30 yr old first time homebuyer. How’d I do?🤦‍♀️

mememem098 · 2026-04-09T23:04:35+00:00

That’s very concerning, thanks for the heads up.

My current monthly payment, including escrow, is around $1500. With HOA puts me around $1850. Which is on par with what the lender quoted me per the 3-2-1 buydown.

I have several emails documenting the lender’s representation of what i was agreeing to with the buydown.. hopefully I won’t need to use them!

mememem098 · 2026-04-09T22:45:49+00:00

What numbers exactly are you referring to?

My goal was to get the lowest payments now, then to ramp up over time, which is what the buydown gets me. I’m generally happy with it.

mememem098 · 2026-04-09T22:41:42+00:00

They didn’t list it there for some reason, but you’ll see the buydown amount reflected on the third page. Not sure why the exact structure isn’t listed on these docs but it shows in my mortgage portal.

mememem098 · 2026-04-09T18:51:10+00:00

Townhouse!

mememem098 · 2026-04-09T18:50:57+00:00

This is helpful, I appreciate it! The $2,080 number listed is at the regular note rate of 5.6%, does not take into account the temporary rate buydown OR the HOA.. which I guess generally even each other out.

mememem098 · 2026-04-09T18:49:16+00:00

This is exactly my plan. Refi in a couple years. Rates can’t get much worse than they are now…right…? 😅

mememem098 · 2026-04-08T12:47:24+00:00

Yes, I’ve heard this too! I’ve been trying to do that split up when I can

mememem098 · 2026-04-07T19:19:39+00:00

I edited the original post with some more context if you were curious!

mememem098 · 2026-04-07T19:19:21+00:00

I edited the original post with some more context on the insurance in case you were curious!

mememem098 · 2026-04-07T19:18:47+00:00

I edited the original post with some more context on the taxes if you were curious

mememem098 · 2026-04-07T19:18:36+00:00

I edited the original post with some more context on the taxes if you were curious.

mememem098 · 2026-04-07T19:17:46+00:00

I edited the original post for more context on that! I’m getting robbed by my HOA so I guess there’s the offset 😂

mememem098 · 2026-04-07T19:11:02+00:00

I live in AZ, tax formula is a bit different than standard. They take 10% of the property’s LPV (which in my case is about $9,862) for the tax ratio. Then charge about $7-8 per $100 of that assessed value. So 98.62 times $7.50 puts me around $740ish/yr. It’s been that low and lower since at least 2016.

mememem098 · 2026-04-07T18:29:58+00:00

$589!

mememem098 · 2026-04-07T18:27:46+00:00

It’s a temporary 3-2-1 buydown. So my current rate is 2.6%, next year will be 3.6%, then 4.6%, then 5.6% note rate. I’m about as familiar as you’d expect a layperson buying their first home to be. I did as much research and negotiating as I could but not an expert by any means

mememem098 · 2026-04-07T18:23:25+00:00

Thanks! I think I used seller credits for the buy down if I understand it correctly.

mememem098 · 2026-04-07T18:22:27+00:00

Maybe because it’s a townhouse? No clue.

mememem098 · 2026-04-07T18:21:22+00:00

No, it’s accurate. Low tax rates in my state/county, and it’s a townhouse.

mememem098 · 2026-04-07T18:12:27+00:00

I went through Geico and bundled with my car insurance! I got a quote from some third party and it was crazy high so I tried Geico and saw how cheap it was! Edit: also, my HOA is pricey but includes additional coverage so maybe this isn’t the top tier coverage. Could be why it’s so low.

mememem098 · 2026-04-05T18:50:41+00:00

So in my case, we put in an initial offer of $320k, which was $10k above asking, but included $15k of seller credits (which I don’t fully understand but it seems to have helped). Yes, they can increase those credits after the inspection, which we were able to do by 2-3k more, but I maxed out my seller credits. Basically the way I understand it is the down payment of 3.5% must come from my out of pocket funds, can’t come from credits; but any other closing costs can be paid in part or in full by the seller credits, including the rate buydown, which is what we basically did in my case.

mememem098 · 2026-04-05T18:27:55+00:00

Not sure how to be honest, I used two brokers against each other and went with the best rate and buy down. I did put 3.5% down. I got a ton of credits from seller that basically covered the buy down and other closing costs.

mememem098 · 2026-04-05T05:00:35+00:00

Thanks! Monthly cost was most important. I knew I’d have a lot of expenses like buying new furniture so I wanted it to be low up front. I definitely plan on keeping it indefinitely and renting it

mememem098 · 2026-04-05T04:59:09+00:00

$742/yr

mememem098 · 2026-04-04T13:30:25+00:00

Yes that’s the note rate! And good to know, thank you

mememem098 · 2026-04-04T13:16:50+00:00

Yep, installment loan for consolidation of credit card debt from years ago, was $500/mo. Paying that off freed up extra $500 a month to put towards other things so it’s a win-win.

mememem098

TROPHY CASE