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re: Home buying advice - personal info inside
Posted on 8/13/14 at 8:56 pm to doggy dirty
Posted on 8/13/14 at 8:56 pm to doggy dirty
Do not buy a house with a girlfriend.
0
Posted on 8/13/14 at 8:57 pm to doggy dirty
Is say 275k at the most, assuming your not shelling out $100+ a month in either flood insurance or HOA/maintenance fees. Less if you're in Texas due to property taxes.
Posted on 8/13/14 at 8:58 pm to doggy dirty
quote:
Monthly expenditure outside of debt and retirement averages around $1200 if I had to guess. I'd have to pull statements to be sure.
That's a great number for 113k. You'll be able to afford 1800-2000. Just some advice, shoot for the low end and focus on increasing savings, especially after you get the cars paid off. Hit the student loans hard, then bump up the 10%.
Posted on 8/13/14 at 9:03 pm to doggy dirty
My income and debt schedule is similar to yours which is why I tossed that figure out there. I ran a budget spreadsheet on where I spent my money in order to figure out what I could really afford. House cost is about 28% of my gross income. It feels expensive
Posted on 8/13/14 at 9:03 pm to GeeOH
Unfortunately, we only have about $20k saved. We won't have 20% to put down. That's a lot of cash to save.
Regarding your advice: Perhaps your definitions of stability and commitment do not apply to us? Can you possibly believe there are people out there with different stances on marriage? We've been together since college and are happy. While I appreciate strangers' thinking their experiences put them in a position to dole out advice to folks they do not know, it's not why I came here.
Regarding your advice: Perhaps your definitions of stability and commitment do not apply to us? Can you possibly believe there are people out there with different stances on marriage? We've been together since college and are happy. While I appreciate strangers' thinking their experiences put them in a position to dole out advice to folks they do not know, it's not why I came here.
Posted on 8/13/14 at 9:09 pm to doggy dirty
May be able to do a second mortgage to avoid any pmi and such. Not sure how much you have to have down as a minimum. Talk to a couple of bank loan officers.
Posted on 8/13/14 at 9:16 pm to doggy dirty
No one is attacking your relationship. I would give the same advice to someone buying a house with their twin brother. It's just that marraige spells out the property division in the event of a breakup.
Posted on 8/13/14 at 9:29 pm to Ric Flair
Thanks. I never said the house would be in both our names. I never said it wouldn't. She and I can figure that out on our own. I'm just talking money here. I'm fully aware of the statistics and history of guys getting fricked over when situations like this go awry.
Thanks to everyone that has contributed to the actual topic.
Thanks to everyone that has contributed to the actual topic.
Posted on 8/13/14 at 9:46 pm to doggy dirty
Print this thread so you can read it later. You'll need to reinforce the lesson you'll have learned...when you ask for advice, heed it. Think about what you are doing.
Posted on 8/13/14 at 10:14 pm to doggy dirty
quote:
I'm looking for advice on financials, not my romantic situation.
I'm glad y'all love each other and everything, but the point is still sound. Like it or not, there are few experiences worse than having to disentangle a co-owned property with someone you don't get along with anymore. It's purely a legal issue, not a moral one. Don't do this unless you've had a couple of good fights that you've managed to resolve without outside help.
That said, you asked about what you can expect on mortgage offers, and very honestly the best answer I can give you is that you should walk into a bank branch and ask what they can do for you. It's free to ask and what you will be told will be far more relevant than anything you'll see here.
Posted on 8/14/14 at 5:52 am to doggy dirty
quote:
Lotta bitter guys here
No... lot of guys who know the reality of life.
Thousands and thousands of people have done what you are doing with the same resistance to the sage advice of others. Worked for a few and did not for many
Posted on 8/14/14 at 7:53 am to foshizzle
This guy is trollin.
Posted on 8/14/14 at 8:36 am to doggy dirty
quote:
I never said the house would be in both our names.
well that would change the financial information you are looking for wouldnt it?
Posted on 8/14/14 at 8:38 am to doggy dirty
quote:
I'm looking for advice on financials, not my romantic situation.
It's financially dumb to buy a house with someone you're not married to
There's my financial advice
Posted on 8/14/14 at 8:54 am to doggy dirty
quote:
I never said the house would be in both our names
Well, then it was kind of pointless to talk about your combined income and debts.
Posted on 8/14/14 at 8:57 am to doggy dirty
quote:
I'm looking for advice on financials,
And advice about a potential financial nightmare is being presented to you.
Posted on 8/14/14 at 8:59 am to doggy dirty
quote:
Regarding your advice: Perhaps your definitions of stability and commitment do not apply to us? Can you possibly believe there are people out there with different stances on marriage? We've been together since college and are happy. While I appreciate strangers' thinking their experiences put them in a position to dole out advice to folks they do not know, it's not why I came here.
Well then, GFY. You are NOT looking for financial advice. IF it is bought together, you figure in both your incomes. IF it is not, give us YOUR bills and income and you will receive a different answer.
IF it is together and you think love can keep you together when life's strains come calling, you are not ready to buy a home period!
I'm not talking about the "guy" getting fricked, I'm talking about both of you! If she goes ask anyone, the will tell her the same.
That being said, go buy yourself a $130K condo and live there for awhile until she asks you why you won't commit to her. Life is not about getting to know EVERYTHING about each other before you are married, life is about growing together in marriage, and if you are at all spiritual, in God's eyes.
Ask her to marry you or move on to someone you feel is worthy of that BEFORE you buy a house.
You two nit wits have not figured out a different way to do love and committment....you are just agreeing to a method with an easy way out. And THAT is the biggest financial warning I've ever seen!
Posted on 8/14/14 at 9:14 am to doggy dirty
If the house isn't in both of your names, then I am pretty sure the debt can't be in both of your names, so I am pretty sure that effects how much income you can use to qualify for the mortgage.
I'm sure you love her very much and you are essentially married without a paper indicating ss such. So, just make sure there ie a legal exit plan in place. I know it sucks to think about that, but it is what it is.
As far as finances... the 28/36 rule is always a good place to start - but that is an absolute max. I can't tell you how much to spend on a house, cause I don't know what you want and where you want to live. If you two are going to have escalating income, I'd be tempted to buy something smaller/cheaper now and move in 5 years, especially if you are in an area that resells easy.
A credit score of "around" 700 might not get you the absolute best rate... but you can I am sure get something south of 5. You will have PMI.
Good luck.
I'm sure you love her very much and you are essentially married without a paper indicating ss such. So, just make sure there ie a legal exit plan in place. I know it sucks to think about that, but it is what it is.
As far as finances... the 28/36 rule is always a good place to start - but that is an absolute max. I can't tell you how much to spend on a house, cause I don't know what you want and where you want to live. If you two are going to have escalating income, I'd be tempted to buy something smaller/cheaper now and move in 5 years, especially if you are in an area that resells easy.
A credit score of "around" 700 might not get you the absolute best rate... but you can I am sure get something south of 5. You will have PMI.
Good luck.
Posted on 8/14/14 at 9:19 am to GeeOH
quote:
You two nit wits have not figured out a different way to do love and committment....you are just agreeing to a method with an easy way out. And THAT is the biggest financial warning I've ever seen!
Posted on 8/14/14 at 9:35 am to doggy dirty
If in LA and you have co-habitated for 7 years then congratulation on your common law marriage
My advice is to buy a smaller house, affordable by one persons income.
My advice is to buy a smaller house, affordable by one persons income.
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