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No, I also suspect Phoenix is a totally unsustainable mega-sprawl and even though prices there took some of the steepest drops in the whole country, I think they still have more room to plummet and may well never recover, ever. There's not enough water, and never will be enough water. It's 1.5 million people living in the middle of a desert. It's too loving hot there and all of those people need A/C. Where does the power come from? That said, I'm not as familiar with the area as a local would be, so what do I know. I'm just mouthing off mostly. But do take a look at this population chart (when did Google start doing this natively, cool) and that dive at the end is pretty worrisome. Arizona as a whole seems to have lost population across the board in 2010, although I'm not sure if that's an actual fleeing of the state, or a weird result of previous statistics being off or what. What I am sure about is that a dropping population is not good for house prices.
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May 28, 2012 07:25
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Wonder if the population drop has anything to do with the crazy immigration laws that the state has enacted in recent years.
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May 29, 2012 02:51
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I've got a question and I think this is the right place for it. Short version: My girlfriend and I are approved for a mortgage loan, we want to move far away, and I'm concerned that our broker is not going to like the idea of us trying to start fresh somewhere with a new mortgage. We have a substantial amount of money in savings (enough for about two years worth of estimated mortgage, insurance, and tax payments) and are not worried about it. I'm of the opinion that we should discuss this with the broker so he doesn't pull the loan when we're getting ready to close but my girlfriend thinks we shouldn't because she is worried that if we make it seem like a big deal he may not lend to us. Who is right? And can I expect our broker to flip out over this? Long version with numbers and poo poo: I used to live in Columbus, Ohio. The business I was working for there closed and I had to move back home with my parents in Toledo while I got back on my feet. I have gotten back on my feet and want to move back to Columbus. My girlfriend may be able to transfer her job there but I'd have to look for a totally new one. What we'd like to do is to buy a home, and pay for it while we still have our apartment in Toledo and are working until we can get jobs in Columbus. Columbus is about a two and half hour drive from Toledo so commuting is out of the question. The numbers: We've been approved for a sizable 10 year mortgage at 3% interest with $30,000 down. We have around $15,000 to $20,000 in savings outside of the down payment and my brother (who will be living with us while he goes to college) has ~$25,000 in savings that I'd rather not touch but is available in an emergency. Our current cost of living at our apartment is around 20% of our income after taxes. The estimated cost of mortgage payment, property tax escrow, and home owners insurance (according to our broker) for what we're looking for is also around 20% of our income after taxes, but that factors in no utilities. So what we're looking at is probably about 50% of our post tax income being tied up in rent, mortage, utilities, insurance, and tax with up to $45,000 in savings (of which we only really would want to use about $10,000) to supplement our income until we get work in Columbus. So is what we're planning practical? And how should we expect our mortgage broker to react to this?
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May 29, 2012 21:22
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This may sound dumb but why on earth wouldn't you first move to Columbus, get an apartment, get a job, settle in, and then start looking for a house? Being local will help hugely when it comes to looking at properties, and having a stable job will actually inform you as to what you can afford long-term. Also, blah blah girlfriend blah blah. Basically experience suggests that buying a house with someone who isn't your spouse tends to work out less often than someone who is. Personally, my wife was my "girlfriend" (actually, committed partner) for 11 years before we got married, so I'm well aware that this consideration doesn't always apply. But man, does it suck breaking up with someone when you're both on the mortgage. You should not be concerned about what your broker will "like". He is providing you with a business service for which he is compensated. On the other hand, if he is applying to loans on your behalf on the understanding that you're buying in one city instead of another, that's not going to work, and also if you're applying based on a job you know you are about to leave, that might be questionable on some of the forms you sign. Owning an empty house 2.5 hours away while you're still paying for an apartment seems like a big waste of money, too. Move first, then buy. Finally: why do you want to buy a house at all? (You might have good reasons, but I usually bring this up because some people's reasons are not good ones, or they haven't thought through the long-term.)
