Dirtrider offically 1st time homeowner!!!!

[dirtrider73068]

WOOHOO I am offically a first time homeowner, just closed on my first house tonight, wow what a time to close in this weather. Its a nice starter home in norman where I wanted to be, 2 bed 1 bath, 1 car, needs some fix its here and there, vent pipe for the floor furnace needs replaced, drain under house for the sink, little minor stuff, then other stuff I want to add on or repair, will replace garage door with a pull down door, right now it has a wood swiong out doors, it was built in 1945 and still is good shape. I am pleased with myself for pulling it off, with out any help no cosigner, no loans all my own. Yea!! give myself a pat on the back. I do have the contact info of who I used if anybody wants to buy a house, it was a broker I used he was able to get a better deal than a bigger mortage company would of, they did tell me a tip unless your credit score is more than 600 a bank or mortage company won't touch you or even consider trying you out. With a broker they can get better deals and got me in with a credit score of 585, I was surprised, with in a month I closed and the house is mine.

[Karried]

Congratulations Dirtrider!

That's a big step and a wonderful accomplishment! Way to go!

[dirtrider73068]

Thanks after renting for so long and tossing my money away I was tired of it. And on top of haveing to do repairs myself for a place I am renting that was the last straw, the kicker of it was from the time I submitted for the app for a loan it was about a month I closed.

[Karried]

Cool, I'm glad it worked out for you! I'm hoping you were able to get a good rate and decent closing costs ... I'm happy for you!

[dirtrider73068]

Yea I am glad too from what I understand I got locked in at 9.99% down from the 10.19% I was first going with, I guess the rate dropped or the cut me lower deal, and got lucky the seller, paid my closeing cost and even paid for a home warrenty too. If he hadn't done that I would be signing a year lease, yuck, and be stuck renting still. I first had 9.49% 100% loan but the company wound't go with it in the end, but over all I think I think I came out good, once weather clears up I will try to get some pics of it to post up, may even put in the gallery.

[Easy180]

As for your credit score after a year's worth of on time mtg pymts it will go up considerably...renting doesn't help it any...Get it up in the 650's and refinance at a much lower rate...I would just check in a year and go from there unless you have a prepayment penalty

Congrats...Nothing like owning your own home

[dirtrider73068]

preypayment penalty, I have to wait 3 years till I refinace, but then with being 3 years on time I wuill have good scores and get a good deal on a better lower rate.

[Easy180]

definitely...3 years is pretty standard for a prepay penalty...You should easily be close to 700 in 3 years time

[Karried]

It feels good to be a homeowner.. nice knowing your money is going to something you'll own instead of paying someone else's mortgage. Enjoy!

[Patrick]

Congratulations. The OKCTalk FAMILY congratulates you.

[MadMonk]

Good job!

[NE Oasis]

Welcome to the club Dirt-
You've already learned lesson number one, the more repairs you do yourself the better off you are!
Suggestion: Visit Renovation Station at 1800 N Broadway (just north of downtown OKC) if you haven't in the past. It's run by Habitat for Humanity, and sells wonderful stuff like used doors, 1/2 full cans of paint, individual nuts, bolts, and nails, and all sorts of treasures for Mr (or Ms) fixit. Just right for repairs to an older home.

[dirtrider73068]

Norman has one of those renovation stations too, its a good place. I have been there most the afternoone cleaning up some of the place, I had to clear some of the ice from the front door before I could get in, may have to go back over there again with my shovel and clean off the porch. Its to have a house of my own I can call home. Now if this mess will move on out of here and melt I can begin moveing in.

[MadMonk]

Ahh...there's nothing like the feeling of the first night sleeping in your own home.

I fell asleep thinking "How the hell am I going to pay for this house?!! I'm now deeper in debt that I've ever been in my life. What have I got myself into?"
(It goes away quickly)