No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
First time home buyer here, any advice you guys can share?
Well, since you say "recent house purchase" I assume you mean you have closed escrow and have the keys? If so congrats on closing the mortgage! I think closing on a mortgage is the most tedious, frustrating credit transactions there is with the amount of info & details they demand from you. Back in 2009 I had a friend from Hawaii staying with me for a few months while he bought a house here in southern Arizona. His mortgage company actually demanded a letter from me swearing that I was not charging him rent. What difference would that possibly make??? If he was paying rent he wouldn't be paying rent after buying a house! But I wrote the letter: "My friend Joel has been staying with me in my house while house hunting. I do not charge friends rent".
Yes I have escrowed and I have the keys!! It's mine!!
Love the response letter and yes it was very tedious, anxiety producing and sleep deprivating experience. Hopefully, I won't have to do it again for a while.
thank you, I opened a savings account just for these expenses.
Well you’ve done the hard part of actually closing on the house lol so CONGRATS!!!! Super exciting! Obviously saving money is always a good idea for unexpected (and expected) maintenance costs. But don’t let pessimism or negativity creep in on you—enjoy your new home! It’s YOURS! Whooo!!!!
@Caramelhunnyva wrote:First time home buyer here, any advice you guys can share?
WooHoo! Congratulations! It is nothing like realizing the American dream of homeownership. Here are some tips, in addition to setting money aside for maintenance and upkeep.
1. Don't run out and buy a lot of new furniture for two reasons: (1) You're going to be in the house for several years so there's no rush. Give yourself time to buy nice pieces even if it's one piece at a time. A lot of new home owners run out and get deferred interest loans to buy furniture that match. Think eclectic. You will thank you stars at the end of your journey. (2) You're not racking up any unnecessary debt quickly.
2. Stay at home and enjoy your home by changing any old habits that may include eating out or partying and hanging out. Think "save money." Give yourself the time needed to get use to making the larger mortgage payments and utility bills. If it's a house/townhouse, think about things you will need as it relates to lawn care and/or snow removal, if you live in that type of weather related area.
3. If your seller didn't purchase a home warranty for you and this is an older house, you may want to check into purchasing one for yourself. My seller purchased American Home Shield for me. I didn't need to use mine, but my neighbor was so happy she had one when her AC died. Her out of pocket cost - $75.
4. Have a house warming party.
And again, the major thing is to enjoy your home and your accomplishment.
Thank you very much for the advice. I was definitely starting to feel overwhelmed with the amount of "things" I felt I needed to purchase for the house. I will take my time build up my resources again. I appreciate the encouragement, it has been a long time coming. Not to mention the journey from credit unworthiness to homeowner (woohoo).
thank you so much!! I made sure I continued to encourage myself through the process. I actually had one fleeting moment of doubt and that was an hour or so before closing, Yikes! Since then, I feel like I should have purchased a long time ago! But here's to new beginnings!
@Caramelhunnyva wrote:thank you so much!! I made sure I continued to encourage myself through the process. I actually had one fleeting moment of doubt and that was an hour or so before closing, Yikes! Since then, I feel like I should have purchased a long time ago! But here's to new beginnings!
To new beginnings 🍾🥂