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May 29, 2012 21:53
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I just closed on a house a week and a half ago! Banked owned forclosure. I paid 49,900$ Canadian. 5% down. Etc. House had sold last year for 70,000$, and two years before that for 66,900$. My mortgage payments, with property taxes and mortgage insurance, will be under 300$ per month. I currently pay 750$ in rent. I'm five minutes outside of town and only five minutes from work. Because I live in a rural area, I will pay rural taxes. I have a small yard on a corner lot, and the house is only 648 sq feet. There is also an insulated garage boasting 768 sq feet. I will be able to rent out the garage to someone who wants to store or work on cars, and probably charge a very small amount per month. Maybe 150$? Anyway, based on past operating costs... I should be able to save a few hundred a month AND built some equity. This house is in fairly high demand due to location and garage. Someone last year tried to buy just before previous seller went into forclosure. There were a few other offers in when I put my offer in, but I asked for nothing, and so had first option. A few minor fixes (mostly paint!) and I'll be moved in by mid-June. Exciting!
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May 29, 2012 23:07
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Leperflesh posted:This may sound dumb but why on earth wouldn't you first move to Columbus, get an apartment, get a job, settle in, and then start looking for a house? Being local will help hugely when it comes to looking at properties, and having a stable job will actually inform you as to what you can afford long-term. I really don't want to commit to another apartment. If we can get a hold of a lease-free two bedroom apartment without jobs in the town then that's what we'll do. We're going to look at our options in a week. As far as being a "local" I've actually spent most of my adult life there, I'm more familiar with the area than Toledo, and I have more professional and social contacts there. Leperflesh posted:Also, blah blah girlfriend blah blah. Basically experience suggests that buying a house with someone who isn't your spouse tends to work out less often than someone who is. Personally, my wife was my "girlfriend" (actually, committed partner) for 11 years before we got married, so I'm well aware that this consideration doesn't always apply. But man, does it suck breaking up with someone when you're both on the mortgage. We've known each other for 12 years, and have been dating for three. Our relationship is very stable. Leperflesh posted:Finally: why do you want to buy a house at all? (You might have good reasons, but I usually bring this up because some people's reasons are not good ones, or they haven't thought through the long-term.) Aside from the whole "apartment living kind of sucks" and "I miss having a yard/workshop" stuff, we need more room. My brother doesn't really have anywhere to stay when school is out since my dad died last year and my girlfriend has been raising and is the legal guardian of her younger sister so she's living with us as well.
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May 29, 2012 23:21
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Jibo posted:I really don't want to commit to another apartment. If we can get a hold of a lease-free two bedroom apartment without jobs in the town then that's what we'll do. We're going to look at our options in a week. As far as being a "local" I've actually spent most of my adult life there, I'm more familiar with the area than Toledo, and I have more professional and social contacts there. Hahaha. Seriously. You don't want to "commit" to an apartment for a year but are ok with committing to a 30 year mortgage for a house in a place where you don't have a job. Don't buy in this situation.
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May 29, 2012 23:35
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Jibo posted:I really don't want to commit to another apartment. If we can get a hold of a lease-free two bedroom apartment without jobs in the town then that's what we'll do. I don't get this line of thought. Why not establish your professional life there before committing to a long-term high dollar figure loan? Also, wouldn't there be issues if you sign a mortgage that's based on a certain job and level of income and then just up and cut off that source of income?
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May 30, 2012 01:01
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Jibo posted:I really don't want to commit to another apartment. If we can get a hold of a lease-free two bedroom apartment without jobs in the town then that's what we'll do. We're going to look at our options in a week. As far as being a "local" I've actually spent most of my adult life there, I'm more familiar with the area than Toledo, and I have more professional and social contacts there. Rent a house then? Don't just buy a property in a neighborhood you haven't lived in yet after starting a new job. And if you're not married, you have NO business buying a house with another person. The legal ramifications in case of separation are tricky and it can be a real pain in the rear end. Just rent until you are married and settled in a house you've rented before you look to purchase.
