Yes!!! Got Approved For A Home Loan

[bigb]

There are ZERO trustworthy electricians in Jazzlandia.

Thanks a lot *******.

 

[bigb]

I'm different than most home buyers, as I look for the homes that need a lot of work when I am buying. I want to replace the entire water system and bring electrical up to code. Heck, I'm even ok doing the roof. I do make sure to have a new hvac though. I don't want to mess with the old garbage they used to put in.

If you are semi capable and willing to do a little bit of work, you can replace the entire plumbing system in most homes yourself for around $1500. If you don't k ow how to fix it, call me and I will explain what you need and how to do it.

For electrical, spend $20 on a wiring book and $100 on tools and learn how to update things. If you need a new panel, find a trustworthy electrician to come in, you can usually have that installed for less than $1000.

I am with Franklin om buying the upper limit of what you can afford. We bought the very most of what we could qualify for on our last home and just sold it and made $70 k on it after some repairs to update it

Like I said though I do all the work myself and don't spend any unnecessary money on the purchase price.

$1000 for a panel change out? Man, I'm clearly not charging enough.

 

[b_line]

That's not necessarily correct. With some research you can put money into things that WILL later add to the sales price. In my case we redid the kitchen and two bathrooms, and the money we put into that was more than made up for in the increased sales price. Much more.

Yep. It depends on the type of home you buy. If it needs updating, you will add a ton of value. Adding a bathroom or a garage adds a lot of value as well. Finishing more square footage adds value too. Just don't do it frivolously and add things that won't matter.

 

[franklin]

The wages still aren't there. The fact that they have regained their value is a perfect reason not to buy. They aren't going to grow at the same rate. Buy a neighborhood not a mcmansion. The time to overspend was 5-6 years ago by your own evidence, not now.

Stoked isn't purchasing in that price range.

People know what they are comfortable with, whether it's a $200k condo or a $2mm home. If you're purchasing a $2mm home you probably don't need to stretch yourself. If you are purchasing a $200k home you definitely can stretch yourself to $300k. It is very small risk to reward in this low interest rate environment. $450/month for an extra $100k PLUS appreciation is not a bad bargain at all.

 

[colton]

If you are purchasing a $200k home you definitely can stretch yourself to $300k.

What the heck? That's a 50% larger monthly payment. How can you say people can definitely stretch to do that?

 

[franklin]

What the heck? That's a 50% larger monthly payment. How can you say people can definitely stretch to do that?

It's 50% of ONE portion of your monthly expenses, not 50% of your entire budget.

I can't say people can definitely do it. Most with any sense of responsibility can and will do very well for themselves years down the road as a reward for taking the risk.

I'm as financially prudent as you will find so I get where your skepticism is coming from. I'm not saying to spread yourself thinner than an Ethiopian breakfast. Hedge your bets, build secure backup plans monetarily, and have a willingness to work more if needed. Have titles to vehicles to borrow against and use your 401k as your last ditch resource. Pay an *** load in extra paycheck taxes so you get a $5000 return every year you aren't counting on, max out retirement contributions, and get used to living on that budget. That way every spring you will get a check equal to 12 months of that extra $100k in mortgage payments.

In Utah, average wage raises are pretty damn strong. $475.00/month for an extra $100k will take an average wage earner less than 3 years for wages to catch up to that extra 50% monthly payment. Work extra for those three years and enjoy that hard work for the next 50 years of your life.

 

[franklin]

Thanks a lot *******.

I'd hire you without reading any yelp reviews even. hugs and kisses

 

[bigb]

I'd hire you without reading any yelp reviews even. hugs and kisses

Now you made me blush.

I would be seriously surprised if we have any yelp reviews.

 

[lauriandres]

So I rcently submitted the paperwork to see where I stood for a home loan and they told me that they could approve me for 160k right now. But if I wait and if I continue doing what I am doing they can approve 200k in the spring. I have never bought a home before, or any property for that matter. I am super relieved that my last two years of hard work and smart spending is paying off.

But since I am new to this do any of my more experienced forum members have any tips, warnings or recommendations?

Is it really possible to get home loan from the bank without actual quote from the person and/or company who is selling you the actual property? In Estonia the process is something like that:

1. You try to find a suitable apartment or house which is affordable for you and you can pay the whole sum with payments that are maximum 1/3 of your monthly salary. Usually the loans are for the period of 10-20 years.
2. You get the exact price quote from the seller.
3. You go to the bank(s) to find out whether they will provide the loan and what are the conditions. Usually your salary must be paid to the same bank, your own financing should be at least 30 % if you can't find additional resources that cover the loan in case something goes wrong. Also you must have personal life and property insurance.

 

[Stoked]

They have told me what they will finance me up to. It is up to me to make that work to get into a home.

 

[Gameface]

Now you made me blush.

I would be seriously surprised if we have any yelp reviews.

There are yelp reviews for just about everything. I saw a review for a Maverik gas station. If nothing else you should check, there could be some valuable feedback that people would never say directly to you.

 

[bigb]

There are yelp reviews for just about everything. I saw a review for a Maverik gas station. If nothing else you should check, there could be some valuable feedback that people would never say directly to you.

Just tried to find us and after looking through the first 150 or so on the electrician group under home services I couldn't find us. Tried doing a search for Spartan Electric in salt lake city, and it brought up an ad for an electrician, and hotels. This is the first time I've ever been to yelp, so I could be doing something wrong though.