Hey there, folks! So, I’m 33 years old and diving into the whole home buying adventure. I’ve got my eye on a sweet 3-bedroom, 2-bathroom house with a pool that’s listed at $495k. I recently checked it out and it’s move-in ready, but just as I was leaving, another group came in for a tour. And now, bam, the listing is officially on the market.
The sellers are looking to move out in a couple of months, so I’m thinking I might have some bargaining power there. I’m planning to offer $505k and see if I can get $10k back. I don’t want to mess around in this supposedly slow market, especially since the sellers bought the place for $475k back in 2023.
Now, onto the nitty-gritty of the financials. I bring home over $200k a year, but hey, I still want to be smart with my money. The loan I was quoted is at 5.75% for 30 years with a 3% down payment. I’m not exactly rolling in cash, so I’m considering buying down the interest rate. Here are the options my lender gave me:
– 4.99% for $2,912.41/month, costing $16,762
– 5.25% for $2,995.41/month, costing $9,865
– 5.375% for $3,035.72/month, costing $6,445
– 5.5% for $3,076.29/month, costing $3,326
Honestly, with those figures and the small monthly differences, I’m not sure it’s worth it. What’s your take on this? I do plan to make extra payments on the mortgage once I’ve cleared some other debts.
Oh, and my real estate agent mentioned that in Arizona, the HOA convenants and disclosures come after you’ve signed the contract, typically within 5 days. Is that the norm? The HOA fees are $165 per quarter for general maintenance, and maybe they cover the front yards? I’ll need to check the CC&R to be sure.
I’ll keep you posted with more questions as they pop up. Oh, and just a heads up, the PMI is $129.74, but I believe that’s already included in the loan amounts I mentioned earlier. Let’s see how