topic Re: How much did you SAVE? in Mortgage Loans

How much did you SAVE?

jadeite788 — Tue, 25 Jun 2013 16:44:11 GMT

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

Re: How much did you SAVE?

Anonymous — Tue, 25 Jun 2013 18:33:14 GMT

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.

Re: How much did you SAVE?

kimmiller112 — Tue, 25 Jun 2013 23:35:50 GMT

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.

Re: How much did you SAVE?

Anonymous — Wed, 26 Jun 2013 13:59:17 GMT

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

Re: How much did you SAVE?

jadeite788 — Wed, 26 Jun 2013 18:53:23 GMT

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.

Re: How much did you SAVE?

jadeite788 — Wed, 26 Jun 2013 18:55:56 GMT

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.

Re: How much did you SAVE?

jadeite788 — Wed, 26 Jun 2013 18:57:11 GMT

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.

Re: How much did you SAVE?

Hoya08 — Wed, 26 Jun 2013 20:02:46 GMT

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).

Re: How much did you SAVE?

armywifelong03 — Wed, 26 Jun 2013 20:13:10 GMT

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

Re: How much did you SAVE?

swtneka — Wed, 26 Jun 2013 21:17:01 GMT

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

Re: How much did you SAVE?

jadeite788 — Wed, 26 Jun 2013 21:23:33 GMT

no problem. Myself was curious. I still have to consider kitchenware. I went to sears outlet, where things were discounted, and it gave me somewhat of an idea in what to expect.

Re: How much did you SAVE?

swtneka — Wed, 26 Jun 2013 21:35:47 GMT

@jadeite788 wrote:
no problem. Myself was curious. I still have to consider kitchenware. I went to sears outlet, where things were discounted, and it gave me somewhat of an idea in what to expect.

Yea i been window shopping myself. Trying to get an understanding how much we are going to need. Way more than i thought i tell u that

Re: How much did you SAVE?

Hoya08 — Wed, 26 Jun 2013 21:54:45 GMT

@armywifelong03 wrote:
Hoya08, what were your approximate closing costs w/ VA?

Our closing costs (in 2011) on a 458k home in Northern Virginia was around 11k. It included 12-months of home insurance and pro-rated property-tax among all the other fees. However, due to our earnest money, we only had to bring 2k to settlement; moreover, we did not pay a VA funding fee.

Your closing costs will depend on where you plan to purchase (due to different property tax rates, etc).

If you purchase a home with a VA loan while your SO is still active duty, you will pay a VA funding fee, currently 2.15%. If you purchase after your SO retires or separates, and receives a 30% or greater disability rating from the VA, you qualify for a funding fee waiver. Unfortunately, some veterans are not aware of this waiver.

Re: How much did you SAVE?

jadeite788 — Thu, 27 Jun 2013 14:32:35 GMT

that is high.

Re: How much did you SAVE?

jadeite788 — Thu, 27 Jun 2013 14:37:16 GMT

@Hoya08 wrote:
@armywifelong03 wrote:
Hoya08, what were your approximate closing costs w/ VA?
Our closing costs (in 2011) on a 458k home in Northern Virginia was around 11k. It included 12-months of home insurance and pro-rated property-tax among all the other fees. However, due to our earnest money, we only had to bring 2k to settlement; moreover, we did not pay a VA funding fee.

Your closing costs will depend on where you plan to purchase (due to different property tax rates, etc).

If you purchase a home with a VA loan while your SO is still active duty, you will pay a VA funding fee, currently 2.15%. If you purchase after your SO retires or separates, and receives a 30% or greater disability rating from the VA, you qualify for a funding fee waiver. Unfortunately, some veterans are not aware of this waiver.

The house we were going to purchase before the accident was $80K, and earnest was $1K, and closing costs was $2550. The Seller was going to pay the closing costs in full. We had the downpayment assistance, with no points, and a 1% origination fee. So basically no money was coming out of our pockets. But then again I am in Texas. But it don't matter because we back out after the home inspection. The whole entire HVAC unit had to be replace.

Re: How much did you SAVE?

bobvette — Thu, 27 Jun 2013 15:16:44 GMT

@swtneka wrote:
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

We had our down payment saved, around $16,000.00, and moved in three weeks ago, since then, this is just a quick tally of what we have spent, and I bought all furniture for cost because of my job:

Blinds: $1,800.00

Fridge: $2,000.00, got it for cost too

Sectional: $1,600.00

Bed, mattress, and box for daughter: $800.00

Bedroom Furniture for other daughter: $1,500.00

Master bedroom bed and 2 nightstands: $800.00

Push mower/grill: $1,000.00

Out of all of that, the stupid blinds drive me crazy. It takes a ton of money to buy a house, and I didn't even include the cost for the movers!

Re: How much did you SAVE?

jadeite788 — Thu, 27 Jun 2013 15:22:26 GMT

@bobvette wrote:
@swtneka wrote:
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
We had our down payment saved, around $16,000.00, and moved in three weeks ago, since then, this is just a quick tally of what we have spent, and I bought all furniture for cost because of my job:

Blinds: $1,800.00
Fridge: $2,000.00, got it for cost too
Sectional: $1,600.00
Bed, mattress, and box for daughter: $800.00
Bedroom Furniture for other daughter: $1,500.00
Master bedroom bed and 2 nightstands: $800.00
Push mower/grill: $1,000.00

Out of all of that, the stupid blinds drive me crazy. It takes a ton of money to buy a house, and I didn't even include the cost for the movers!

.

Sounds like I am going to be bargain hunting for the first 3-6 months. thats a lot.

Re: How much did you SAVE?

swtneka — Thu, 27 Jun 2013 15:31:05 GMT

@bobvette wrote:

We had our down payment saved, around $16,000.00, and moved in three weeks ago, since then, this is just a quick tally of what we have spent, and I bought all furniture for cost because of my job:
Blinds: $1,800.00
Fridge: $2,000.00, got it for cost too
Sectional: $1,600.00
Bed, mattress, and box for daughter: $800.00
Bedroom Furniture for other daughter: $1,500.00
Master bedroom bed and 2 nightstands: $800.00
Push mower/grill: $1,000.00
Out of all of that, the stupid blinds drive me crazy. It takes a ton of money to buy a house, and I didn't even include the cost for the movers!
.

We are paying on our furniture. Its in layaway. The main thing we will need is a fridge , lawn mower, n a king size mattress 4 our new bed room set, oh n of course MOVERS!

Re: How much did you SAVE?

kimmiller112 — Thu, 27 Jun 2013 17:26:45 GMT

I'm glad this post was started. I had the moving costs calculated into what I will need, but completely forgot about blinds.

Re: How much did you SAVE?

nvrgiveup08 — Thu, 27 Jun 2013 19:03:49 GMT

I've been saving for some time now and HOPEFULLY I will have about 15k saved by the time I close and move in. We are gonna have to purchase a riding mower and lawn equipment as well as some other odds and ends. I want to keep as much in savings as possible.