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First Time Home Buyer
#8906585
08/23/23 05:26 PM
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Joined: Aug 2012
Posts: 1,147
B Razorback
OP
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OP
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Just wanted to post this out there to see what helpful insight y'all could give since I know many of y'all have much more wisdom than I do in this field. My wife and I moved back here from NW Arkansas this past spring. Currently living in an apartment in McKinney and we're losing our minds being cramped up in there (we came from a rental house in NWA). Our original goal prior to moving was to buy a house in May of 2024. We're both young, have steady paying jobs and are wanting to stay in the N Dallas area (McKinney, Frisco, Celina and maybe Melissa). I know the interest rates are high right now, but I don't really expect them to go down much over the next couple years. No one wanting to sell/short supply of new builds are making things tough. Is it worth it to buy a house early next year and try to refinance down the road? I really appreciate any helpful tips because I don't think I can be cooped up in an apartment for another year.
You may all go to hell and I will go to Texas! -Davy Crocket This is duck hunting...shirts and shoes are optional
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Re: First Time Home Buyer
[Re: B Razorback]
#8906593
08/23/23 05:43 PM
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Joined: Nov 2004
Posts: 4,126
BarneyWho
Extreme Tracker
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Extreme Tracker
Joined: Nov 2004
Posts: 4,126 |
Let your money work for you. What I mean by that is do you both have 401Ks thru work? If so and first time home buyers, depending on the 401K you can take out a loan for down payment, closing costs, etc. However, if your 401K is averaging 8% and your loan is anywhere under that then you are costing yourself money granted you have the cash for the down payment, closing, etc. 401K loans aren't right for everyone, but know and research your options.
Does your employer bank thru a credit union or offer employee benefits thru a credit union? I've found if they do and you do direct deposit to the credit union with a significant frequency I've never been able to beat their interest rates on home or vehicle loans. Also their closing costs have been cheaper by a long shot. Granted it's been a long time since I bought my first home, so some of this might not be true now. Just a couple of things off the top of my head.
If you have a year, you can also set a budget and pinch pennies to save more to buy down the interest on your loan. To me renting is ZERO return on your money and letting someone else earn equity off your money. Also there are tax benefits depending on your income as well. Last time I looked rates were 6-7%. Granted it's not in the 2s or 3s like before, but it's not terrible. If you buy smart, house should increase in valve in 3-5 years. Flip it and but in a nicer neighborhood, better school district, more land, etc until you get what you want. Meaning don't overbuy on your first home. Get in something to have your money working for you. Have a plan and keep working towards that plan until you and your wife are in or where you want to live.
Good look. I was frightened out of my mind when I purchased my first home, but I never regretted it one day.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906594
08/23/23 05:44 PM
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Joined: Sep 2004
Posts: 12,567
RedRanger
THF Celebrity
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Joined: Sep 2004
Posts: 12,567 |
House prices are not going to come down in those area
Buy now and maybe look at new builds
I paid 10% for my first house in 87, so the rates are not that bad, but a starter house is gonna be like 400 to 500K.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906616
08/23/23 06:28 PM
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Joined: Oct 2008
Posts: 17,075
68rustbucket
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Posts: 17,075 |
Our first mortgage in’91 was 12%. You can always refinance later. There are some builders offering 4-5% loans on new builds around here. May be able to find something like that in the area your interested in.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906620
08/23/23 06:32 PM
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Joined: Dec 2010
Posts: 8,841
DocHorton
THF Trophy Hunter
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Move back to NWA...the land of milk and honey. Seriously though...the sooner you buy, the better. Everyone is paying the higher rates right now, and you can always refi in 2 years if/when rates drop. I would suggest doing conventional loan with 20% down payment if you can swing it to avoid PMI. Buy in the best neighborhood you can.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906623
08/23/23 06:36 PM
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Joined: Mar 2010
Posts: 12,663
ntxtrapper
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Renting is like throwing money away so you're planning your future correctly. I couldn't be jammed into the suburbs with houses all around but I understand you have to do what's needed for your careers. Frisco is going downhill so I'd be thinking about Melissa.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906633
08/23/23 06:51 PM
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Joined: Aug 2020
Posts: 913
BigfootWallace
Tracker
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Tracker
Joined: Aug 2020
Posts: 913 |
I don't see the difference in an apartment and a subdivision spec home 5' from another spec home You're living on top of other people either way. Life is too short to live like that.
