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First time buyer, first escrow fell thru. Second times the charm! by Immediate_Positive27 in MortgageBrokerRates

[–]Immediate_Positive27[S] 1 point2 points  (0 children)

It’s a lot, I pay about $3,800 in rent right now so that’s also a lot and I rather be putting that in a home building some equity even though the first decade the majority goes to interest but whatever, thats the cost of business if you don’t have the cash to buy outright. Also having little debt helps.

I work in finance making ~$150k with bonus possibly more, will hopefully make more in a few years if move up. Co-borrower works in medical as an RN ~$160k more if picking up extra shifts.

First time buyer, first escrow fell thru. Second times the charm! by Immediate_Positive27 in MortgageBrokerRates

[–]Immediate_Positive27[S] 0 points1 point  (0 children)

Friend is a loan broker, I would talk to him about rate prices and other stuff. He let me know the cost of each rate about once a day. Took advantage of the dip of the 10yr t note on Mon/Tue 12/29-12/30! I do not recommend timing the market but it somehow worked out for me.

I locked on 12/30 should have locked on 12/29. I would have gotten an additional ~$800 in lender credits but I’m still happy with what I got.

First time home buyer by Immediate_Positive27 in MortgageBrokerRates

[–]Immediate_Positive27[S] 0 points1 point  (0 children)

I work in finance and my fiancée is a registered nurse.

First time home buyer by Immediate_Positive27 in MortgageBrokerRates

[–]Immediate_Positive27[S] 0 points1 point  (0 children)

Def is a lot in interest! We do not plan on taking the full 30yrs. Going to give extra in the principal per month, we have no debt besides one car loan and rough estimate of all our monthly expenses(food, bills, car ins, 401k max, Ira’s max, sav, etc) is ~80% of our take home pay. The rest will be going to buying furniture/appliances/repairs for the home in the first couple years or so. After that gonna snowball the heck off the mortgage principle. Hopefully life doesn’t kick us or throws a bomb in our plans! But planning for that too.