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9/22/2017 12:11:25 AM
Posted: 2/27/2006 8:24:32 AM EDT
Guys, I need your help - I have decided that I need to move out of sleazy Aurora. I am tired of paying rent to my wife for her condo (my name's not on the papers) and tired of the undersized living quarters, and so we will embark on a journey of becoming home owners this year.

Is there some sort of ARFCOM-like "Home Buyer's Forum" that exists on the internet? I could lurk there nightly until I get the ins-and-outs of home buying down pat; then and only then would I meet with a realtor and a contractor. Be advised, I am staying in the Denver Metro area and keeping my job, so I have no plans to move out of state.

Your suggestions are welcomed. Oh, BTW, I have already thought about the conditions like "Defensible Perimeter," "Interlocking Fields of Fire," "Staying below the Military Crest of the hill," "Cover and Concealment," "loopholes" and the like.
Link Posted: 2/27/2006 9:31:46 AM EDT
Bueller? Bueller?
Link Posted: 2/27/2006 9:36:44 AM EDT
I am a licensed broker in your state. What would you like to know?
Link Posted: 2/27/2006 9:38:48 AM EDT
Whatever you do, don't take real estate or mortgage advice from a GD post on ARFCOM...


(IM me instead.)
Link Posted: 2/27/2006 9:44:48 AM EDT
I don't know of any good forums, but I've btdt a few times.

First step is to see what you qualify for, and decide what you want to spend.

Check with a credit union for the best deal on a fixed rate loan. If you are looking for an adjustable rate loan, or a no money down, interest only loan, then it gets a little more complicated. In any case, get several Good faith estimates, and let the mortgage brokers know you are shopping around for the best deal. Look closely at all the fees.

Find a good Real Estate Broker, and have them e-mail properties to you that fit your criteria. Use of the broker is "free" to you. They get a comission from the sellers proceeds.
IM me if you have any questions, I'm happy to help.
Link Posted: 2/27/2006 10:01:38 AM EDT
[Last Edit: 2/27/2006 10:02:38 AM EDT by ICEAGE]

Originally Posted By BillofRights:
I don't know of any good forums, but I've btdt a few times.

First step is to see what you qualify for, and decide what you want to spend.

Check with a credit union for the best deal on a fixed rate loan. If you are looking for an adjustable rate loan, or a no money down, interest only loan, then it gets a little more complicated. In any case, get several Good faith estimates, and let the mortgage brokers know you are shopping around for the best deal. Look closely at all the fees.

Find a good Real Estate Broker, and have them e-mail properties to you that fit your criteria. Use of the broker is "free" to you. They get a comission from the sellers proceeds.
IM me if you have any questions, I'm happy to help.




^ Listen to this guy.

If I where you I'd move to the western area of Denver, but thats just me cause I'd rather be as close to snowboarding and the mountains as possible :P.

Since you are thinking along the lines of ""Defensible Perimeter," "Interlocking Fields of Fire," "Staying below the Military Crest of the hill," "Cover and Concealment," "loopholes" and the like."

If you can get in that area that becomes a bit more hilly/mountainous (not sure how you describe that area west of Denver). It might be better for along those lines instead of being in a city/neighborhood.

But I know real estate is very expensive in Colorado so that might be more then in a city.



Btw I lived in Glenwood Springs for a year. Wish I was still there.
Link Posted: 2/27/2006 10:04:12 AM EDT
I know you get a lot of house for the money (well, not really...but for the Denver Metro market, yes) around C-470 and Smokey Hill road area. Or, say, down in Parker. Assuming you want to stay over kind of on the East side.
Link Posted: 2/27/2006 10:04:20 AM EDT

Originally Posted By mcnielsen:
Whatever you do, don't take real estate or mortgage ANY advice from a GD post on ARFCOM...



Fixed it for you
Link Posted: 2/27/2006 11:15:59 AM EDT
Well, a few tips from my own experiences....

Set a realistic budget. Dont forget that property taxes and homeowner's insurance will probably be escrowed into the monthly mortgage payment, make sure you budget for this also.

Shop around for a loan now, and have financing arranged before making any offers if possible.

I prefer traditional fixed loans, but YMMV. Make sure you UNDERSTAND the implications of whatever type of financing you pursue.

20% down will allow you to avoid PMI. Some lenders will negotiate PMI with less than 20% down, shop around if you plan to put less than 20% down.

Conventional loans are much easier for a seller to deal with than FHA, etc. I had a seller accept a lower offer from me because I was going conventional vs. the other offer being FHA.

Dont get in a hurry. Houses come up for sale every day, just like cars.

Link Posted: 2/27/2006 11:31:33 AM EDT
[Last Edit: 2/27/2006 11:35:40 AM EDT by Duffy]
Taxes aren't impounded and figured into the loan unless you want to, for me, I'm sick of paying it twice a year so I make sure I have an impound account on all of my properties. Taxes on one property may be nothing stressful, three will hit very hard.

Buy a small place in a nice area, not a big place in a bad neighborhood. Have reserve in case you can't make the monthly payment. There are so many creative loans these days, with that you get to choose which payment plan every month. If ya got lots of $ one month, pay more and pay down on the principal, if not, interest only.

Very often people are looking for their dream home even though it's their first home. Don't. When you are older and have lots of cash and equity, then you can shop for a dream home, you got to start somewhere, this is where you start, it won't be a dream home but it is yours, tax deductions are nice and you won't be wasting money by renting. In a few years you can sell it and use the equity to buy a nicer and bigger place. Keep moving up, or keep it for a long time, either way, be prepared for the long run, if the market flattens or goes down, keep it and don't panic, people lose money when they sell in a bad seller's market in panic.

I invest in real estate as a part time gig, in three years I made $350K, not enough to live off but considering the time I spend doing it (maybe a few hours a year haha), it's certainly worth my while. Most of it went right back to more investment, but I get to have lots of freedom and toys
Link Posted: 2/27/2006 12:56:17 PM EDT
Spend a good 10-20% less than you "qualify" for. Most of the mortgage calculators out there will leave you house poor.
Link Posted: 2/27/2006 1:01:09 PM EDT
When you are serious, I'd go for pre-approval, rather than pre-qual. That way you know you will have financing and you know how much for--and it can help if the seller has more than one offer on the table. Pre-qual is generally worthless, it's only what a broker thinks he can obtain a mortgage from what you've stated (income, work history, rent history,etc) and a look at your credit history.
Link Posted: 2/27/2006 7:17:22 PM EDT
This is exactly the kind of advice I was looking for. Thanks, fellow ARFCOMMERS for your assistance.
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