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Tuesday, April 7, 2009

Home Purchase Plan - How I faired

Back in January I developed my Home Purchase Plan (HPP for short). I listed exactly what I was looking for in my new home including my needs and wants. I printed up my HPP and carried it will me everywhere. I especially took it with me when I went house hunting with my agent. I had a momentary relapse (I'll explain more on that on another post) but got back on track and stuck to my guns. I ended up with a beautiful house that fits all my needs and wants.

HOME PURCHASE PLAN



The home I want:

Price: $0 -> $190,000 $180,000

Ideal Monthly Mortgage (including taxes, PMI, HOA, & hazard): $1200 (max $1300) $1310

Location: Surrounding Orlando Area Check

Bedrooms: 3+ 4

Bathrooms: 2+ 2

Square footage: 1700 s.f. + 1810 sf

Year Built: 2000+ 1998

HOA: $100/month max $150/yr

NEEDS:

* A-rated school district Check
* Quick access to major highways Check
* Good daycare Check
* Nice neighborhood Check
* Shower stall Check
* Backyard Check
* Large kitchen with pantry and lots of cabinet space Check (I have TWO pantries)
* Large master bathroom Check
* Walk-in closet in master bedroom Check

WANTS:

* Garden tub Check
* Family room and living room Check
* New stainless steel black appliances (a girl can dream can't she!) I bought them myself


I only had to bring $5300 to closing since I had already put down the $1000 earnest deposit. My closing took about an hour. I got into an arguement with my agent about an hour before the closing. Oh how I wanted to smack the sh*t outta him. Still do.

My total monthly payment is $1310 which includes $216/month for property taxes and $64/month for hazard insurance. Due to a stipulation in the bank's addendum to the contract we had on the house, I had to redo my points and was able to lock my rate at 5% instead of the 4.875% as I previously hoped. I'll explain that what happened in my Dos and Donts.

I am currently in the middle of getting my house painted. I didn't want to unpack my boxes only to have to move everything again so all my stuff is currently in my garage. I wish I could have taken more days off. I have so much to do and so little time.

Alright I am off to bed.

Hello

Hey all!

I am still alive. I have been busy with the move and getting settled in. Everything has been going smoothly and falling right into place.

I have a lot of topics to post on but the most important to come are the following:

- My HPP (home purchase plan) results
- My home shopping budget results
- Do's and Don'ts of buying a home
- New budget

I gotta run off to a meeting so I will chat with you all later.