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Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
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How much did you SAVE?

Before purchasing your new home.  Was this just downpayment and closing costs or did you figure in renovations/appliances/furniture?


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
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Re: How much did you SAVE?

We saved up and had enough for the downpayment, sellers paid closing. We had 2 months of reserves after closing and I could have easily blown it all the first weekend we moved in. We definitely didn't have enough saved. Because we were living with my parents before we bought our house, I had to totally stock the kitchen with basics that I didn't even consider. My trip to Target/grocery store the first time was $600. It gets expensive when you need cleaning supplies and spices and trash bags and stuff like that when you don't even think about stuff like that. All I had planned for was a trip to the grocery store which usually runs us around $200 and lasts a few weeks. Big shock to my system. My unsolicited advice, save more.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Frequent Contributor
kimmiller112
Posts: 468
Registered: ‎04-09-2012
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Re: How much did you SAVE?

I am just starting and am in underwriting for a new build.  I have the down payment and closing costs saved, as well as the cost for the fridge, washer and dryer, which aren't included am I am estimating high on them since I will probably splurge on these items, plus a little extra.  I plan on saving as much as I can between now and closing, which should be in December.  I have been renting for years, so I pretty much have everything else I will need (kitchen, bedroom, office, living room).  I am going from a two bedroom to a three bedroom, but the 3rd bedroom is going to be a spare bedroom so I can take my time on furnishing it.  With the security deposit I get back from the place I am currently renting, I plan on buying a lawn mower, ladder and I will add to the basic tools that I currently have.  

 

My advice is to save more than you think you need.  If you are in the same situation as the first person who responded, you have to completely start over and buy everything, which is very expensive.  If you are like me and have been renting for a while, then you may already have most of what you will need.  

 

 

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Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
0

Re: How much did you SAVE?

[ Edited ]

I'm just curious...

 

In addition to saving for dowm payment and closing costs (and new home furnishings), would you have to save for discount points?  (Are points considerer closing costs?)

 

 

I ask because, nowadays it seems that all i see are lenders advertising their rates ONLY with discount points.  There use to be a day (a few years ago) where lenders advertised two options:  mortgages without points, and mortgages with points.

 

So, if your mortgage has points, would that be something that you must save for, or is that considered part of closing costs (and you would just have to account for that while shopping)?

 

 

ETA:  Not sure my question came out the way I wanted it to, but I think you get the idea...more coffee lol :smileyhappy:

Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
0

Re: How much did you SAVE?

I feel like since now I am starting over with the accident.  I have not saved enough.  By August 1, I will barely have 9K saved.  Not sure if this is enough or not?  I know I want new furninture, but I am thinking about re-upholstering the handme down furniture. 


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
0

Re: How much did you SAVE?

I am going through Prime Lending, and they have no points, along with the downpayment assistance program.   From what i was told points are considered into the closing costs.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
0

Re: How much did you SAVE?

i totally forgot about the washer/dryer/and fridge.  Most of the houses I have looked at don't even have that.  I am trying to refrain from using credit cards or taking out a personal loan.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Regular Contributor
Hoya08
Posts: 117
Registered: ‎06-05-2013
0

Re: How much did you SAVE?

[ Edited ]

Discount points and loan origination fees are paid at settlement, they're included in the closing costs.

 

As for the Mrs and I, we went with a VA loan so did not have a down payment, but we had enough to cover closing costs, replac entire flooring (with new hardwood and carpeting), repainted all rooms, and new washer & dryer.  Even though we rented a 2-br apartment, and thus had some furnishings, we still ended up buying additional furniture (sofas, dining tables, coffee tables, etc).

Regular Contributor
armywifelong03
Posts: 117
Registered: ‎07-08-2010
0

Re: How much did you SAVE?

Hoya08, what were your approximate closing costs w/ VA?

Frequent Contributor
swtneka
Posts: 486
Registered: ‎02-14-2013
0

Re: How much did you SAVE?

after reading this i was like WOW there is so much more to save than dp and clc.... We had a long convo about the other stuff and how we need to save more. Thanks for the post


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