So with Joes new job we are going to be able to buy a home (:cp) and I have no idea how that works. We will have to end our lease at the apartment and that will cost us an extra 720.00 plus having to pay for the move we will not have enough money. Are we able to add that money to our mortagage and have excess to it? Can we use our mortagage to buy appliance also?

It might be in your best intrest to wait until you are close to the end of your lease to close on the house, as for the appliances you can request for a larger loan amount if you are buying the house less than what it is appraised at. But pretty much it is up to the lender. I would talk with your Mortage broker an see what they say. I haven't seen many people get alot of extras in there loans though so I can't say if it would get approved or not. I would just stay away from the adjustable rates..don't get into those at all I don't care how good they make them sound, I've seen to many people now loose there homes because of them.

Plus with the market being full of foreclosures cause of interest rates and such they may not be willing to extend loan amounts.

If you are moving due to a PCS you can terminate the lease without penalty. Otherwise, yes, you will have to pay to get out. How many more months are on the lease?

The PP is right. You cannot usually take out more money in loans than the house is worth and usually the bank will only lend you the exact amount you need. Why do you need appliances? Does the house you are buying not come with appliances? In this market, I would negotiate with the seller to perhaps give you an "appliance allowance" or for them to purchase them. In this market, I don't see how anyone could get away with not having appliances unless it is perhaps just the washer/dryer. You can always try to get a payment plan with Sears or the NEX.

When we moved from an apartment to a house we moved on our own also. We had to buy a fridge and new carpet. We used the returned security deposit for some. Also, just like when you buy a car, you skip your first month's mortgage payment. So we used that extra money too. We also had some savings for cushion. I would not advise buying a house broke. There are so many little things that you buy and need when you get a house.

Also as far as how it works...you have to get preapproval with a lender first. Then get a realtor and start looking at houses.

If you are moving due to a PCS you can terminate the lease without penalty. Otherwise, yes, you will have to pay to get out. How many more months are on the lease?

The PP is right. You cannot usually take out more money in loans than the house is worth and usually the bank will only lend you the exact amount you need. Why do you need appliances? Does the house you are buying not come with appliances? In this market, I would negotiate with the seller to perhaps give you an "appliance allowance" or for them to purchase them. In this market, I don't see how anyone could get away with not having appliances unless it is perhaps just the washer/dryer. You can always try to get a payment plan with Sears or the NEX.

When we moved from an apartment to a house we moved on our own also. We had to buy a fridge and new carpet. We used the returned security deposit for some. Also, just like when you buy a car, you skip your first month's mortgage payment. So we used that extra money too. We also had some savings for cushion. I would not advise buying a house broke. There are so many little things that you buy and need when you get a house.

Also as far as how it works...you have to get preapproval with a lender first. Then get a realtor and start looking at houses.

:yes

we could not extend our loan when we bought in June.

my advice- do not buy a house unless you can afford it- meaning if you do not have disposable cash to buy appliances, closing costs, moving costs.
Stay in your Apt for another yr and wait to see what the market is going to do.
if you are not sure you will be in your home for at least 3 yrs do not buy-

the market is not anticipated to turn until late 2009- and then it will take almost another yr for the market to catch up.

so unless you plan to stay in your house until 2010 do not buy now.

Background on those who dont know what is going on. Dh got a new job in WI and we currently live in KY. He will be up there for 2 months for training before ds and myself move up there. This is an unexpected move but one that must happen. Once dh is done with training we will be able to afford a house and then some. Just getting thru training is the issue. We have most appliances ourselves except for a stove.

So this move is going to happen, not our choice. Just wanting to get some ideas on how to make it easier.