I am afraid of big financial commitments but think I am going to finally bite the bullet and buy a condo.
I'm currently undergoing a pre-approval process with a lender.
I am kinda old (43) and yes, I know that this is something I probably should have done at least a decade ago but c'est la vie. Here I am.
What advice do you have, whether irreverent/expectedly mean or actually helpful?
Here's my overall plan: 30-year fixed mortgage with an approx. 10% down payment. (Yes, I know about PMI.)
I am not a high-maintenance person or someone who likes to move around. I am a gay Taurus who likes to settle into in nice-looking surroundings for the long haul, and ultimately, my ideal situation would be to find something I like a lot in a neighborhood I like a lot, move in, pay down my mortgage in 15-20 years and stay there without any worry of having to pay much for housing in my retirement era.
I am a middle-class, middle-management nonprofit staffer and as I mentioned somewhat anxious about money matters. I've used 20 different "how much house can I afford?" calculators, all of which give different maximums, and I know I am willing to spend significantly less than what I can afford on paper and have applied for less than what I can supposedly afford. At this time, I have no debt and quite a healthy cash savings.
I'm looking for a one-bedroom condo with an HOA fee under $550. I will have a home inspection. I know the neighborhood I want. Amenities are not very important to me, but I do have a list of "musts" and a list of "it would be nice to have..." and a list of disqualifiers.
Some things I don't exactly understand: mortgage "points" and the practical implications of buying a condo vs. a co-op. I'm sure there's more I don't understand yet.