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Started By
Message
Home buying advice - personal info inside
Posted on 8/13/14 at 7:46 pm
Posted on 8/13/14 at 7:46 pm
My girlfriend and I are looking to buy a house around the first of the year.
Combined gross income of $113k/yr with additional income from commission of ~$10-15k/yr. 10% of this goes into retirement accounts. We both expect to advance in our careers and subsequently earn more as time goes on.
About $30k in student loan debt resulting in monthly payments of about $600. There is the option to restructure this to about $300/mo. About $700/mo in auto payments. No credit card or other debt.
My credit is about 810. Hers is around 700.
What is the MT general advice on home price limit, expected interest rate, etc. This board has been a very useful source of info, but some input on my personal situation is appreciated.
TIA
Combined gross income of $113k/yr with additional income from commission of ~$10-15k/yr. 10% of this goes into retirement accounts. We both expect to advance in our careers and subsequently earn more as time goes on.
About $30k in student loan debt resulting in monthly payments of about $600. There is the option to restructure this to about $300/mo. About $700/mo in auto payments. No credit card or other debt.
My credit is about 810. Hers is around 700.
What is the MT general advice on home price limit, expected interest rate, etc. This board has been a very useful source of info, but some input on my personal situation is appreciated.
TIA
9
Posted on 8/13/14 at 7:52 pm to doggy dirty
quote:
girlfriend
quote:
I
quote:
Buy a house
:|
Posted on 8/13/14 at 7:54 pm to jimbeam
What? Doesn't adhere to your moral code? My apologies.
Posted on 8/13/14 at 7:55 pm to doggy dirty
quote:
What? Doesn't adhere to your moral code? My apologies.
No. It's just dumb.
Posted on 8/13/14 at 7:56 pm to Golfer
Why?
Posted on 8/13/14 at 8:16 pm to doggy dirty
Need more info:
Cost of house
Backup plan if breakup before getting married (need a pre-prenup type document to address this).
Cost of house
Backup plan if breakup before getting married (need a pre-prenup type document to address this).
Posted on 8/13/14 at 8:18 pm to doggy dirty
Sharing a home loan with a girlfriend is as bad of an idea as cosigning a student loan. You are both burned if something happens to the relationship and somebody misses a payment, especially if neither of you can afford the payment individually.
Instead, just let one person buy the house and get the loan in their name. The other person can just write a check for half each month.
Qualifying for a loan based on only one of the incomes will also keep you out of trouble with too big of a house early on. Even if you stay together, life changes with kids and you can always move and upgrade later.
Instead, just let one person buy the house and get the loan in their name. The other person can just write a check for half each month.
Qualifying for a loan based on only one of the incomes will also keep you out of trouble with too big of a house early on. Even if you stay together, life changes with kids and you can always move and upgrade later.
Posted on 8/13/14 at 8:20 pm to Ric Flair
Don't worry about the pre-nup/marriage stuff. She and I have that covered. I certainly appreciate everyone's concern, however.
The cost of the house is part of my inquiry. I'm trying to determine what we can reasonably afford given our financial position.
The cost of the house is part of my inquiry. I'm trying to determine what we can reasonably afford given our financial position.
Posted on 8/13/14 at 8:23 pm to doggy dirty
Bankrate.com has some good calculators.
Ages?
Ages?
Posted on 8/13/14 at 8:25 pm to Bayou Tiger
If it makes everyone more comfortable with what has been presented, you can pretend I said wife. I'm OK with that.
I'm looking for advice on financials, not my romantic situation.
I'm looking for advice on financials, not my romantic situation.
Posted on 8/13/14 at 8:25 pm to LSUSUPERSTAR
30 and 33
Posted on 8/13/14 at 8:41 pm to doggy dirty
quote:
I'm looking for advice on financials, not my romantic situation.
Posted on 8/13/14 at 8:43 pm to Cousin
Just make sure the house is not in both of your names.
Posted on 8/13/14 at 8:44 pm to doggy dirty
What do you spend monthly outside of servicing debt and retirement?
Are your cars more important than a nicer home?
Are your cars more important than a nicer home?
Posted on 8/13/14 at 8:45 pm to doggy dirty
Just because I like round numbers; $2000 per month max on mortgage, property tax and insurance given your numbers.
Posted on 8/13/14 at 8:45 pm to Cousin
Haha, seemingly an oxymoron, I know. We have it figured out though. Lucky us, I guess.
Lotta bitter guys here.
Lotta bitter guys here.
Posted on 8/13/14 at 8:48 pm to doggy dirty
You can use a mortgage calculator of you want to figure out what you can buy for that amount. Hope you have some money saved. I basically paid my lot down for 6 years before building as means of saving
Posted on 8/13/14 at 8:49 pm to Sigma
Cars aren't important. I have a 2010 Tacoma I'll pay off in 1.5 years. I won't be getting anything else unless absolutely necessary. She drives a shitty Accord. We'll get her another cheap small car when necessary.
Monthly expenditure outside of debt and retirement averages around $1200 if I had to guess. I'd have to pull statements to be sure.
Monthly expenditure outside of debt and retirement averages around $1200 if I had to guess. I'd have to pull statements to be sure.
Posted on 8/13/14 at 8:52 pm to BeerMoney
I know of the various calculators and they are certainly useful.
I'm looking for advice from the real world to see how it matches with what the calculators say.
I'm looking for advice from the real world to see how it matches with what the calculators say.
Posted on 8/13/14 at 8:54 pm to doggy dirty
quote:
She and I have that covered.
Uhhh....ok
If I had a dollar...... 
Listen to wiser people than you! You ask for finanical help and it starts with stability. "pre-nup" "marraige stuff" has nothing to do with 2 uncommitted people buying a house together.
That being said, you will regret not heeding advise on that topic because a split will ruin everything you've done to get into the 800's.
Guys, I think he's looking for some sort of guideline on how much of your disposable income should you put towards a home.
OP, the problem might not be the note, but the mere fact that the home will cause you additional bills (furniture, electricity, etc). You also didn't cover if you had the down payment of 20% if it were a $200k home they suggest. If not, you may have to factor in a PMI amount.
BTW, why aren't you even engaged to someone you want to buy a home with?
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