Hello everyone,
We are planning to buy our first home, not completely decided but looking. My wife and I are in our mid-upper 30s (no kids) and moved to the new state (much closer to family and friends) last spring. She started her first attending position 6 months ago and so far she is happy with her work, and the location is working for us. We have been in the area for the last 8 months and we are planning to stay here for the long term.
Our combined income will be around 250K this year and 350K next year. we don`t have any significant debt and we are maxing out our 401K accounts this year first time, we have 6 months emergency fund established.
Currently we are paying rent around $1800 for 2 bedroom apartment and it is working for us but our lease coming to end soon.
We have been saving for some time for a down payment and so far we have around 90K. The houses we are looking around 400-550K range in the area. Usually 1700-2500 Sq. feet and build in the last 10 years and some new builds. The property taxes for 400-500K houses around $8000 - $10000 range per year.
My questions are;
1- Is it too soon purchase our first home? Since we are relatively new to the area and new job.
2- Do we sound OK as far as our finances goes?
3- Is it better to go with 30 years mortgage or shorter time frame?
4- Anything else we need consider for the first time home buyers (we know closing costs etc.)?
any advice/input appreciated.
We are planning to buy our first home, not completely decided but looking. My wife and I are in our mid-upper 30s (no kids) and moved to the new state (much closer to family and friends) last spring. She started her first attending position 6 months ago and so far she is happy with her work, and the location is working for us. We have been in the area for the last 8 months and we are planning to stay here for the long term.
Our combined income will be around 250K this year and 350K next year. we don`t have any significant debt and we are maxing out our 401K accounts this year first time, we have 6 months emergency fund established.
Currently we are paying rent around $1800 for 2 bedroom apartment and it is working for us but our lease coming to end soon.
We have been saving for some time for a down payment and so far we have around 90K. The houses we are looking around 400-550K range in the area. Usually 1700-2500 Sq. feet and build in the last 10 years and some new builds. The property taxes for 400-500K houses around $8000 - $10000 range per year.
My questions are;
1- Is it too soon purchase our first home? Since we are relatively new to the area and new job.
2- Do we sound OK as far as our finances goes?
3- Is it better to go with 30 years mortgage or shorter time frame?
4- Anything else we need consider for the first time home buyers (we know closing costs etc.)?
any advice/input appreciated.
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