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May 30, 2012 01:06
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This story basically ends with a denial once the bank knows where the subject property is in location the your current residence/employment. Banks don't qualify with your employment income on a primary residence if they know you're moving 2.5 hours away from your current job. The only case where this would be even slightly OK would be with written confirmation from your employer that they will continue to employ you given the new residence and that it will have no impact on your duties/hours/rate of pay. Having plenty of spare assets lying around that you could use to make the payment while you "look for work" doesn't offset a debt to income ratio of 500% or whatever. Captain Windex fucked around with this message at 04:16 on May 30, 2012 |
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May 30, 2012 03:35
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Jibo posted:What we'd like to do is to buy a home, and pay for it while we still have our apartment in Toledo and are working until we can get jobs in Columbus. This is a bad idea. EDIT: The time between when the house you're buying goes Pending and when you actually close is such a terrible purgatory. We even pushed the closing date up an entire week and it's still killing me to wait. One more week... DR FRASIER KRANG fucked around with this message at 04:16 on May 30, 2012 |
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May 30, 2012 04:10
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We're adding on to our home and considering a low maintenance material for our deck but its considerably more expensive. Is anyone familiar with low maintenance decking?
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May 30, 2012 06:37
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Guacala posted:We're adding on to our home and considering a low maintenance material for our deck but its considerably more expensive. Is anyone familiar with low maintenance decking? Trex is pretty much the Rolls Royce of composite decking, though I'm sure you can get cheaper. If you're in the Midwest Menard's has a pretty wide selection, and it's one of the few things their employees should be able to speak knowledgeably about (I used to work there myself). It's also a lot safer as it doesn't have all the chemicals that pressure treated wood does, but it's heavier so you need more framing on you're deck. Pressure treated deckboards can do 16" on center framing, but most composite (unless it's changed in the last few years) will require 12" on center.
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May 30, 2012 14:58
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The only complain I have heard about trex decking is that it gets foot burning hot. The darker and denser the composite the hotter it gets in the sun.
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May 30, 2012 15:16
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Jibo posted:We've known each other for 12 years, and have been dating for three. Our relationship is very stable. No one buys a house with a non spouse expecting to break up with them, but people change. Your 30 year mortgage with your ex won't. Seconding that you should just rent a house - you won't lose money renting a home for a few years before you get married.
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May 30, 2012 15:41
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FISHMANPET posted:Trex is pretty much the Rolls Royce of composite decking, though I'm sure you can get cheaper. If you're in the Midwest Menard's has a pretty wide selection, and it's one of the few things their employees should be able to speak knowledgeably about (I used to work there myself). Thank you. We've noticed some trex decking that looked sun bleached - is this common?
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May 30, 2012 16:24
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Guacala posted:Thank you. We've noticed some trex decking that looked sun bleached - is this common? I don't know a whole lot about Trex, because the stuff Menards sold was made by the company (if you've never heard of it, it's huge family owned store like home depot, but they also own a bunch of factories in the Midwest to make nails and screws and doors and other random hardware and also the composite decking). But that being said, our cheapest product would fade to a "natural" color and that was part of the marketing. Our premium and middle lines both had UV treatment to prevent that. So I'm assuming that's a feature of that particular product line, and if you don't want it to fade you need to get UV treated stuff, which is probably more expensive, but Trex is already expensive, so whatever. I'm actually surprised they even make a product that isn't ultra premium. And I don't care what anybody says, that faded look looks like poo poo, it looks just as bad as faded pressure treated wood.
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May 30, 2012 17:00
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Trex isn't the only composite lumber game in town either. You might also see if Timbertech is any cheaper.
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May 31, 2012 02:40
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Welp.... Finally bit the bullet. The wife and I have been wanting and old house for years. Just got an offer accepted on an american craftsman style house from the early 30s. ASBESTOS HERE I COME!!! Not really its 90% renovated. New plumbing and electrical, foundation leveled and roof replaced. Bonus fun fact, picked it up under 100k.
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May 31, 2012 18:37
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If the Bonus Fun Fact was meant to impress, it loses affect when you don't include the area in which you bought.
