06-25-2013 09:44 AM
Before purchasing your new home. Was this just downpayment and closing costs or did you figure in renovations/appliances/furniture?
06-25-2013 11:33 AM
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.
06-25-2013 04:35 PM
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.
06-26-2013 06:53 AM - edited 06-26-2013 06:59 AM
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
06-26-2013 11:53 AM
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.
06-26-2013 11:55 AM
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.
06-26-2013 11:57 AM
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.
06-26-2013 01:02 PM - edited 06-26-2013 01:02 PM
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).