No to get too far from this thread, but buying a house doesn't have to be so scary, as long as you do your homework and pre-plan your budget you will be fine, the golden rule is to live within your means, don't run out and buy something you can't afford like over half the US population and then blame it on the economy when you can't make the payment. I'm sure there were some legit losses out there, but most just walked away because they were stupid in the first place. I remember when we sat down with the lender on this house, he's like, "oh, you have perfect credit, I can put you in a $450,000 home.." I was like, cool, but who's going to pay for it?? Thank god we didn't fall for that. but yea, run out the door if they talk about a ARM.....that's the other part of the housing problem.

It's definitely a fixed rate.

It's still scary. It's my/our first. It's only a few hundred more than I pay in rent and I don't pay much in rent as it is.

Living with in our means is a definite for me. Zero is bad less than zero is worse. We are getting a screaming deal for what we are getting. I'll be happy when it's all said and done.

Congarats man, your timing couldn't be better in terms of price and interest rates. If it's not set up as part of your payment, make sure you're putting money aside for taxed. Never a fun thing to pay, but in Cali the gov always takes it's share of the dream.

Best,

Ron M

And if you can get automatic payments deducted every 2 weeks, you'll pay off the loan even faster. Or pay an extra payment a year towards the principal and pay off a 30 yr fixed in 23 yrs. Even with the super low interest rates, banks aren't paying squat for interest, so if you can afford it, you might as well pay down the principal. I also rec budgeting or setting aside $1-2k/year for maint. You may not need it for 10 yrs, but when you need a new roof or furnace, you'll be glad you have the funds. Good Luck!

Thanks Ron. We had it rolled into the payment so We wouldn't have to remember to set aside the money for the taxes.



We can't afford to pay an extra payment right now but that's the plan when my wife is done with school and goes back to work.


Escrow closed. We moved. It's amazing how hard it is to move 5 datsuns 17 miles. It'll be worth it when it's all set up. Pics to come in the near future.

Outstanding!! Glad for you that it is over!
Congratulations!

It's over?? He bought a house in Cali, it's never over kinda like the 510, it's never finished Congrats on the house, when is the party?

Lou

I'm having an appraisal tomorrow for a refi., conventional fixed 3.5% for 20 years. If I did 15 years I could get 2 7/8%! These are crazy low numbers!

Oh, and to stay on-topic, I drove my 510 to work today and took a co-worker to lunch, which is always fun!

That 15 year is no joke!! I must warn you, it's tough!! got to sacrifice new cars and other high dollar items. This is why I drive a 85 nissan pickup!! I just recently looked at a refi, I can get the same rate. I am currently in a 15yr @ 4.25, I'm at just over 10 years to go!! but if I could drop that rate 2.75 I would save about $5000 in the end so we are thinking now...It gets tricky when you start trying to save in the 4 digits...but it all helps.

Here's something to try during the Appraisal....make sure you get the appraiser to look at all your upgrades inside as well, some won't even go in the house, be there to point all the things out. Also go ahead and pull some recent comps in your area, find the ones that are simliar to your house ($ p/square ft), they tend to find the cheaper ones. I have heard that if you make it easier for them you'll come out better in the long run. The higher the appraisal = better laon-to-value ratio = better interest rate = lower payment.

Get the 20year, pay it as a 15 when you can.

Unpacked. Unpacked more. Unpacked even more. Hung the fenders on a wall. Got discouraged. I have a LOT of parts that have been in boxes and totes (and they are almost ALL mixed up as to type of part etc) for a LONG time. Never had this much room before so I can't even begin to figure out where to put stuff. I'm resigned to unpacking the best I can and then re-arranging everything. It's not a bad thing just a daunting thing. Also got my first real tool box. Figuring THAT out has been interesting too. I've been working out of small boxes for so long that my set up made sense for small boxes but not so much for a regular chest....

It is ALL good though.

Possibly this summer when the wife's off for summer break.

Not that I don't dearly love talking about mortgages and property taxes, Really It's time the 510 guys took this thread back.

Hey Ron, What did you do on your 510 today?

Well let's see... I drove it to pick up my doubter from school today. It took us a full 20 minutes to readjust the the five point harness to fit a 7 year old, but you know what they say... Safety first. I took her on a quick spin arounf the neighborhood and we got to open it up a bit going under the railroad tracks. I was shocked to hear my sweat little girl screaming at the top of her lungs FASTER DADDY FASTER!

Too cool!

Since we are talking about our little ones;

I took my 3 year old for a drive yesterday. It did end a bit short of the full trip, but I've already wrote about that. It took about 15 minutes to get his car seat into the 510. I went back into the house and told him we were going for a drive, and he was excited as usual. But he didn't know that we were going in the Bronze. As we walked away from 'mom's' car, and towards the 510, he starts pulling back saying "No, no - too loud - car is too loud!". It took some effort and all the reassurance I could muster to get the little guy into his seat. I took it easy, went slowly. Around the first few blocks, then pulled over to put on the same kids safety earmuffs that I have in the car for my daughter. I didn't think that they would fit his little head, but they did. And what was more amazing is that he didn't try to remove them. And by a couple kms down the road I could see the tension going away. A few minutes later we entered onto the highway and the full furry of the Bronze was unleashed as I moved into highway traffic, after I merge I look over and see a big smile on his face. Right on, I think to myself, another customer sold!
I visited with an old friend for a short while and when it was time to go, there was no hesitation what so ever getting back into the car. So I too am glad I took out my little guy yesterday. It may be the last chance till next spring now, and it was a great day here for a little jaunt in the Bronze.
Byron