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May 31, 2012 20:57
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Bucket Joneses posted:If the Bonus Fun Fact was meant to impress, it loses affect when you don't include the area in which you bought. Oh no not meant to impress, San Antonio houses are cheap as dirt. Im just glad I was able to stay way under budget and only use half of what they approved me for. My Realtor was really pushing me to look in higher price ranges but Im not Zaurg. This was way under budget and will allow me to get a good cash reserve and pay off remaining auto loans in under 3 years. We plan to have the house itself paid off in 8 years. Im stoked. edit: old rear end house porn, yes the front column is off by about 2.25 inches on the bottom, but its bolted in good and not rotted, so my architect buddy is going to come over with some friends and lift the front porch roof and straighten it for me. Good friends to have.  Also yeah P&I is about $485/month on the loan 
Errant Gin Monks fucked around with this message at 21:00 on Jun 1, 2012 |
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May 31, 2012 21:14
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What is the P and I payment on a 100k house? $500? Congrats. In 20 years your mortgage payment is going to be cheaper then a tank of gas. Elephanthead fucked around with this message at 16:10 on Jun 1, 2012 |
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Jun 1, 2012 16:07
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Guys, can I use one of those TV loans for $10k for my down payment? Granted, the APR on that $10k is almost 90%, but cash money is cash money, right?
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Jun 3, 2012 03:54
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JPrime posted:Guys, can I use one of those TV loans for $10k for my down payment? I would say no. The banks will want a statement on where you got that money from. When they see the loan they might decide you are over extended. Besides why would you not just go FHA and save up 3-4k instead. Or see if your state has down payment assistance?
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Jun 3, 2012 17:23
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Even with these low interest rates it seems outrage how much is paid on interest for a house. It seems most people could buy a whole other house with all that interest. Is there any reason I shouldn't live in an apartment for a year and try to save up to buy an older house in cash? Maybe even a 10 year loan max if they are available.
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Jun 3, 2012 17:51
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FlyWhiteBoy posted:Even with these low interest rates it seems outrage how much is paid on interest for a house. It seems most people could buy a whole other house with all that interest. Is there any reason I shouldn't live in an apartment for a year and try to save up to buy an older house in cash? Maybe even a 10 year loan max if they are available. Interest is not inherently a bad thing; it's a financial instrument to leverage future earnings effectively. The problem is when people don't value their future money appropriately and spend more of it than they can afford to have things now. People who do that also are not using their current money in more profitable investments - they are just spending it all. I currently have a mortgage, reasonable for my future expected earnings, that allows me to own a place to live and also allows me to put more of my current money into retirement savings (which will likely yield more than the 3.5% that is the interest on my mortgage). For me this was a good use of capital. But I would never tell someone that they shouldn't continue to save to put more cash into their house purchase if that's what they feel comfortable with. That's a conservative, but viable, decision and much better than going the other way around.
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Jun 3, 2012 22:15
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FlyWhiteBoy posted:Even with these low interest rates it seems outrage how much is paid on interest for a house. It seems most people could buy a whole other house with all that interest. Is there any reason I shouldn't live in an apartment for a year and try to save up to buy an older house in cash? Maybe even a 10 year loan max if they are available. Back out inflation and the tax deduction you get on mortgage interest and its basically 0% on a 15 year loan right now. If you plan on buying, there is no reason to wait and pay rent to save money on interest (assuming your financial house is in order otherwise), that doesn't even begin to make sense.
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Jun 3, 2012 22:38
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For a lot of people - myself included - renting cost basically the same as buying. My old rent was 1650/month (in a slightly nicer neighborhood than where I bought) for a 650 square foot house (a cottage basically). My current principle + interest + escrow (taxes) is just under $1500. That's on a 1250 square foot house with actual front and rear yard.
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Jun 4, 2012 00:04
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I was renting for 750$/mth. My mortgage (with taxes, mortage insurance) is only 300$ a month. Speaking of houses. I am still renovating mine before I move in. Turns out that someone broke in last night. Dad had left out all his power tools. They were old so he didn't care. The only things actually missing (so far) are a dustpan and a flashlight. Everything else was piled in boxes. We think they may try to come back tonight so we did our best to pack everything up and get it out of there. Also, RCMP were alerted and came out to check on things, and they pointed out where the guy had booted down the door. They said they would do some drivebys for me tonight.
