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Hannibal
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Congratulations, hope your pen is full of ink and you've loosened your wrist...

 

What rate did you get? :D

 

Edit: Did you build, is it new, or previous-owned? Are you going to have to put in a yard, fence, or sprinkler system? Out in the country, city or suburbs?

 

Re-edit: Hope your closing goes smoothly Hannibal. :)

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Congratulations. Now get back to work to pay for your new home and the unforeseen repairs that will come. Remember when people are trying to sell their services to you, if it sounds too good to be true it isn’t worth the price they are charging.

 

Hope everything goes great and be prepared to sign your name about 100 times. Just remember this is a huge commitment and you are paying these people for their knowledge. So if you have any questions or concerns make these people do their jobs and answers your question to your complete satisfaction. Don’t take a handshake deal on any amendments; make them put it in writing.

 

You are buying a house it is up to you to make it home.

 

Good luck and congratulations again.

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What rate did you get? :D

 

Edit: Did you build, is it new, or previous-owned? Are you going to have to put in a yard, fence, or sprinkler system? Out in the country, city or suburbs?

 

Thanks everyone. I actually got 6%. It's previously owned. Suburbs. Already has a fence and yard.

 

 

Hope everything goes great and be prepared to sign your name about 100 times.

 

I think I've written my name and initials more this past week than I have over my entire life. My hand will be taking a vacation when this is all over.

 

Just remember: you will never be finished! There will always be something else to get done.

 

Don't remind me. I already want to re-do the kitchen and bathrooms and put in hardwood floors. Man, I'll be broke for life.

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Congratulations on embarking on your quest for home equity, Hannibal. :D

 

6% is a really good interest rate. Hope you were able to get it fixed though and not variable. A lot of people that took out variable-interest loans on their homes in the last few years are getting hammered with the rate increases now.

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Before you embark on mass renovation, make sure you have some money in the bank for emergency repairs. A month after we moved into our house, our refrigerator went out. There's little annoying things that crop up in any house that need to get dealt with.

 

Unless you've done construction in the past, count up the number of days you think any given project will take. Once you have that number, change 'days' to 'weeks'. This formula worked really well when Jimbo thought replacing the garage roof would only take him 3 days.

 

It'll always need something fixed, but it'll be yours. Enjoy. :)

Congrats on home ownership, and I agree 6% fixed is a pretty darn good rate.

 

One thing--get separate inspections for electrical and engineering, especially if you have any I-beams in the basement or there's any evidence of settling. We did that for our first house and were very glad we did--the engineer found that the foundation wasn't stable where they had enclosed a porch and turned it into a large kitchen. The owner was a builder and so he poured an extra footing and all was well. If we hadn't had that, though, we would have had to pay several thousand. Not a bad idea to have someone check out plumbing too. The guys who specialize sometimes catch more things than a general inspector.

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