|
I'm getting married next November, and the lease on our current apartment (1400/mo) is up in May. I'd rather buy a house than continue paying such high rent, but I don't want to crack into our savings too much for the down payment. I anticipate we can save around 15k by May, and I'd like to purchase a house around 175k. Mortgage calculators put this at around 1100/mo so it seems like a waste to keep throwing money into renting. The calculators listed in the OP show we'd be able to afford a lot more (our income is 130k/yr), so the actual amount isn't a problem. Will it be hard to proceed without the recommended 20% down? I know having to pay PMI will be a waste, but from my understanding that goes away after we have enough equity, so I don't think I'd mind paying it for a bit instead of breaking into other savings.
|
#
¿
Nov 10, 2011 04:33
|
|
|
|
| # ¿ May 14, 2024 13:24 |
|
|
We're looking at homes now, and the kind of home we like is going to end up being in the suburbs and move my commute from about 20 minutes to an hour. To keep the same commute, we would have to look at older homes, and they just seem so outdated whereas we prefer modern. Everything about the houses farther away are great except the commutes... Should that be a deal breaker? How bad do you guys have it commute-wise, and is it worth it driving longer to get everything else we want in a home? What is an average commute time for people in larger cities?
|
|
#
¿
Jan 6, 2013 06:52
|
|
|
I think you guys are right. Two hours a day driving would be unbearable in the long term. I've asked our realtor to look closer to in-town. Thanks, fellows.
|
|
#
¿
Jan 7, 2013 00:03
|
|
|
What happens if I change jobs right between being pre-qualified/approved and actually getting the mortgage loan? I plan to close on February 28th, but I may change jobs somewhere around February. Do I have to not take the job? 
|
|
#
¿
Jan 15, 2013 04:47
|
|
|
Captain Windex posted:I don't interact with borrowers directly so I'm not sure if that's normal or not, our bank doesn't even issue pre-approval letters because they're barely worth the paper they're printed on. Have they actually collected asset statements, paystubs, pulled credit, etc? Most pre-approvals I've seen are issued on the basis of purely what you say your income/debts are, whipping up something based on your say so would take all of 2 minutes. If they've actually collected your documentation that would take a bit longer to review though I would think you would have heard back by now anyway. Loss in the family could definitely throw a wrench in things for that guy of course. Assuming I could delay the new job, when would changing no longer affect the loan? Would I have to do it after closing or can I do paperwork before that, switch jobs, then close? It is a conventional loan, and the job change would be the same line of work but a ~20k pay increase.
|
|
#
¿
Jan 15, 2013 05:31
|
|
|
Captain Windex posted:Your bank is required to verbally verify you are still employed no more than 10 days prior to you signing your closing package. If they become aware subsequent to verifying that you no longer work there they can refuse to fund the loan if they have not already funded it. Thanks for the help, Captain Windex. I reached out to one of the lending options today and they confirmed that as long as I have one pay stub by closing that I would be fine. 
|
|
#
¿
Jan 15, 2013 20:10
|
|
|
That seems highly unethical. 
|
|
#
¿
Jan 22, 2013 16:46
|
|
|
The ethical thing to do would be to contact the bank, find out what her options are, and deal with her inability to pay for the home. The unethical thing to do is avoid the bank, hope they don't notice, try to live there rent free, and essentially steal housing until they notice and kick you out. I think option 2 is as close to fraud as you can get. I guess we could argue if fraud is unethical. Dictionary posted:fraud
|
|
#
¿
Jan 23, 2013 18:37
|
|
|
gvibes posted:What false statement does she make to the bank? Avoiding the lender as long as possible and not letting them know you have no intentions to pay until they go through all safeguards to prevent them removing you unjustly, and waiting until they physically remove you counts as deception in my book. Dictionary posted:de·ceive
|
|
#
¿
Jan 23, 2013 19:31
|
|
|
A lot of people seem to think unethical behavior is okay because noone should have personal responsibility for anything anymore, and we're in an era where people hate banks so they use that as justification that it's ok to attempt to defraud them. Whether or not banks are good people does not make it okay for people to try to steal property for as long as they can get away with. Not paying for something on purpose and continuing to use it is theft. Good job abusing the systems' safeguards that were put in to protect honest people (multiple notices, time periods, contact efforts, etc) to get free rent, but at least acknowledge you're a detriment to society.
|
|
#
¿
Jan 24, 2013 05:22
|
|
|
Baronjutter posted:You make more than me and my wife combined and we're looking in the 250k range so I think you're good to go. You'll be saving up for the full down-payment though right?
