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starting the home buying process

August 12th, 2006 at 07:16 pm

I've been doing lots of research, online, through other people and through library books on buying a house. I've made the decision to go ahead with the homebuying process.

Today I met with a real estate agent, who went through all the local first time home buyer programs with me, helped me pick one. The house prices and mortgage payment he came up with based off my income and debt (which only consists of my student loan) is almost exactly what I had come up with through my own research. But the program has a better rate than I expected! It is based off credit, but according to the program prerequisites, as long as my FICO is more than 680, I qualify for that rate. (My FICO is over 700).

So Monday I will be calling that program to get a preapproval started. Next Saturday the agent & I are going to tour some houses.

I was very nervous about going to meet with him! I had several referrals for him and his company, so I was comfortable with my choice. But, I think I was afraid he'd tell me that I couldn't do it...unfounded fear, but mainly due to doing this by myself. We talked about some of my concerns and he was very patient with my questions. He also gave me some very good information--some I had alredy found out in my research, but its very reassuring that he is saying things I knew to be right for me.

So I am in super frugal mode. I don't want to spend any uneccessary money. I'm making lists of things I have for the house, things I'll need and things I want.

Tonight my nephew is sleeping over. My roommates are out of town, so he's enjoying running around without bothering anyone. We watched XMen (a movie I already own). I made spaghetti (his favorite meal other than McDonalds). Now he's sleeping and I finally am sharing my good news!

Tomorrow I'll clean the house (make it nice for the roommates to come home to). I have laundry and schoolwork. I'm going to make some of my premade meals. I have to skip the sloppy joe & spaghetti sauce that I was going to make and freeze. THe advertisement for the cheap ground beef was misleading. I'll wait til there's a better deal. After all that, then I plan to watch a few library movies & relax.

I'll keep you updated on my progress. I'm happy & nervous about my decision. I did talk to my parents about this and they've been very supportive. It means a great deal to me. Plus, its nice to know that they think I'm making the right decisions.

4 Responses to “starting the home buying process”

  1. veronak Says:

    I am so happy for you it must be exciting. Can't wait unitl I am able to buy...good luck and keep us posted

  2. Dido Says:

    Exciting! Good luck with it. I hope it's a good experience. You just might be in before you know it....I really began to think seriously about a house last September, and I moved into mine by the end of October. No regrets at all. It's psychologically very satisfying, and knowing that my (30-year fixed) mortgage payment stays the same every month while rents continue to rise is a great reassurance (not to mention the improvement in my net worth as housing prices rise as well!)

  3. boomeyers Says:

    I work for the real estate industry and since you can get such a great rate - go for it! It is a buyers market!! Sellers are desperately trying to dump their homes. Maybe even look a little above your price range - just in case....

  4. daybyday Says:

    I'm happy for you too. Smile
    I also want to thank you for the library advice on how you dealt with their lousy system (re: missing books). I'll remember that if it ever happens to me again.

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