bank owns your home. They're just letting you live there as long as you keep making the payments.

 

[ElFenix]

Actually, you're technically not an "owner" until you pay off the Mortgage. The bank owns your home. They're just letting you live there as long as you keep making the payments.

no

 

[arcenite]

The way of the last several years that has gotten us into the predicament we are in, take the absolute max the bank will give regardless of if you can really afford it or not. It seems house poor and debt up to your eyeballs is the American way.

I took the max the bank would give me and am doing just fine. Though to be fair my wife wasn't included in the calculations so technically it's not the 'max'.

 

[GotIssues]

Actually, you're technically not an "owner" until you pay off the Mortgage. The bank owns your home. They're just letting you live there as long as you keep making the payments.

You are wrong. They own the mortgage, not the house.

 

[Corporate Thug]

I closed on my first house yesterday. It feels damned good if I do say so. Unlike the true American way my house is less than twice my yearly income and on a 15 year loan(3.5% rate to boot) that I plan to pay off in ten. It's not a McMansion but enough for my family to be comfortable in. Now for the fun of painting and moving.

is that the rule of thumb? Income x 2 = house value?

 

[Mike Gayner]

within your property boundary, youre pretty your own king.

Unless you live in a HOA area in the USA.

 

[Mike Gayner]

is that the rule of thumb? Income x 2 = house value?

That's literally impossible where I'm from. Unless you make well over $100k.

 

[Mike Gayner]

Actually, you're technically not an "owner" until you pay off the Mortgage. The bank owns your home. They're just letting you live there as long as you keep making the payments.

LOL everyone look at the cute child trying to play finance. It's sweet that he thinks he knows what he's talking about.

 

[Red Squirrel]

Congrats! I bought mine about 3 years ago, it was an awesome feeling. I had like 3 months worth of renovations to do. Lot of the stuff could have waited but figured it was easier to do it now than when it's full of furniture. Also increased the value right off the bat.

The first night sleeping in it,it was like "woah, as if this is actually my very own house!" It is indeed an awesome feeling. There are some costs that can come up, but at the end it's all worth it especially if you are a DIYer. I find doing projects around the house can be rewarding and fun. I can't wait to start on my basement.

 

[FallenHero]

Just put an offer in on one myself. Can't wait to hear back and get things going.