Mortgage Loans

[MovingForward_2012]

http://blog.myfico.com/2013/01/homebuyer-2-0-new-market-new-rules/

This is a great new article that talks about the market homebuyers are dealing with now and how it is different from how it was a few years ago.  We are doing exactly what the article suggest by stretching our budget slightly to afford our dream home now rather than later as when interest rise again, later may never come.

Curious what your thoughts are?

[NewbieReed]

IDK  about others but the last sentence is quite a stretch to me.... I mean granted, I am not a homeowner, but still... I would think that the better recommendation would be to look at comps in the area to price ur offer, not "always pay the asking price".  

"She recommends moving fast with a full-price offer if you are purchasing in a market with low inventory."

Otherwise, it was pretty informative to me.

[MovingForward_2012]

I guess there whole point with that last sentence was that if you plan to buy a bigger home in the future, it may not be possible after interest rates rise. So if you can stretch your budget based on your plans in 5 years, it could get you locked in the home you want as your long term destination now as it may be unaffordable later.

[JM-AM]

We all need to hope the economy gets better for the many who are struggling now. We all may not be around in 5 years.

[MovingForward_2012]

Yes. We are truly all very blessed to be able to get a home at this time.

[JM-AM]

I still hope you will get some good news MovingFoward in the next few days.

Everytime you start a new post I am looking for that POSITIVE we have the CLEAR TO CLOSE!

[MovingForward_2012]

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JM-AM wrote:

I still hope you will get some good news MovingFoward in the next few days.

Everytime you start a new post I am looking for that POSITIVE we have the CLEAR TO CLOSE!

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Me too!  No news today but hopefully tomorrow or Thursday.  You know it will be a big announcement when it happens LOL! 

[JM-AM]

I am sure Im not the only one waiting!

[foofighter74]

Yeah, we are stretching our budget just a little.  We qualified for a much more expensive home, but are only looking to buy for the size we need.  We can finish the basement later if we want extra living space, but the base price of the home we are looking to build has already gone up $5,000 in our area. I guess we got in at the right time.  We were actually going to wait another year, but the rates being where they are, and the deal we were able to make...it seemed like a good idea to give it a shot.  And if we're approved, we'll be there for a very long time as I'm not interested in going through all this again. lol

[MovingForward_2012]

+1, I am just like you! :-) We plan to be at this home long term too as we also don't want to go through this again LOL. We are stretching our budget to get the home we wanted in 5-10 years now. I actually truly hope to retire there but we will see. The homes are going up in our area very quickly as well and we were lucky to lock in the price that we did. Our home has a unfinished walkout basement too and we can't wait to finish it but it will be awhile.