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Jun 4, 2012 02:49
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rainbow kittens posted:I was renting for 750$/mth. My mortgage (with taxes, mortage insurance) is only 300$ a month. This happened to me in my current house. Home Depot has some kits that reinforce your frame with metal plates and 6 Inch screws into the studs. It also protects the hinges and the locks. Someone tried to kick my door in again a few months later and wasn't able to get through (there were shoe marks all over the front door). I have them on every door in the house and the cost about 70 bucks per. They will go on my new house as well. http://www.armorconcepts.com/Our-Solutions/EZ-Armor
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Jun 4, 2012 06:25
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Errant Gin Monks posted:This happened to me in my current house. Home Depot has some kits that reinforce your frame with metal plates and 6 Inch screws into the studs. It also protects the hinges and the locks. Someone tried to kick my door in again a few months later and wasn't able to get through (there were shoe marks all over the front door). I have them on every door in the house and the cost about 70 bucks per. They will go on my new house as well. Wow. I wonder if I can get something like that in Canada. I'll let my Dad know, as I know he wants to install a new door and frame.
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Jun 4, 2012 17:26
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Errant Gin Monks posted:This happened to me in my current house. Home Depot has some kits that reinforce your frame with metal plates and 6 Inch screws into the studs. It also protects the hinges and the locks. Someone tried to kick my door in again a few months later and wasn't able to get through (there were shoe marks all over the front door). I have them on every door in the house and the cost about 70 bucks per. They will go on my new house as well. So an "As Seen on TV" product actually works huh? I'm traveling a lot for work this upcoming year and I've been looking for something to give me peace of mind while I'm away. Might have to give EZ Armor a try.
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Jun 4, 2012 18:29
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What is your address? Seriously, though, about 1/4 of the "As Seen On TV" stuff actually rules; the problem is sorting the wheat and chaff.
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Jun 4, 2012 18:42
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I was skeptical as well but it seems to do its job just fine. To be honest I havent tried to bash my own door in just to see, but the idea is sound and the things are sturdy as hell. Its literally screwing metal into the frame of your house through your door frame to reinforce 1/2 wood trim that is normally keeping yuor door shut. The other metal pieces go around the locks on the door, so paint them if you dont want bright white things on your door, and another set protects the hinges just in case someone goes after them... no idea why you need to protect the hinges but gently caress it, toss them on. I sound like an advertiser but I seriously slept a lot better at night after I put those things on. If you are handy with sheet metal and a dremel you can make them yourself for dirt cheap.
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Jun 4, 2012 20:03
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Did they make your door harder to close or did you already have some space to work with? I know every door is different and I'll just have to find out for myself but just curious to see if you ran into any problems installing them. I assume they are pretty universal.
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Jun 4, 2012 23:32
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dingledangle posted:Did they make your door harder to close or did you already have some space to work with? I know every door is different and I'll just have to find out for myself but just curious to see if you ran into any problems installing them. I assume they are pretty universal. Not really. They arent that thick because they are pretty wide in the direction they take the force of a kick. If your doors are super right already it may cause some problems, if they close normally it shouldn't matter.
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Jun 5, 2012 00:06
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Welp, after chatting with a mortgage specialist at Wells Fargo and showing off our reams of paper indicating our financial status, we were offered an interest rate of 2.75%. Fixed. For a 30-year. This is apparently what zero debt, a credit score in the 800's, and an imminent promotion gets you in this housing market. I... I think we're doing this.
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Jun 5, 2012 21:54
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That's a fantastic rate. Do shop around to find out about closing costs, though. There's a good chance you can get the same rate with better costs. (I always suggest going with a broker, actually, but I know some people prefer to just pick a bank they "trust" or something.)
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Jun 5, 2012 21:57
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What ever happened to DO NEVER BUY (is speaking as a homeowner for a year on now)
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Jun 5, 2012 21:59
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I think we may have to unexpectedly take on a 2nd car loan. I asked our lender if/how it would affect our buying power and he came back and factored it and said that the price range we are shopping in, we won't have any issues. He didn't mention anything about the interest rate (which we were pre-approved for 3.75 when we made an offer on a house that we lost about a month ago) but I'm wondering how taking on a new auto loan would affect the mortgage rate. I don't think my wife can handle another Texas summer without A/C and her car isn't worth the money we'd have to put into it to fix the A/C.
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Jun 5, 2012 22:03
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