YOUNG First Time Buyer Questions?!!?
I have quite a few questions about being a first time buyer in the real estate market, but i’ll start with some background.
I am moving from Oklahoma to Ohio in December to join my long term girlfriend (19 years old) who has already moved back and is living with family.
We both work full time and make a decent income. We also have very good credit (checked reports and scores for both of us the beginning of Oct 2010) mine is in the upper 600, and hers in the low 700.
I am expected to recieve an inheritance from the sale of my recently deceased grandmothers home, of about $ 10,000.
I work in healthcare, and can very easily and quickly get a job upon arriving in Ohio.
I initially planned on renting, but upon further research have decided that it is more cost effective to buy.
We are looking at purchasing a condo in the Lakewood area just outside of Cleveland, OH.
The particular condo at the top of our list is on the market for a steal of about $ 34900, located in a high rise condo building just off the shore of Lake Erie equiped with a GREAT view of the lake, Balcony, 1 bedroom 1 bath, 720 sq. ft. and a parking garage, with great amenities and all appliances included.
I don’t plan on living there for more that 5 years max, so I’m thinking of getting a 5/1 ARM to finance, with 5% down. And have taken into account the HOA fees, insurance, and taxes. I’ve also been estimating my budget based off of an mortgage interest rate of 5.5%.
The condo could use a few touch ups (fresh coat of paint, new flooring, updated fixtures) but is definitely move-in ready.
HAHA, sorry thats a long background. Now for the questions.
1. Will I have trouble obtaining a mortgage? If so, why?
2. How long should I expect closing to take?
3. What should I negotiate in the offer (upgrades, closing cost, first year taxes, first year HOA fees?)
4. Will both of us be able to sign on the loan, even though we are not married?
5. What kind of interest rate can I expect to get as a YOUNG first time buyer?
Any answers, suggestions and further inquiries are WELCOMED AND APPRECIATED.
I will rate and choose a best answer for you Answers points fans. 😉