I signed a lease at the Village at Vanderbilt to take me through May, 2019. It is a good location, but there is no equity and the rent has more than doubled since April 1998. Traffic is horrible, and the campus has been overrun by Hispanics, Chinese, Muslims & niggers. I told Michael's friend Dallas that I will keep him in mind. He is with Zeitlin.
The right place at the right time for the right reasons. That was my idea from the beginning. I have 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 the 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 4.73% 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 a disabled veteran.
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 & drier.
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 may live there until I die. Equity will be aimed in the direction of 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. I will keep monthly payments as low as possible. The system is designed so that the buyer takes a hit. When I think of the rent I pay, I cringe.
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 paying to support local police. And there is that association fee for condos, now called homeowners fee.
If and when I move, I will have to change a number of addresses:
1 Electric service
2 Water service
4 Truck registration - TN Dept. of Safety
5 Pinnacle Financial Partners
6 Pacific Life
7 jimcolyer.com. Host Karma
0 Social Security
1 VA Hospital
3 Post office
Moving close to MichaeI would mean I could help with James.
November 19, 2018