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Re: First Time Home Buyer
[Re: BigfootWallace]
#8906645
08/23/23 07:17 PM
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Joined: Apr 2008
Posts: 4,631
TPACK
Extreme Tracker
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Extreme Tracker
Joined: Apr 2008
Posts: 4,631 |
I don't see the difference in an apartment and a subdivision spec home 5' from another spec home You're living on top of other people either way. Life is too short to live like that. I`ll bet they don`t have those problems in Santo.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906649
08/23/23 07:23 PM
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Joined: Nov 2011
Posts: 16,984
S.A. hunter
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Joined: Nov 2011
Posts: 16,984 |
As long as you have your 20% down payment I would buy as soon as possible. Or at least start looking and be ready to jump on a good deal when you find one.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906654
08/23/23 07:32 PM
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Joined: Nov 2005
Posts: 10,735
Greg
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We bought our home in 2002 and the best rates were just over 7% at the time. A few years later we refinanced at 3% and didn’t add any extra time to the note. Rates go up and down over time so just refi when they drop again. Buying a home (especially where you are looking) is gonna be a wise investment.
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Re: First Time Home Buyer
[Re: DocHorton]
#8906663
08/23/23 07:52 PM
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Joined: Jan 2013
Posts: 3,439
TLew
Veteran Tracker
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Veteran Tracker
Joined: Jan 2013
Posts: 3,439 |
Buy in the best neighborhood you can. This. Pick the neighborhood where you can find a "middle of the road" house -- not the best and not the worst. It will work out better in the long run
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Re: First Time Home Buyer
[Re: B Razorback]
#8906679
08/23/23 08:19 PM
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Joined: Aug 2009
Posts: 22,830
BigPig
THF Celebrity
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Joined: Aug 2009
Posts: 22,830 |
BUY BUY BUY
The best time to buy was yesterday, the next best time to buy is tomorrow.
It’s a buyers market in both resale and new construction homes.
Since January 1, 2023, I have saved buyers over $60,000 in out of pocket costs on closing fees. The deals are there.
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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Re: First Time Home Buyer
[Re: B Razorback]
#8906682
08/23/23 08:20 PM
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Joined: May 2009
Posts: 24,481
dkershen
Rev Dave
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Rev Dave
Joined: May 2009
Posts: 24,481 |
BigPig knows what he's talking about. ^^^^^^
If you can get him to come out of retirement for an hour, Ramsey on this forum is an expert in all things home mortgage. (he might be bribable for BBQ and beer). Suspect he can refer you to a very good broker at least.
To be sure of hitting the target, shoot first and call whatever you hit the target.www.NewHopeEquine.com - Health and Healing through Horses.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906688
08/23/23 08:32 PM
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Joined: Dec 2008
Posts: 41,388
J.G.
THF Celebrity
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Joined: Dec 2008
Posts: 41,388 |
Buy one, and set it for a 30 year note. Pay extra if you can. If you cannot, you're not saddled with the payment of a 15 or 20 year loan.
I was 22 years old and single when I did that. 5.875% was the best I could do, at the time. It was terrifying. 30 years from then seemed like an eternity. I made the house better. I made the land better. I made the shop better. I sold it, after having it for 19 years. I worked for free for 19 years, until payday came all at once.
You have to live somewhere. Renting is throwing away money.
800 Yard Steel Range Precision Rifle Instruction Memberships and Classes Available
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Re: First Time Home Buyer
[Re: B Razorback]
#8906695
08/23/23 08:42 PM
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Joined: Dec 2005
Posts: 35,628
Guy
THF Celebrity
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Is it worth it to buy a house early next year and try to refinance down the road?. I would say yes.
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Re: First Time Home Buyer
[Re: B Razorback]
#8906696
08/23/23 08:43 PM
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Joined: Aug 2020
Posts: 913
BigfootWallace
Tracker
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Tracker
Joined: Aug 2020
Posts: 913 |
I don't see the difference in an apartment and a subdivision spec home 5' from another spec home You're living on top of other people either way. Life is too short to live like that. I`ll bet they don`t have those problems in Santo. Nope not yet. Unfortunately there's been alot of property bought and sold around here in the last few years, as I'm sure you know. It's just as easy to make bank on a place with some actual privacy and a much higher quality of life. It's not just subdivision houses that are a good investment right now. The people who bought land the last few years aren't regretting it.
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Re: First Time Home Buyer
[Re: ntxtrapper]
#8906707
08/23/23 08:59 PM
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Joined: Dec 2009
Posts: 9,951
The Dude Abides
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2009
Posts: 9,951 |
You have no idea what you're talking about.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: First Time Home Buyer
[Re: The Dude Abides]
#8906710
08/23/23 09:04 PM
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Joined: Oct 2012
Posts: 25,563
Creekrunner
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 25,563 |
You have no idea what you're talking about.
