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Found a nice home but super scared- need advice

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kaklesmay
Love my baby boy!

Member since 9/05

1151 total posts

Name:
Kim

Found a nice home but super scared- need advice

So me & FH were driving around looking for homes and I think we found our dream house.

Now my wheels are spinning! I cant put a number on how much we can afford because we both are self employed. It can drastically vary year by year.

So, thats making me uneasy.
But the house itself is definitely priced right!

I've been looking at all these mortgage qualifier calculators and wonder, just because we would qualify for a mortgage, it doesnt necessarily mean we could afford that amount.

Also, we have money saved but Im not sure what we will need for furniture, etc. So, how much cushion do I leave myself after a down payment??

So sorry, so many questions and I dont know where to start.

Posted 1/9/06 11:39 AM
 
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LSP2005
Bunny kisses are so cute!

Member since 5/05

19460 total posts

Name:
L

Re: Found a nice home but super scared- need advice

Have you gone to a mortgage lender to get preapproved? I would start there because that will give you an idea of what you qualify for. You will also want to keep some money set aside for the closing costs if you are paying those upfront, moving expenses, furniture, unexpectred stuff (i.e. furnace breaks 2 months after you own the home), general emergency funds, and living funds. After that, what is left over can be put towards your downpayment. You also don't need to get all your furniture at once. So long as you have a bed and a place to sit and eat you can get the rest of your furniture gradually. It is difficult, but we are all there. Good luck.

Message edited 1/9/2006 11:52:14 AM.

Posted 1/9/06 11:51 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Found a nice home but super scared- need advice

Posted by kaklesmay

So, how much cushion do I leave myself after a down payment??





You should always have at least THREE months of emergency funds. Enough funds to pay all your bills for three full months (in case you have zero income).

Then after that... add on any funds you need for furniture and upgrades. Usually... figure out how much you think you will need... then double it to be on the safe side.

Posted 1/9/06 12:05 PM
 

charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

Re: Found a nice home but super scared- need advice

You have FM

Posted 1/9/06 12:27 PM
 
 

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