OT-we're trying to buy our first home.

[Jason_W]

My fiance and I have our sights on a nice small log home that's actually in our price range. It looks like we can get pre-approved for enough and actually afford the mortgage payments if we hold to a tight budget.

I'm excited at the prospect of no longer paying my landlords' property taxes, but it's kind of an intimidating process if you've never done it before. Lots of fine print and you always have to be careful of some sneaky person trying to screw you.

[jengel]

Congrats. Nothing like owning your own home. I have purchased two. My X has one and the one that I am in now is a great house. 6 bedrooms, 2 bath and a great living room.

[dr walker]

Good luck to you. Buying a house is a big step. My only advice is to secure a good 30 yr fixed rate mortgage.

[2ndovc]

I'm on #9.
Just turned 40 in November and have been trading up since 23. One of the few things I'm good at. Finding a decent piece of property, putting a little ( or a lot of work into it like the last one), selling for a profit and moving on to bigger and better. My wife says this is the last one, she likes this one. I want to get back outside of town where I can shoot off the back porch again. She might be right though, it's starting to wear me out.

Make sure you get it inspected (log homes are a lot of upkeep) and ask the current owners as many questions as you can.

[Jason_W]

My only advice is to secure a good 30 yr fixed rate mortgage.

Yep. I don't like surprises and a fixed rate eliminates at least one.

[Hobie]

Congrats. Nothing like owning your own home. I have purchased two. My X has one and the one that I am in now is a great house. 6 bedrooms, 2 bath and a great living room.

You said so much in that short statement...

[don Tomás]

My first house payment was $278 & change. This was with taxes and insurance included. I remember staying awake at night wondering how in the world I was ever going to make the payment! Congratulation! How exciting for you...
Tom

[RSY]

Make sure you get it inspected (log homes are a lot of upkeep) and ask the current owners as many questions as you can.

Would you mind elaborating on the statement about upkeep? Just curious. Does it actually net out to more upkeep than a traditional house, or just upkeep of a different nature?

scott

[Jason_W]

My first house payment was $278 & change. This was with taxes and insurance included. I remember staying awake at night wondering how in the world I was ever going to make the payment! Congratulation! How exciting for you...
Tom

A $278 house payment. Wow.

My current rent is more than double that.

[2ndovc]

RSY

I've never owned a log home but as a Ins. restoration contractor I've worked on a few.

Lots of exterior maintenance on some of the older ones. Bugs and weather can really tear up a log home if it's not maintained. The last house I built new instead of another rehab, a neighbor that bought part of the same farmland put up a huge log home about a year after I built my stick frame. In the six years I lived there he had to re-stain/ finsh his place twice and it needs it again.

There's tons of different styles of mfg on the those things. Some even have insulation sandwiched into the "logs". Most rely on the insulation value of the wood ( which isn't much compared to fiberglass/ foam).

They are cool though. Always wanted to build one.
Not saying don't buy it, just make sure a PROFESSIONAL says it's in good shape!

[Pete44ru]

[ I don't like surprises ]

Then you won't be surprised, when I tell you that you're not going to be able to close on any home mortgage, unless you have a homeowner's insurance policy in force before you go to the closing.

[don Tomás]

Make sure you get it inspected (log homes are a lot of upkeep) and ask the current owners as many questions as you can.

Would you mind elaborating on the statement about upkeep? Just curious. Does it actually net out to more upkeep than a traditional house, or just upkeep of a different nature?

scott

We almost built a log home when we acquired our land up the Sierra Nevada, but were put off after doing some research. IIRC, the walls can shrink several inches and need regular "chinking". There were other issues, but I think the main put off the very low "R" value to the logs themselves. Sorry I can't be more specific, it's been a while.
Tom

[TedH]

If there is any way you can swing it, you should try and do a 15 year, or at most a 20 year note. It adds maybe a couple hundred bucks to your payment, but will save you a TON of interest in the long run. Wait till the bank shows you the amortization schedule with the total amount you will pay over the life of a 30 year note. It will make you puke.

