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Tuesday, May 26, 2015

First Time Home Buyers Checklist




We've been in this process since last november 2014 of buying a home as first time home buyers and after a friend who also wanted to buy a home started asking me where to start I decided to compile a resource checklist for everyone or anyone who might want to know how to buy a house. I am not an expert just sharing a few things that I know personally this list isn't exhausted by any means but it just might help you in the process a little bit.

Before buying a home Dave Ramsey recommends paying off your debt first and having a healthy emergency funds savings. We are debating if we are going to do that or not my husband just bought the financial peace university and is going to study the steps involved. We've been renting for 5 years and just want to buy a house but it might be worth it in the long run to save more and get our debt payed off first and have that extra money freed up to buy a home that we can really enjoy for a very long time.

Save Your Money- know how much money you will need in advance and make sure you are in the right financial bracket when looking at homes that you can comfortably make payments on each month recommendations are that your monthly payment shouldn't be more than 25% of your take home income, that you have 3 months of income saved in an emergency fund, and pay off your debt prior to considering buying a home and that you have atleast a 10% downpayment to offer plus your closing costs which are: realtor fee: 3% of sales price, lender fee: $1500 (that's ours), appraiser fee: $450, inspection fee: $400- $500, title policy: $800, Down payment: 5% for Conventional, 3.5% for FHA loans minimal.
Get Pre-Approved by a Lender this lets everyone involved know that you are credit worthy. You might need to work on your credit before preceeding. But, don't think that just because you're preapproved for a max amount that you should get the max approved for. You can use a mortgage calculator to determine all the calculations involved. I use these calculators: http://www.aaron.loans/Calculators/Payment.aspx this one tells you your principal and interest which is really nice to know and http://www.aaron.loans/Calculators/PrePay.aspx prepayment savings I love this one if you just payed an extra $4500 annually (which is our income tax return) on a $60K loan that's 5% interest for 30 years we would pay it off in: 8 years 7 months and save: $42k on interest!! that excites me how about you?? never just pay minimal that's what the lender wants because they will make the most money experts say get a 15 year loan instead. For us we plan on getting a 30 year loan and paying it off using our annual income tax refund as shown in the above example that would make our monthly payments $320 principal + interest. Principal is: $72 interest is $250, this changes annually as you pay extra n make regular payments. Plus your other fees: insurance and property taxes adds $300 - $400 per month for a total payment of $620 - $720 dependent upon specific homes insurance and property taxes. This would be ideal for being in our price range of 25% of take home income. This calculator tells you how much you need to make for a specific home loan: https://www.churchillmortgage.com/calculators the link was really long you can find it here.
  • Find a Realtor someone referred to you buy a friend or relative sign up with several online realtor sites to do your home searches heres a few unique ones i frequent in addition to the normal ones: eppraisal.com, realtor.com these are unique that they offer additional free information the other sites do not offer see for yourself. I go to my realtors page of course which is keller williams and i also go to zillow.com or i might just type in a home i past by for sale to do research on it from the sites that pop up. i've learned to scope out houses that look nice -online pictures can fool you trust me i've been shatttered many times by the pics and seeing the houses for myself makes a big difference. take your own pics before deciding if you want to call your realtor and schedule a walk through of the inside. Alot of the times we've decided no before seeing the inside just going there and looking at the house from the outside, the neighborhood, the area it's in. If you still want to see it, find out the property taxes and see if it would work in your financial plan first if it's way too expensive than cross it off your list.
  • Make a List of must haves, needs and wants your realtor might give you a print out of this and other helpful need to know info on buying a home.
  • Know the Cost get a good faith itemized estimate from lender or several lenders
    • to include their cost, insurance cost, property taxes, loan amount, monthly payment
  • Look at houses in your price range and stick with your plan dont be house poor
these steps below are overly simplified as we haven't made it past these steps
  • Make an offer wait if ur offer isn't accepted keep looking if it is...
  • Compare several lenders before choosing one
  • Get an inspection and decide to move forward or stop and keep looking (this is where were at)
  • follow the steps your realtor and lender will walk you through
  • if you qualify for down payment assistance that's 4% off sales price deducted at closing
Home Buying Tips from Dave Ramsey
Debtproofliving.com Mary Hunt Author of 7 Money Rules for Life great resources and calculators

Monday, May 25, 2015

Have a Blessed Memorial day!

I have several new topics that I'm going to be writing about this week to include: the struggles of mental illness and depression, being a new mom, receiving and giving, and first time home buyer. I hope you enjoy and sign up for more on Faith, Family, and Finances!

enjoy your Memorial Day with family and friends remembering and in honor of those who have served our country.


