On the Way to Home Ownership
By bhbirdie6
@bhbirdie6 (1765)
United States
October 5, 2006 7:05pm CST
So, I thought I'd start a topic about people on the way to home ownership. Are you just starting? Do you close on the house tomorrow? Have you saved but you're just not quite close enough? Tell me your stories about your road to home ownership. I am currenty saving for a down payment on a house. I'm a poor college student so this is hard with tuition and books and what not. My goal is to have my own home in two years. I'll give periodic updates. I've set up a separate bank account to fund only my down payment.Right now it contains only $5 but it's something. Tell me what you've been doing.
3 responses
@ossie16d (11821)
• Australia
11 Oct 06
We all have to start somewhere and no matter how much or how little you put in, it adds up over a period of time. Good for you in realising that you need to start saving at a young age and I am sure that with a positive outlook you will get your home.
Good luck.
@bhbirdie6 (1765)
• United States
13 Oct 06
Thanks for the confidence. Right now I'm working on a blog that will give updates for people on how close I am to getting my house. I'll post the link when it's a little further along.
@tom28000 (134)
• United States
6 Oct 06
Good for you, to start saving for a house. What state are you in? If you are on the West Coast, houses are much more expensive then in the Mid West and Mid East. You need to have about 20% saved for a down payment and then there is the closing costs, whick can range anywhere up to $10,000 or more. Here in Southern California, the average price of a home is $550,000. Good luck and keep working hard and saving.
@bhbirdie6 (1765)
• United States
6 Oct 06
I'm going to be buying a house in the south where prices are much cheaper than S. California. Although I eventually hope to have a home near the beach, be it California or Florida. Thanks for the info on how much I'll need for a down payment and closing costs. I now have a set goal. I'll be keeping this discussion updated on my progress.
@srhelmer (7047)
• Beaver Dam, Wisconsin
13 Oct 06
My wife and I closed on our first house about 2 weeks ago. It was a process that took roughly 7 or 8 months, between finding a loan and then finding the right house.
Incidentally, you don't need a downpayment if you're willing to pay a little more on your interest rate. We got a 7% rate and the only thing we paid for out of pocket was the appraisal.
