I signed a lease at the Village at Vanderbilt to take me through November, 2020. It is a good location, but there is no equity and the rent has more than doubled since April 1998. Traffic is terrible, and the campus has been overrun by Hispanics, Chinese, Muslims & niggers. I told Michael's friend Dallas that I will keep him in mind. Dallas is with Zeitlin.
The right place at the right time for the right reasons. That was my idea from the beginning. I built up credit.
A mortgage is a home loan. The VA guaranteeing $36,000 means I can borrow up to $417,000. A realtor recommends a mortgage company. I deal with a loan officer. Fite Realty found the Kissell Company for me when I bought the house in Lebanon. I borrowed $29,000 over 30 years at 8.5% interest. There is no down payment with a VA loan. Current interest rate is 3.375% for a 30-year loan.
Submit a loan application. They want to charge for a credit report and a VA appraisal. The Nashville Credit Bureau provides the credit report. Earnest money goes into the deal. No funding fee for disabled veterans.
An origination fee to set up the mortgage is not applicable to higher interest. Points are % points on the interest rate.
Always offer $10,000 less than the asking price. Call Property Value Assessment (PVA) to ask what a place is assessed at for property tax purposes.
HOME TECHNOLOGY -
Living room, bedroom, kitchen, dining room, 1 or 2 baths, kitchen appliances, washer & dryer.
Closets - garage - public sewers
Electrical system - copper wiring
Central heat and air
Water heater - 50 gallon tank
Average monthly utility bills
Monthly homeowners association fee for condos includes exterior, roof, grounds, pavement & insurance. Closing costs are about $3000. Ask the seller to pay closing costs. Property tax: $1000
Things have changed since I bought the house in Lebanon in 1977. I do not recall anything about having to pre-qualify. But there were rip-offs like termite inspections and closing costs. I am thinking if I buy the right place at the right time for the right reasons, I will live there until I die. Equity will be aimed at my son and grandson.
I can call the VA Regional office to find out how the GI Bill works now. It means buying a place with no down payment. Keep monthly payments as low as possible. The system is designed so that the buyer takes a hit. I cringe when I think of the rent I pay.
I get my water free, and that would not be the case if I buy. Most likely, electric bills would be higher.
Insurance and property taxes are considerations. I hate to think of supporting the local police. And there is the association fee for condos, now called homeowners fee.
If and when I move, I will have to change a number of addresses:
1 NES Nashville Electric Service
2 Water service
3 AAA - Progressive
4 Truck registration - TN Dept. of Safety
5 Pinnacle Financial Partners
6 Pacific Life
7 Website jimcolyer.com. Host Karma
10 Social Security
11 VA Hospital
12 US Post office
15 DAV (Magazine)
16 VA Regional Office
18 Driver's license, TN Dept. of Safety, Tags & stickers
19 Village at Vanderbilt deposit
Moving close to MichaeI would mean I could help with James and Caroline.
To be honest, I may be beyond buying a place now. I will be 75 in December.