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About to go under contract on my first home — terrified.

So, 33M and I’m trying to do the thing. They’re asking $495k on a 3/2, with a pool. Toured it recently and it’s turn-key. However right after we left another tour came by and today the listing just went active.

The sellers have a specific date in mind on vacating (2+ months post) which I’m willing to accommodate so I hope I have some leverage there. But regardless we’re going to offer $505k and seek $10k back. This may be a frozen market as some state, but this house will move so I want to be aggressive and not hit low, especially on day 1. Not to mention they bought the house in 2023 for $475k. How does that sound so far?

The next hesitation is the cost. I’m a high earner, $200k+, but I still want to be savvy. I was quoted 5.75% @ 30 with 3% down (I’m new money, cash light). I can buy the rate down to various numbers (the $10k cash back) but I’m curious if it’s worth it with 2026 looming. Numbers to follow:

  • 4.99% for 2,912.41/mo = $16,762 cost
  • 5.25% for 2,995.41/mo = $9,865 cost
  • 5.375% for 3,035.72/mo = $6,445 cost
  • 5.5% for $3,076.29/mo = $3,326 cost

With those price tags and the marginal monthly difference, I’m hardly seeing the point. What do y’all think? I do plan to pay extra on the mortgage once other debts are paid down.

My realtor also states the HOA convenance and disclosures come after contract (within 5 days). Typical? (Arizona)

I’m sure I’ll edit with more questions.

submitted by /u/Picklemerick23
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source https://www.reddit.com/r/RealEstate/comments/1ow3yeq/about_to_go_under_contract_on_my_first_home/
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