[marlinman93]

Filling out home loan papers is always intimidating, unless you change homes a lot! We've only owned three homes in the last 37 years, so I still feel queezy when I sign on the line!
Be sure to look into your own homeowners insurance, as the stuff the banks offer is usually not as reasonable as what you might find if you roll it in with your auto insurance as a package.

[RIHMFIRE]

Congrats on both your marriage and your new home..
Just remember not to over extend yourself.... finance wise..
i was told that your motgage should be about 25% of your
monthly income...
FIXED loans only 15 or 30 years....I did 15
Also, its a buyers market so you should be able to knock of
10% or so and if he doesn't bite, barder and meet in the middle....
and get it inspected....log homes.... termites .....
Good Luck

[Sixgun]

Yep, as the other boys have said, make sure you can comfortably afford the payments. "Things" happen all the time. You know, engine for the car, washing machine breaks, sickness etc.

I have only lived in two houses in my entire life. #1 was with my parents and in 1975, we had our house built and have been it it ever since and probably will be until the end. I like roots----------------Sixgun

[Ysabel Kid]

In the 4th home I've bought - and hopefully the last until the kids are on their own in 20 years!

Don't listen to the bank or realtors. You know what you can afford - even with the loan stuff going on now, they will still loan you more than you might be able to handle monthly. It is better to buy near the upper end of your range - you are less likely to have to move as quickly - but don't go to the absolute top or exceed it. You may regret it later. They don't call homes "money pits" for nothing! Still, it is infinitely better than renting!

I imagine don Tomas' mortage is a tad bit more than $278 & change now. In CA, I don't think that would rent you a toilet seat for a month!

Tom, you are right. Log homes need chinked regularily. Lots of maintenence issues, but man are these things beautiful!

[Jason_W]

We're meeting with the bank today to try and finalize our preapproval.

I'm having some second thoughts, though. I'm doing some budgeting and after projected utility costs we're not going to have much left over each month for the inevitable emergencies.

I could take on a second job, but my current job requires fairly frequent travel, making that difficult.

It's a connundrum. We live in a tiny apartment and we're starting to get claustrophobic, but to move into a bigger rental will probably cost us a grand to 1200 a month, making it all that much harder to save for a home of our own.

I try to put it all in perspective. I'm well fed and warm at night which is more than a lot of people can say, but being cramped into about 8 square feet with another person and a cat can really start to wearn on you.

[Jason_W]

The meeting with the broker went well. After a little further budgeting, I think we can make it work.

We're going to get it inspected before making an offer, of course.

[1894]

Just make sure the inspector is working for you , not the seller or the bank And ask if you can go with him on the inspection, good knowledge can be had there.
Our bank lets us do a twice a month payment , ( works out to the same $ as a once a month pmt ) , but some where in the compound intrest thing it shaves several years off the end of our 30 year mortgage. Worth looking into if you plan on staying there a while.

[Idahoser]

[HEAD0001]

I have a degree from WVU in Wood Science. Log homes can be either good or bad. Basically it depends on two criteria.
1. Type of logs used(species).
2. Moisture content of the logs at time of construction.

The type of log is important because of the inherent properties of the logs used. Such as: Decay Resistancy. Weather(wear) Resistancy. Bacterial Resistancy. Susceptabilty to insect's.

Moisture content has to do with shrinkage, end checking, and splitting after the construction.

I strongly considered building a log home for close to 20 years. I could only find one or two mfrs. that I considered. But in the end I decided against it. The log homes definitely need to be treated every two or three years. Log homes are high maintenance.

The best one I ever saw was a mfr. that used Lodge Pole Pine from the Western slopes of Wyoming and Montana. This company went in to fire areas several years after the fire and cut standing dead trees. The trees were subjected to western winds for several years(while still standing). The logs had a moisture content near zero. And they were straight. I saw a couple of homes built from these logs. They were unbelievable. But expensive.

Good luck with your purchase. Go 30 years on your purchase. You are likely to sell it in seven years(national average), and have afforable payments. If you have a little extra money then put it towards the principle. Tom.

[Longfin]

My 2 cents worth. Get the amortization schedule, and as often as possible, along with your regular payment, send in the principle amount showing for the next payment.