Yea for me. Can't stop telling everyone

[dawump]

Well I'm really sorry, but I'm so excited that I am totally obsessed with the fact that I have just signed on the bottom line to buy a house.

Who cares.. right? ME!!!!

Sorry - just had to share it with everyone who will listen, and even those who won't. If you've never bouught a house you'll understand some day.

Pictures at

http://community.webshots.com/user/mrwump

Have a great holiday everyone

Keith

[beam]

Congratulations!

[cphilip]

Well this is great! I do know the joys of it. Something breaks almost every day... No landlord to fix it...

No...seriously... congrats!!!! its a nice time to buy and start building some equity in something solid like a home. Livin the American dream now my friend!

Good luck with it and Merry Christmas to you and yours.

[bunkerking]

Hey that's awesome! congratulations to you!

[the JoKeR]

It gets better....

Now you get to look forward to tax season now. All that interest you pay the bank is now one big tax deduction! Plus, if you have to pay PMI insurance now, you might be able to refinance your mortgage into a primary and secondary loan. The primary would be about 80% of the value of the home and the secondary would be the remainder. This cuts the need for PMI insurance. Saved me a bit of $$ each month, and it was somehow cheaper as well. Not sure how, though!

[udtseal]

Congratulations!!! Looks like a great house!! Good luck and enjoy!! Keep us posted on how the move in and your first night is!! Those are always the funnest times!

[dawump]

Hey Joker,

you are right. Not only the tax break buy I also work from home so 20% of the square footage is a business expense.

As far as the loan stuff goes, we have really fallen on our feet. My Brother in law is a loan officer, and he has come up with a couple of nice things for us that allow us to do a 7.5% loan with out of pocket total cost of 1.8% including downpayment and closing costs!

I think that is pretty impressive. We could have gotten 7.25 but our out of pocket would have been $2500 more, and the monthly payment is only an extra $40 this way. As you can see from the pics, we got some work to do, but there is no other way to get a house in this location and this size in Denver for under $300,000.

You are right about the PMI. It would be nice if the current 3 year interest rate cycle shortened a bit so that we could get a good refinance in 18 months.

Thanks everyone

Keith

[zvanut]

i wish i had my own house...........

[the JoKeR]

Originally posted by dawump
My Brother in law is a loan officer, and he has come up with a couple of nice things for us that allow us to do a 7.5% loan with out of pocket total cost of 1.8% including downpayment and closing costs!

I think that is pretty impressive. We could have gotten 7.25 but our out of pocket would have been $2500 more, and the monthly payment is only an extra $40 this way. As you can see from the pics, we got some work to do, but there is no other way to get a house in this location and this size in Denver for under $300,000.

My brother also deals in financing. I love to rub his nose in my 6.5%! Saved a whole bunch refinancing after the fed dropped interest rates a full point almost a month ago. We figure that the $1200 or so it cost us to refinance will be paid off in less than a year, and if the loan went full term, we'd save BIG. Haven't seen the pics of your place yet (slow home connection), but I can picture what 300k would get you in Milwaukee area! Can I have a loan? Or you could adopt me! I'm housebroken (sort-of...)!

[nutz]

lol i understand NONE of this... but congrats man!!!!!!!!!!!

[Load SM5]

Congrats! I've been in my first house for only a little over a year. I still have that new owner smell. I can understand your excitement. Have a good Christmas in your new pad.

[FooTemps]

Nice job on the new home! I have no clue when it comes to financing and stuff like that so I'll shut up now!

[Cha0tic]

party at dawump's house!!!!!!!!!

[joeyjoe367]

Cool Beans man

I used to live in a house with my family, but we moved to this steeenkin' condo on the other side of lake washington cuz my mom and dad's work is closer..

I'm used to a 3 bed, 2.75 bath with a backyard, etc... now we're in a 2 bed, 2 bath dinky lil place..

Man, I wish i was in a house

[wyn1370]

Good deal,
I'll be moving into my new place come the first of the year. Only complaint is interest rates have gone back up and 6.875 is the lowest I can get without paying points. If anybody knows of a good loan officer that can do a mortgage in Michigan let me know.