cancel
Showing results for 
Search instead for 
Did you mean: 

Recent house purchase

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Established Member

Recent house purchase

First time home buyer here, any advice you guys can share?

Starting Score: 499
Current Score: 640
Goal Score: 850

Take the myFICO Fitness Challenge!
Message 1 of 16
15 REPLIES 15
Contributor

Re: Recent house purchase

Set aside money every month for repairs and maintenance, it’s going to be expensive.
FICO 8 Scores 4/1/2018: 694 EX 714 EQ 740 TU FICO 8 Scores 6/16/2019 770 EX 798 EQ 791 TU

WF Cash Wise $18,800 [] PenFed Power Cash $20,000 [] BOA $4,900 [] HSBC Cash Rewards $2,750 [] Discover It $4,600 [] Maurice’s $5,000 [] CO Savor $15,000 [] NFCU Flagship $10,000 [] Amex Rose Gold [] Walmart $800
Message 2 of 16
Senior Contributor

Re: Recent house purchase

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".


Fico 08: 734/716/734 TU/EX/EQ
Message 3 of 16
Established Member

Re: Recent house purchase

Yes I have escrowed and I have the keys!!  It's mine!! Smiley Happy

 

 

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.

Starting Score: 499
Current Score: 640
Goal Score: 850

Take the myFICO Fitness Challenge!
Message 4 of 16
Established Member

Re: Recent house purchase

thank you, I opened a savings account just for these expenses.  

Starting Score: 499
Current Score: 640
Goal Score: 850

Take the myFICO Fitness Challenge!
Message 5 of 16
Community Leader
Valued Contributor

Re: Recent house purchase

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!!!!

Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 6 of 16
Community Leader
Senior Contributor

Re: Recent house purchase


@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.

 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 16
Established Member

Re: Recent house purchase

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).  

Starting Score: 499
Current Score: 640
Goal Score: 850

Take the myFICO Fitness Challenge!
Message 8 of 16
Established Member

Re: Recent house purchase

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!

Starting Score: 499
Current Score: 640
Goal Score: 850

Take the myFICO Fitness Challenge!
Message 9 of 16
Community Leader
Senior Contributor

Re: Recent house purchase


@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 🍾🥂

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.