Psalm 119:49-176 The Longest Psalm

I am going to wrap up Psalm 119 in this one post as I have several other topics that I'd like to write about this week to include the struggles of mental illness and depression, being a new mom, receiving and giving. I hope you enjoy and sign up for more on Faith, Family, and Finances.

Zain

49 Remember your promise to me, your servant.
    It gives me hope.
50 You comfort me in my suffering,
    because your promise gives me new life.
51 People full of pride are always making fun of me,
    but I have not stopped following your teachings.
52 I remember the laws you gave us long ago, Lord,
    and they bring me comfort.
53 I am overcome with anger when I see wicked people,
    who have stopped following your teachings.
54 Your laws are the songs I sing
    wherever I am living.
55 Lord, in the night I remembered your name,
    and I obeyed your teachings.
56 This happened because I carefully obey your instructions.

Heth

57 Lord, I decided that my duty is to obey your commandments.
58 I beg you with all my heart,
    be kind to me, as you promised.
59 I thought very carefully about my life,
    and I decided to follow your rules.
60 Without wasting any time,
    I hurried back to obey your commands.
61 The wicked tried to trap me,
    but I have not forgotten your teachings.
62 In the middle of the night, I get up to thank you
    because your laws are so fair.
63 I am a friend to everyone who worships you.
    I am a friend to everyone who obeys your instructions.
64 Lord, your faithful love fills the earth.
    Teach me your laws.

Teth

65 Lord, you did good things for me, your servant.
    You did what you promised to do.
66 Give me the knowledge to make wise decisions.
    I trust your commands.
67 Before I suffered, I did many wrong things.
    But now I carefully obey everything you say.
68 You are good, and you do good things.
    Teach me your laws.
69 People full of pride made up lies about me.
    But I keep obeying your instructions with all my heart.
70 Those people are so stupid that they care for nothing,
    but I enjoy studying your teachings.
71 Suffering was good for me;
    I learned your laws.
72 Your teachings are worth more to me
    than a thousand pieces of silver and gold.

Yod

73 With your hands you made me and helped me become what I am.
    Now help me learn and understand your commands.
74 Your followers will see me and be happy,
    because I trust in your word.
75 Lord, I know that your decisions are fair,
    and you were right to punish me.
76 Now comfort me with your faithful love,
    as you promised.
77 Comfort me and let me live.
    I enjoy your teachings.
78 Bring shame on those proud people who lied about me.
    All I want to do is study your instructions.
79 Let your followers come back to me
    so that they may learn your rules.
80 Let me obey your laws perfectly
    so that I will not be ashamed.

Kaph

81 I feel weaker and weaker as I wait for you to save me.
    But I put my trust in your word.
82 I keep looking for what you promised, but my eyes are feeling tired.
    When will you comfort me?
83 Even when I am like a dried wineskin on the trash pile,
    I will not forget your laws.
84 How long must I wait for you
    to punish those who persecute me?
85 Proud people have tried to trap me
    and make me disobey your teachings.
86 All your commands can be trusted.
    Those people are wrong to persecute me.
    Help me!
87 They have almost destroyed me,
    but I have not stopped obeying your instructions.
88 Show me your faithful love and let me live.
    I will do whatever you say.

Lamedh

89 Lord, your word continues forever in heaven.
90 You are loyal forever and ever.
    You made the earth, and it still stands.
91 All things continue today because of your laws.
    Like slaves, they all obey you.
92 If I had not found joy in your teachings,
    my suffering would have destroyed me.
93 I will never forget your commands,
    because through them you gave me new life.
94 I am yours, so save me!
    I have done my best to know your instructions.
95 The wicked tried to destroy me,
    but your rules made me wise.
96 Everything has its limits,
    except your commands.

Mem

97 Oh, how I love your teachings!
    I talk about them all the time.
98 Your commands are always with me,
    and they make me wiser than my enemies.
99 I am wiser than all my teachers,
    because I study your rules.
100 I understand more than those who are older,
    because I obey your instructions.
101 I have avoided every path that leads to evil
    so that I could obey your word.
102 You are my teacher,
    so I will always do whatever you decide.
103 Your words are so sweet to me,
    like the taste of honey!
104 I gain understanding from your instructions,
    so I hate anything that leads people the wrong way.

Nun

105 Your word is like a lamp that guides my steps,
    a light that shows the path I should take.
106 Your laws are good and fair.
    I have promised to obey them, and I will keep my promise.
107 Lord, I have suffered for a long time.
    Say the word, and I will live again![d]
108 Lord, accept the praise I want to give you,
    and teach me your laws.
109 My life is always in danger,
    but I have not forgotten your teachings.
110 The wicked try to trap me,
    but I have not disobeyed your instructions.
111 The rules you have given me to follow will be mine forever.
    They give me great joy.
112 More than anything I want to obey your laws always,
    until the end of my life.