...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28
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Re: First Time Home Buyer
[Re: B Razorback]
#8906712
08/23/23 09:05 PM
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Joined: Aug 2012
Posts: 1,147
B Razorback
OP
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OP
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Posts: 1,147 |
I appreciate everyone's replies on here! Issue we run in to right now is not having the $ for a 20% down payment. A couple years out of college so haven't had time to save all that yet. I couldn't agree more with "renting is just throwing your money away" and that's why we're looking to buy. If not able to put 20% down, what type of loans would y'all suggest researching? FHA, etc. Melissa is probably still considered rural so maybe a RD loan? Thanks again!
You may all go to hell and I will go to Texas! -Davy Crocket This is duck hunting...shirts and shoes are optional
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Re: First Time Home Buyer
[Re: B Razorback]
#8906717
08/23/23 09:13 PM
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Joined: Aug 2020
Posts: 913
BigfootWallace
Tracker
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Tracker
Joined: Aug 2020
Posts: 913 |
The traffic is not going downhill. Whatever it is now will be worse tomorrow, it will be really awesome in 10 years.
Bet you can get some really good Curry though, or find a real nice Temple around there lol
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Re: First Time Home Buyer
[Re: B Razorback]
#8906723
08/23/23 09:17 PM
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Joined: Oct 2012
Posts: 25,563
Creekrunner
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 25,563 |
A lost soul that only knows criticism.
...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28
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Re: First Time Home Buyer
[Re: Creekrunner]
#8906732
08/23/23 09:34 PM
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Joined: Aug 2020
Posts: 913
BigfootWallace
Tracker
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Tracker
Joined: Aug 2020
Posts: 913 |
A lost soul that only knows criticism. "People" that live like ants in a giant mound are lost souls. I almost feel sorry for ya'll....
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Re: First Time Home Buyer
[Re: B Razorback]
#8906734
08/23/23 09:37 PM
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Joined: Dec 2008
Posts: 41,388
J.G.
THF Celebrity
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Joined: Dec 2008
Posts: 41,388 |
I appreciate everyone's replies on here! Issue we run in to right now is not having the $ for a 20% down payment. A couple years out of college so haven't had time to save all that yet. I couldn't agree more with "renting is just throwing your money away" and that's why we're looking to buy. If not able to put 20% down, what type of loans would y'all suggest researching? FHA, etc. Melissa is probably still considered rural so maybe a RD loan? Thanks again! Melissa was mostly rural when I bought in 2002. When I sold it in 2020, city was widely expanding. There are apartment complexes, tons of houses, retail, even a 4 story storage facility right on SH 121 now. Melissa is just another Collin County city.
800 Yard Steel Range Precision Rifle Instruction Memberships and Classes Available
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Re: First Time Home Buyer
[Re: BigfootWallace]
#8906738
08/23/23 09:44 PM
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Joined: Oct 2012
Posts: 25,563
Creekrunner
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 25,563 |
A lost soul that only knows criticism. "People" that live like ants in a giant mound are lost souls. I almost feel sorry for ya'll.... I am extremely fortunate to have the best of both worlds. I'm sitting on the front porch of our ranch house, looking out and hoping the clouds can form something with moisture. Your single, monotonous theme of superiority is tiring to most on here. Lighten up Frances. And it's "y'all" (apostrophe's in the wrong place), and why did you put quotation marks around "people"? Do you not even consider them human?
Last edited by Creekrunner; 08/23/23 09:49 PM.
...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28
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Re: First Time Home Buyer
[Re: Creekrunner]
#8906743
08/23/23 09:56 PM
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Joined: Aug 2020
Posts: 913
BigfootWallace
Tracker
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Tracker
Joined: Aug 2020
Posts: 913 |
A lost soul that only knows criticism. "People" that live like ants in a giant mound are lost souls. I almost feel sorry for ya'll.... I am extremely fortunate to have the best of both worlds. I'm sitting on the front porch of our ranch house, looking out and hoping the clouds can form something with moisture. Your single, monotonous theme of superiority is tiring to most on here. Lighten up Frances. And it's "y'all" (apostrophe's in the wrong place), and why did you put quotation marks around "people"? Do you not even consider them human? What's the best of the other world? Traffic? Starbucks? Strip malls? Thanks for the English lesson. No
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