July 16, 2001

Welcome to 0nly4Homebuyers Issue 34.
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In This Issue:
Confessions Of A Stay At Home Junkie
The Cost of Buying A New Home
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Confessions Of A Stay At Home Junkie
by Cindy Snyder

My two older children were raised in daycare and I
had always dreamed of the "stay at home" life, you
know, June Cleaver and all that. But....it was only a
dream. I was really terrified of staying at home.What
would I do with myself? There is only so much cleaning
to do! I thought I would surely go completely nuts. I would
become a Soap Opera junkie, lying about eating bon bons
and getting fatter every day. Besides, I told myself,
I HAVE to work, we need the money!

Truthfully though, I loved my job. I had steadily moved up
the corporate ladder and I made good money. The kids were
in their late teens by this time and my husband and I joked about
looking forward to being "Married without Children".Well as fate
would have it, we ended up taking custody of (and eventually adopting)
a two year old little boy. (Another story in itself) Then, boom! I was
downsized! Yikes!

We had all the trappings of the middle class family. House payment,
two car payments, credit cards up the wazoo, even a boat. Whats
worse, I was the main breadwinner! Fortunately, I got a really nice
severance package and was able to kick back for a couple of months
while I figured out what to do.Well that month or two turned into
another month or two and now, two and a half years later, I am
still at home.

Unfortunately, the severance money ran out many months ago But,
y then I was hooked. I was already a Stay at Home Junkie. I found
that I loved being at home. I could always find something to do. I had
always wanted to start my own business and work my own hours.The
question was.....what? I had to make a certain amount of money each
month, just to stay afloat. So I started searching on the internet
I tried several things. Unfortunately, the internet is full of scams to
take your money. I needed to make it, not give it to someone else!
I researched several programs, joined a few and ended up spending
a lot more than I made.

Since I had a financial background, I finally decided on the mortgage
origination business. It was really hard getting started, but I was
determined that it was going to work. I started this newsletter
as a marketing vehicle for that business, and discovered that I
really enjoy writing the articles and it is really gratifying to help
educate people and it's wonderful to get someone a loan when
they thought it would never happen.Of course it has it's downside
as well. The market is up and down, up and down. So I looked
for something that would provide more stable income each month.

I found a healthcare savings plan that looked really promising.
Since I have a hard time selling something I don't completely
believe in, I signed up myself first to test it out. Our health
insurance costs were outrageous and I found out that it really
does save us a ton of money, so I became a representative for the
company. The residual income is great and it really helps out on
slow months! I am certainly not getting rich, but that's okay, we
are surviving.

In addition to my at home business ventures, I find time to do
all sorts of stuff around the house to save my family money.
This summer, I have canned beans, froze corn, made pickles,
chow chow and jelly. I made curtains for my room, the kitchen
and pajamas for my little boy. I clean my own carpet and mow
our yard. I shop the grocery sales,buy in bulk when possible and
clip coupons. I try not to buy anything that isn't on clearance or at
least on sale and my car automatically stops at yard sales!

I love to sit on the back porch and drink my morning coffee
while I plan the day. But, the best thing about staying at home is
the chance to spend time with our little one. Where I go, he goes.
I never knew how much fun I was missing with my other two. I
guess you could say, I have become a Stay at Home Junkie. I love
my life and wouldn't change anything about the last two and a half
years.

If you have been thinking about becoming a Stay at Home Mom
(or Dad) and think you can't afford to quit, here is a link that
will really put it all in perspective for you. All that money you
think you are earning..... Not!
http://cnnfn.cnn.com/1999/02/22/life/q_income/chart.jpg
(Note: The model assumes that this is your second income and
figures taxes accordingly)

PS. The only soap I watch with any regularity is All My Children
(about twice a week) and I am not any fatter than I was before!

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The Cost of Buying a New Home
by Cindy Snyder

Many people contact me and want to buy a new home. The
first question I always ask is, "How much do you have for the
down payment and closing costs?". The market is saturated
these days with all kinds of schemes to get you in the door to
fill out an application. I am here to tell you that even if the ad
says, "No Money Down", expect to spend some money!

Buying a home is not cheap. Apart from the down payment
that you have scrimped and saved for, there is the dreaded
"Closing Costs". When I say closing costs, I am talking about
all the fees and insurance premiums and property taxes and
prepaid interest and all that. All that must be paid when you
sit down to sign your name on the dotted line. Be prepared to
get writer's cramp too because you have to sign your name
what seems like a thousand times.

But how much do you need to figure on for closing costs?
What is the magic number? The answer is somewhere
between 2 and 5 percent of the purchase price. The higher
the cost of the home, the more you will pay in closing costs.
For example on a home that costs $100,000, your upfront
costs are going to be between $2000 and $5000. Why such a
spread? It will depend on where you live, how much of a down
payment you are making, the amount you are borrowing, the
value of the home, how good your credit is, the lender you
use and how good a negotiator you are.

Many lenders run special deals. For example they may not
charge youfor the appraisal or an application fee. But if you
are paying points on your mortgage, expect higher fees. A
point equals to 1 percent of your loan and is sometimes
charged as a loan origination fee. Some loans may cost you
more than a point and some may cost you no points at all.
Usually these loans will carry higher interest rates. You may
also pay discount points which is interest paid up front in
order to get a lower interest rate.

The more you pay down, the less your interest rate will be
and if you pay less than 20 percent down you will also be
required to buy Private Mortage Insurance (PMI), which
protects the lender, not you, in case you default on the loan.
Premiums average around $100 per month. Expect to pay
several months, maybe a year's worth upfront. So, it's best
to put down as much as possible, preferably at least 20 percent.

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If you havea suggestion for an article, please email me directly at
cmc@... and tell me what you would like to see!
If you would like to read more articles about buying or selling a home,
please visit our website at http://www.creativemortgageco.com/

Til next time. Have a great month.
Cindy

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