Wednesday, May 11, 2011

To Buy or Not to Buy?

With all the storms and destruction caused by the weather down south I'm almost wary about my family's recent house purchase. I mean we just bought this house and there have been tornadoes touch down all around us. Thankfully we have been spared the damage. But it has me thinking about this whole house buying process.

I mean if you're military you have the whole VA loan process. First you have to find out whether you're even able to apply for a loan. For that you have to fill out the certificate for eligibility. Well that's not so hard to do and you can handle it online. But that's just the beginning. Before you can fill that form out you have to already have a property in mind and we all know how long that takes.

Then there's the paperwork. I don't even want to get into all of that but once it's finished you think you're finished. Yeah, right! You buy your house and then you get all these other questions. What insurance do you need on your house? Should you get hazard insurance, should you be prepared for tornadoes (even though they are rare around here they sure have been making some major appearances), is everything covered, do you need more coverage? It's enough to make your head spin. Luckily there are many great organizations out there to help with these decisions. We chose USAA which is an organization specifically for our armed forces families. They answered all our insurance questions.

Luckily we have a good rate from the VA and we're not looking to refinance anytime soon. However, if the market continues to go south VA refinance rates might be something we have to look into in the future. We actually used this for our rental house and it has really helped with our payments. Honestly, who would have thought I would have to deal with all this when I first bought a house! Wow! I've learned a lot in a few years. How to buy a house on your own, how to refinance a house and how to insure a house for disasters. Wonder what the next year will hold? I guess all I'm saying is to be prepared and to know where your resources are! Good luck new home buyers! =)

1 comment:

  1. Girl, you've got your own combat boots in your closet, next to some smokin' hot sandals! I know you handled a lot of this stuff on your own while your hubby was bravely serving his country on a deployment. Give yourself some serious snaps! It's hard enough to wade through the paperwork with two adults sitting together. It must have been infinitely harder on your own. I used to work for an attorney and we did a VA closing maybe once a year. Those loan packets were super thick. I really hated copying everything.... like in triplicate/quadruplicate and that was just for them!


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