No. of Recommendations: 2
Well, my wife and I finally bought our first home a couple of weeks ago.

Purchase price = $72,000
Down payment = $35,000
Mortgage = $35,000 @ 5.75% for 20 years
Lawyer's fees, Title company's fees, Bank's fees and inspections = $2,000

1,484 square feet, 2/1/2 built in 1938

We are painting the interior and refinishing the old hardwood floor and doing some miscelanious repair ourselves. We have moved about half of our stuff. Last night was our first night to stay in it. We are both so excited.

xtn
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No. of Recommendations: 0
Congratulations, xtn. Wow, your monthly mortgage payment must be less than I pay for haircuts!

elizabeth
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Congratulations, xtn. Wow, your monthly mortgage payment must be less than I pay for haircuts!

Thank-you mill. Hey that's kind of catchy.

My payment is $245 excluding taxes and insurance, for which there are no escrow provisions. I have to take care of them on my own. I decided on that because the taxes being paid all at once at the end of the year is better than paying it ahead every month. No sense letting someone else earn interest on that money when I could be using it.

We decided to buy in the $70K range isntead of the $130K range because we have plans to begin construction in September of a spec-home to be for sale. We hope to use our remaining capital to make a little money that way. If we had bought a lot more house that option would not exist.

I have been unemployed for about two months now, so we decided to help our money work for us instead of putting it all into a locked-up asset.

xtn
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Good luck. Keep that enthusiasm. It will come in handy.
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