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So, the wife and I are embarking on a journey to purchase a house and I want to detail the process somewhere. For whatever reason, this seems to be the place I've decided to do it. I'll update my journal whenever something happens. This may take a while. My goodness.

We went to our credit union yesterday to gauge just how much money we needed to start saving to make this process happen. We were pleasantly surprised when he gave us a price range that reflected what we had been looking at in the house market. He informed us that the CU would give us a no-closing-cost loan at 5% APR and that our mortgage would look a lot like the rent we're currently paying. It was all really good news.

I would seriously recommend this first step to potential first-time house buyers, though. Just go to your financial institution (or somewhere) and say, "I don't want to be approved for the loan, I just want to see what it would look like if I got one." Then ask as many questions as possible. Some questions we asked were how much the closing costs would be (before we heard about the no-closing-cost deal), how much money an inspection is (though, from my experiences talking to a certain Canadian, you may want to also ask if an inspection is even worth it), how much an appraisal is (and make sure to note that the guidelines for an appraisal are completely different from those of an inspection), when we needed to do all of those things, if he knew any good inspectors/realtors, if we should go to a realtor when we had the money for our down payment, how much a down payment is (which we were really lucky with, having to only put 5% down instead of the customary 10 or 20%), and so on.

If you feel like you've run out of questions, ask the representative what you should be asking. The more questions you get answered in one trip, the better. He gave us an insight that the CU would pick the lower price between the listing and the appraisal to finance, so we need to make sure to include something in our contract to cover that. For example, if the house was listed at $80,000 and appraised at $75,000, the bank would loan us the $71,250 ($75k minus 5%) and we would have to put up a down payment of $8,750 instead of $4,000 on the $80k or $3750 on the $75k. That's a huge difference!

So yeah. Step one is done. Step two is to save money for a while. The boring waiting part before the traumatizing other waiting part.



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martypunker Mar 27, 2014  Hobbyist Artist
His teams in the tournament! What is he doing there?!
Pfft! He's a STAR now!
martypunker Mar 27, 2014  Hobbyist Artist
I wonder how much he got paid for that.
(1 Reply)
This made me think of you. :aww:
martypunker Mar 25, 2014  Hobbyist Artist
Thanks, I guess. =p
At least he was having a good time. :B
I don't want to be the only one wide awake tonight. :stare:…
martypunker Mar 19, 2014  Hobbyist Artist
Yeah, I don't do so well with scary thingies. :paranoid: I'll just keep looking at the cute cats. :B
It's not that bad.

At least, not right now. :paranoid:
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