Samekh

113 Lord, I hate those who are not completely loyal to you,
    but I love your teachings.
114 Hide me and protect me.
    I trust what you say.
115 Don’t come near me, you who are evil,
    so that I can obey my God’s commands.
116 Support me, Lord, as you promised, and I will live.
    I trust in you, so don’t disappoint me.
117 Help me and I will be saved.
    And I will always give attention to your laws.
118 You reject all who don’t obey your laws,
    because they are liars and did not do what they said.
119 You throw away the wicked of this world like trash.
    So I love your rules.
120 I am shaking with fear before you.
    I fear and respect your judgments.

Ain

121 I have done what is right and good.
    Don’t let me fall into the hands of those who want to hurt me.
122 Promise to be good to me, your servant.
    Don’t let those proud people do harm to me.
123 I have worn out my eyes looking for your help,
    waiting for you to save me, as you promised.
124 Show your faithful love to me, your servant.
    Teach me your laws.
125 I am your servant.
    Give me wisdom to understand your rules.
126 Lord, it is time for you to do something.
    The people do what is against your teachings.
127 I love your commands more than gold,
    more than the purest gold.
128 I carefully obey all your commands.
    So I hate anything that leads people the wrong way.

Pe

129 Lord, your rules are wonderful.
    That is why I follow them.
130 As people understand your word, it brings light to their lives.
    Your word makes even simple people wise.
131 My desire to hear your commands is so strong
    that I wait with open mouth, gasping for breath.
132 Look at me, and be kind to me,
    just as you always are to those who love your name.
133 Guide me, as you promised.
    Don’t let evil rule over me.
134 Save me from those who want to hurt me,
    and I will obey your instructions.
135 Accept your servant,
    and teach me your laws.
136 I have cried a river of tears
    because people don’t obey your teachings.

Tsadhe

137 Lord, you do what is right,
    and your decisions are fair.
138 The rules you have given us are right.
    We can trust them completely.
139 Something that really upsets me is the thought
    that my enemies ignore your commands.
140 I love your word.
    Time and again it has been proven true.
141 I am young, and people don’t respect me.
    But I have not forgotten your instructions.
142 Your goodness is forever,
    and your teachings can be trusted.
143 Even though I have troubles and hard times,
    your commands give me joy.
144 Your rules are always right.
    Help me understand them so that I can live.

Qoph

145 Lord, I call to you with all my heart.
    Answer me, and I will obey your laws.
146 I call to you.
    Save me, and I will obey your rules.
147 I get up early in the morning to pray to you.
    I trust what you say.
148 Late into the night I stay awake
    to think about your word.
149 I know your love is true, so listen to me.
    Lord, you always do what is right, so let me live.
150 Here come those who have evil plans to hurt me.
    They live far away from your teachings.
151 But you are near me, Lord,
    and all your commands can be trusted.
152 Long ago, I learned from your rules
    that you made them to last forever.

Resh

153 Look at my suffering and rescue me.
    I have not forgotten your teachings.
154 Argue my case, and set me free.
    Let me live, as you promised.
155 The wicked have no hope of being saved,
    because they don’t follow your laws.
156 Lord, you are very kind.
    You always do what is right, so let me live.
157 I have many enemies trying to hurt me,
    but I have not stopped following your rules.
158 I look at those traitors and hate what I see,
    because they refuse to do what you say.
159 See how much I love your instructions!
    Lord, I know your love is true, so let me live.
160 Every word you say can be trusted.
    Your laws are fair and will last forever.

Shin

161 Powerful leaders attack me for no reason,
    but the only thing I fear is your command.
162 Your word makes me happy,
    like someone who has found a great treasure.
163 I hate lies; they make me sick!
    But I love your teachings.
164 Seven times a day I praise you
    because your laws are fair.
165 Those who love your teachings will find true peace.
    Nothing can make them fall.
166 Lord, I am waiting for you to save me.
    I obey your commands.
167 I follow your rules.
    I love them very much.
168 I obey all your instructions and rules,
    because you know everything I do.

Taw

169 Lord, listen to my cry for help.
    Make me wise, as you promised.
170 Listen to my prayer.
    Save me, as you promised.
171 I will burst into songs of praise,
    because you have taught me your laws.
172 Let my voice sing about your word,
    because all your commands are good.
173 I have chosen to follow your instructions,
    so reach out and help me!
174 Lord, I want you to save me.
    Your teachings make me happy.
175 Let me live to praise you.
    Let me find the help I need in your laws.
176 I have wandered away like a lost sheep.
    Come and find me.
I am your servant,
    and I have not forgotten your commands.


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