Sunday, August 24, 2014
Sorry I have been away all this time, but I would have never thought that buying a home would be such a time-consuming and exciting process.
If you would have asked me a few months back what I was planning for the future I would have said "oh, I don't know"... See, I am the most indecisive person I know, I have the hardest time deciding on a menu (unless it has shrimp). But this year we were contemplating moving to a bigger apartment since we both got a raise in our jobs, and discovered that rents were just as expensive, if not more, than a mortgage payment. So we started doing our own research about what buying a home entailed. Everyone was saying, "this is the best time to buy, the housing market it's coming back up, and the rates are so low!", so with that advice we decided to go ahead. Turns out, it's a lot of work.
First of all, we took a homeowners class and we found out that it all comes down to money (really though, what doesn't).
We were thinking that there was some help for first time home buyers, and there is (lots of it), if you're low income, but if you're anywhere close to the middle class you're no longer low income, so there is no help. In order to get a mortgage loan it is usually required to put down 20% of a down payment, or else you're stuck with PMI (private mortgage insurance in case you default on the loan), till you pay 22% of the loan, which is pretty much money down the drain. If you cannot come down with 20%, there is always FHA loans which has worse rates than a conventional loan, but only require 3.5% down payment. But there are lots of different types of loans available, which I did all the research on (thank you, Internet!) and that way we decided which one was best for us.
We decided on a conventional loan. And we picked a Centex home. Centex homes are all over the nation, and they are ALL built to the same standards - according to our sales consultant. That means that a Centex home in New Mexico would be designed with the same standards as a home in Florida which is designed to withstand hurricanes , which in turns would be designed to stand earthquakes if California. Again, this is according to our sales rep. They also do their own financing, and pays for closing costs if you go with their financing company, which makes it really convenient, and so far we have had a great experience with our sales person and our loan consultant.
Regardless of the financial and the sales aspect, nothing beats the satisfaction of the prospect of owning your home. Plain and simple. It's a dream come true. I dream I used to have as a child, but was dismissed as a teenager, and completely disappeared as I finished college and started a new life as an adult. But owning a home is possible, and it became a dream come true for me and my boyfriend, with no one's help, our own research, and our own hard work, it is something we are extremely proud of to have accomplished. Though we will be locking our interest rate in a few weeks and closing a few weeks after, our house is under construction, but it will be finished in the upcoming months!
The most exciting part is seeing the progress every week!
Our first home with our own master bedroom with a huge bath tub, and our own fire place and our own back yard and no more apartment living!!! I'm in cloud 9.
Disclaimer: All opinions are my own, I was not in any way paid for this post.