|
|
#
¿
Feb 18, 2013 18:14
|
|
|
Zeta Taskforce posted:Yeahm SlapActionJackson's right. Virtually all mortgages are sold into the secondary market and they have to comply with Fannie Mae/Fredie Mac guidelines. When banks hold it in portfolio they charge more and usually do variable rates.
|
|
#
¿
Feb 20, 2013 20:24
|
|
|
SlapActionJackson posted:If you can't pay for it, and don't have a financing contingency clause to fall back on, you lose your earnest money. I was hoping Zack_Gochuck was going to get sued for the price of his offer. 
|
|
#
¿
Feb 20, 2013 20:42
|
|
|
FortifiedTumor posted:Are listings on sites like zillow and realtor to be believed? I called a realtor in the town I would like to buy a house in and told her what I wanted. How do you plan to buy a house without a mortgage? All cash?
|
|
#
¿
Feb 23, 2013 02:53
|
|
|
The opportunity to make $30k-40k more is not something you should turn down unless you don't care about money and are already extremely wealthy or something. If you keep a budget and try to save money, then it only makes sense to try to maximize the profit in that house. You'll never save $40k cutting out coupons or doing whatever insane stuff you see people do in that "tell me how to not bathe and save money" thread.
|
|
#
¿
Feb 26, 2013 15:52
|
|
|
What happens if an 80 year old person wants a 30-year mortgage? I'm guessing they can't be discriminated based on age legally, but it sure seems like there should be some sort of rule that you can't take out a loan with a plan to live longer than every human has previously.
|
|
#
¿
Mar 1, 2013 14:33
|
|
|
Jose Valasquez posted:110 doesn't even put someone in the top 100 oldest people ever. Okay, so 110 isn't the oldest but it's far past a reasonable life expectancy and there is no cutoff age so a 110 year old couldn't be declined for a 30 year mortgage either. What is in place for lender "protection" for situations like that?
|
|
#
¿
Mar 1, 2013 15:18
|
|
|
QuarkJets posted:When that person dies the debt doesn't just disappear, either an inheritor picks it up or the lender forecloses on the house. The ability to foreclose is lender "protection" Isn't foreclosing pretty expensive? Can people be discriminated against for their health? What if someone with a terminal illness wants a mortgage? I guess it's cool that these people aren't discriminated against, but it seems weird.
|
|
#
¿
Mar 1, 2013 19:55
|
|
|
Dik Hz posted:You misunderstand. It's probably the single biggest investment of you life and the place you raise a family. Why would you intentionally blind yourself to a potentially significant hazard? Did you intentionally select it in spanish?
|
|
#
¿
Mar 3, 2013 18:38
|
|
|
Dik Hz posted:I'd hardly call an incidence of elevated lead levels in toddlers of 6% rare. Source You keep acting like cancer is a big deal. 
|
|
#
¿
Mar 3, 2013 21:32
|
|
|
At that point, its like you're just buying in an apartment complex.
|
|
#
¿
Mar 24, 2013 22:07
|
|
|
Leperflesh posted:Home depot has an 60-gallon gas water heater (which is fairly large) for $728. They've got an 80-gallon electric one (which is very big indeed) for $999. If you splurge on a $1000 water heater, which ought to last at least 25 years, and somehow spend another grand on installation, your cost over that period is $6.66 a month. Same people that rent to own TVs?
|
|
#
¿
Mar 30, 2013 21:10
|
|
|
After moving in, we received a letter from the gas company stating that our gas lines in our house are our responsibility (theyre responsible up to the home itself), but they offer insurance to cover it if anything went wrong. It is 4.99 per month. Is it worth it?
|
|
#
¿
Apr 3, 2013 02:32
|
|
|
That article is nuts because those people spend ridiculous amounts of money on really dumb things, like $500/mo on parking and $425/mo on cleaning. However, it seems like most people I know that make a decent amount ($150-$200k) are in rough spots because their home is too expensive. $3000/mo mortgage is painful.
|
|
#
¿
Apr 5, 2013 20:50
|
|
|
The carpet looks better than that color of hardwood, in my opinion. 
|
|
#
¿
May 16, 2013 13:46
|
|
|
Tell your neighbor to get his tree limb off your fence!
|
|
#
¿
Jul 9, 2013 17:20
|
|
|
lord1234 posted:Yes. I identified where most employers in my field are moving and this house is relatively centrally located to all of them. There are more important things in a neighborhood than being centrally located for work. I can think of a lot of areas I wouldn't want to live that would be near employers.
|
|
#
¿
Oct 24, 2013 19:50
|
|
|
|
| # ¿ May 14, 2024 13:24 |
|
|
In the other thread, people are saying FHA's PMI is for the life of the loan now.
|
|
#
¿
Dec 1, 2013 04:03
|
|