{ "media_type": "text", "post_content": "Closed on my first home 🍾🍾🍾", "post_id": "58d1d1605ae7fa0016875792", "reply_count": 34, "vote_count": 228, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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Closed on my first home 🍾🍾🍾

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Congratulations, OP. This is a major milestone, and a nice way to build equity while sheltering a portion of your income, ie the tax subsidy for interest and taxes. I hope that you chose a fixed rate, whether 15 year or 30 year.

A1 don't be Debbie Downer, lolz

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Closed on a house at the end of January in NOVA. We've had a couple of good realtors in the past, but I agree that they're not all great or helpful in the loan process. Not our first home, so from an experienced buyer's perspective, be prepared to provide proof of everything... income, debt, monthly bank statements, etc... took us about 4 months to close, but was new construction so YMMV.

Congrats OP, welcome to being the King (or Queen) of your castle! 🍾

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Enjoy those tax benefits

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Congrats. Hope you enjoy paying for a mortgage on a house you never live in

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@RDT is my comrade, payment is done on the side

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Congrats! I close 3/31.

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You don't need 20% down, P2. First misconception I had. In Chicago, you can get away with 4-5%

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Yaas kween! Lol congrats girl!!

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RDT, je ne savais pas que c'était toi! Félicitations pour l'achat de votre première maison. Woohoo!

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Thanks fam! I bought in Wicker. This won't be my forever home but i figured I might as well build equity now while rates are low. My bit of advice is to go to a mortgage brokerage (and not a bank) and begin the convo for your financial situation with a loan officer. A thousand times more helpful than any realtor. They will clear up any misconceptions

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Happy to answer any questions friends! Hopefully I can help. P2 I didn't go to a major school, I went to a commuter school so my loans are really low now, <10k. I picked an area that has high/rising rental prices. I'm going to rent out a room (maybe two) and live in it myself so the payment won't be as much of a burden. Considering I already have a roommate, having a roommate in my home isn't an issue for me. Fixer uppers aren't optimal for us since we are rarely home, so look into something turnkey. I bought off season too so that made prices a little easier

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RVP, was hoping you'd say something like "first payment due on first in rubles"

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Should any federal agencies be informed of this exchange? 😆

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Congrats RDT!

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@RDT congrats on makin moves!!! What area in Chicago?

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Congrats. Feels like a pipe dream in NY. Hello Vlad!

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House party!

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I was up-like #69. Feeling like a perv. Congrats nonetheless 🥂

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I don't recommend my realtor. From what I've heard though, all realtors kind of suck. It's okay though because between a good lawyer and a good loan officer, you'll be good. I can recommend my mortgage guy if you're interested.

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Do they look at your student loans as apart of the process?

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D3 yes they look at your debt to income ratio

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