topic Re: My daughter getting first home in Mortgage Loans

My daughter getting first home

Jnbmom — Wed, 09 Jul 2025 11:42:49 GMT

So excited for my daughter . She lives in Seattle with her fiancé , they are getting married next July ❤️

I can't believe how high prices are there . They finally found a "little house " 920 square feet with a nice yard though . They haggled a little but now have a contract . Both them make around 100K , she a little higher she is a SLP (speech language pathologist), he works for state under rent relief programs .

The house is 640K 😳, however the in laws both doctors are giving them a huge down payment (400K-500K ) 😳 as they have a lot of money and with the economy they would rather invest in the children . I did ask if either I could marry his twin brother or could be adopted , I would go either 😂😂.

Their scores are the the low 800's and they have the preapproval in place .

So excited for them but bewildered as well with the home prices . I plan to retire and move there but this scares me not knowing if I could even afford it as their tiny house wouldn't have room.

Any idea what rates are currently ? I believe they are going conventional and she stated estimated mortgage payment is 1600.00 with the huge down payment.

https://www.redfin.com/WA/Seattle/9716-Dayton-Ave-N-98103/home/99783

Re: My daughter getting first home

Horseshoez — Wed, 09 Jul 2025 12:10:40 GMT

@Jnbmom, congratulations to your daughter and her intended!

We are more or less in the same boat; our daughter and her fiancé moved to a fairly expensive area outside of Washington DC back in 2023 and they begged us to move down near them. Last year we found a place only a two minute walk door-to-door and bought it, but wow, money doesn't go terribly far down here. Had we stayed in New Hampshire, we could have purchased a house in the 2,500 to 3,000 square foot range for what we are paying for a 1,400 square foot condo with a high monthly HOA. I'm 68 and still working, my wife will be 68 later this year and retired about five years ago; hopefully we can stash enough away over the next four to five years before I retire to allow us to stay in this place.

Re: My daughter getting first home

FicoMike0 — Wed, 09 Jul 2025 15:08:24 GMT

Congratulations for the daughter!

Property prices in some areas are eye watering. A huge gift down payment makes it reasonable.

In retirement, with the mortgage paid, I look at my property taxes. I hate to think what taxes are on a $640,000 house.

Re: My daughter getting first home

Jnbmom — Wed, 09 Jul 2025 18:04:00 GMT

Thanks @Horseshoez yes I honestly don't know if I can afford to retire there lol

@FicoMike0 yes taxes on those high home value yikes

Re: My daughter getting first home

ShanetheMortgageMan — Thu, 10 Jul 2025 01:54:23 GMT

Cute place and wonderful in-laws!

Conventional rates are around the mid 6's on a 30-year fixed. Today was a good day for mortgage rates, but for the past week they've been slowly increasing. Your daughter should ask their loan officer if they lock in a rate today and rates get lower in before they close, are they allowed to 'float down' to a lower rate. Some lenders offer that.

Most would consider that a very high home price for what you get, but that's just the way it is along the west coast. Even if market values dip, then if they end up having to move (children, work, etc.) there is so much equity in their home that it wouldn't be difficult to sell at the right price, or rent it out and cover the monthly payment.

Re: My daughter getting first home

FicoMike0 — Thu, 10 Jul 2025 02:12:27 GMT

The only time I avoided taxes was when I rented in Torino, I paid 2 million lire a month.

Re: My daughter getting first home

Jnbmom — Thu, 10 Jul 2025 05:45:45 GMT

@ShanetheMortgageMan

Thank you . I will definitely tell her to ask about the rate lock .

Re: My daughter getting first home

cashorcharge — Thu, 10 Jul 2025 20:35:40 GMT

Congrats to your daughter!! Cute house....and you were right...little is a great description

Re: My daughter getting first home

Thomas_Thumb — Fri, 11 Jul 2025 02:44:25 GMT

@Jnbmom wrote:
So excited for my daughter . She lives in Seattle with her fiancé , they are getting married next July ❤️

I can't believe how high prices are there . They finally found a "little house " 920 square feet with a nice yard though . They haggled a little but now have a contract .

The house is 640K 😳.

Their scores are the the low 800's and they have the preapproval in place .

I plan to retire and move there but this scares me not knowing if I could even afford it as their tiny house wouldn't have room.

Any idea what rates are currently ?
https://www.redfin.com/WA/Seattle/9716-Dayton-Ave-N-98103/home/99783

Congratulations to your daughter and future S-I-L. I'll defer to Shane on interest rates.

I can relate to the cost of living concern. We are retired and our daughter & SIL live near San Diego. Not sure we could afford to move out to SD although DW would like to live nearby.

Re: My daughter getting first home

Jnbmom — Fri, 11 Jul 2025 11:06:20 GMT

@Thomas_Thumb

Yes that's kinda where we are . My daughter wants me out there when I retire and I do want to be close to her she's my baby girl . Hubby doesn't want to but we shall see .

But hoping this is probably their first home and maybe by the time I retire she will have a bigger home with land to build a little tiny house for her mamma 😂

Re: My daughter getting first home

Jnbmom — Sat, 12 Jul 2025 10:31:26 GMT

They got the house 😊Closing date around August 6. Went with their local credit union 6.5% 30 years , down payment 500K from his parents (again please adopt me lol ) total mortgage payment including HOA is 1400.00 .

Right now they pay 2100.00 for a tiny apartment 600 sq feet .

Re: My daughter getting first home

cashorcharge — Sat, 12 Jul 2025 22:18:22 GMT

@Jnbmom wrote:
They got the house 😊Closing date around August 6. Went with their local credit union 6.5% 30 years , down payment 500K from his parents (again please adopt me lol ) total mortgage payment including HOA is 1400.00 .

Right now they pay 2100.00 for a tiny apartment 600 sq feet .

That's awesome and a great start for them!

Re: My daughter getting first home

Realist — Sun, 13 Jul 2025 03:18:11 GMT

Congratulations. Seems like a good position to be in with those numbers.

What they'll need to be mindful for is the second year tax bill adjustments. Homes across the country have been pushing up SEV's at an accelerated rate to "catch up" to home value increases. Even if you've lived in your place for a decade or longer. Then the adjustment comes in, these tax bills have been exploding for new purchase homeowners. Never trust the quoted tax estimates on the mortgage papers, as they can be significantly under priced.

However, having been used to paying $2100/month, it sounds like for even the worst case condition, this is still a good position to be in.

Re: My daughter getting first home

FicoMike0 — Sun, 13 Jul 2025 03:31:14 GMT

That's great news!

Since theyll have some budget room, you might suggest they start a repair fund with some of it. Those new to home ownership can be surprised the first time a water heater or something goes out. Thinking over the last 10 years, I've had the roof and a/c replaced, and diyed sump pump, water heater and water well pump. Most don't have the latter, but then I don't have a water bill either.

Re: My daughter getting first home

Jnbmom — Sun, 13 Jul 2025 08:22:20 GMT

@FicoMike0 @Realist

Thank you both very good points and tips

Re: My daughter getting first home

Saleen099 — Sun, 13 Jul 2025 10:57:55 GMT

@Jnbmom wrote:
They got the house 😊Closing date around August 6. Went with their local credit union 6.5% 30 years , down payment 500K from his parents (again please adopt me lol ) total mortgage payment including HOA is 1400.00 .

Right now they pay 2100.00 for a tiny apartment 600 sq feet .

Congratulations 🎉