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re: Home buying advice - personal info inside
Posted on 8/14/14 at 9:48 am to GeeOH
Posted on 8/14/14 at 9:48 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.
As much as I try not to judge other peoples choices in life, I gotta agree with this. Especially given OP's attitude towards others.
Having others advise you to not purchase a house with your girlfriend IS financial advice whether you choose to view it that way or not.
1
Posted on 8/14/14 at 10:57 am to Booyow
quote:
Having others advise you to not purchase a house with your girlfriend IS financial advice whether you choose to view it that way or not.
It is advice. It actually got me kind of thinking so I googled it. Maybe consider filling out some sort of contract as a couple before you buy the home? Probably a document on legal zoom or one of those sites that'd work just fine.
article on the subject
Or hell lets go nuts. If you don't mind not telling the family you could get justice of the peace married just to make financial investments simple. Later on if you want to get "for real married" just have a wedding, start wearing rings and gain 30 pounds. Weddings are god awful expensive on average so put that shite off if neither of you really need it.
This post was edited on 8/14/14 at 10:59 am
Posted on 8/14/14 at 11:28 am to BeerMoney
quote:
If in LA and you have co-habitated for 7 years then congratulation on your common law marriage
No common law marriage in LA. Sorry...does not apply here. Go ask for your notary class tuition to be refunded, LOL.
I co-owned property w/my better half for many years before marriage. Kudos to you for not giving in to the wedding/industrial complex. We had no trouble getting a mortgage (or a refi) due to our status, but we did have a bit of trouble with the insurance: our Luddite agent kept insisting on calling me the "fiancee". I found another agent & insurance company. The world is too big to keep doing business with people who want to judge you.
As long as you have a decent record of who contributed what (ie, cancelled checks, bank records), it shouldn't be a problem if you guys decide to go your separate ways. It's a jointly held investment, after all. Grownups dissolve businesses and partnerships all the time.
Rule of thumb: your payments shouldn't exceed 33% of income. The real question should be how little house do you need, not how much house can you afford.
Posted on 8/14/14 at 1:02 pm to hungryone
quote:
The real question should be how little house do you need, not how much house can you afford.
I didn't think that way until we bought our house a couple months ago.
It's in a great neighborhood and we got a steal. Only 850 sq ft, but that's enough for the wife and I for now. And there's plenty of space to add on when we decide to have kids. I grew up in a house 5 times this size, and never thought I could make do with so little. But so far so good.
Posted on 8/14/14 at 1:11 pm to LNCHBOX
quote:
It's in a great neighborhood and we got a steal. Only 850 sq ft, but that's enough for the wife and I for now. And there's plenty of space to add on when we decide to have kids. I grew up in a house 5 times this size, and never thought I could make do with so little. But so far so good.
Damn, where are you living? That is pretty small. I had an apartment that size when my GF now fiancee moved in. Plus 2 dogs and only 1 BR made things tight.
I could do it if I had to though. Save a ton of money of course.
This post was edited on 8/14/14 at 1:13 pm
Posted on 8/14/14 at 1:14 pm to LNCHBOX
quote:
Only 850 sq ft, but that's enough for the wife and I for now. And there's plenty of space to add on when we decide to have kids. I grew up in a house 5 times this size, and never thought I could make do with so little. But so far so good.
The whole "tiny house" movement is gathering momentum: LINK
I'm not ready for THAT small, but I did build right at the minimum square footage required for my 'hood....I think energy costs are only going up, and I'd hate to pay to heat & cool some of the 5,000 sq behemoths I see going up around LA.
Posted on 8/14/14 at 1:21 pm to Teddy Ruxpin
quote:
Damn, where are you living?
Old Metairie. It was my wife's grandfather's house. They raised 6 kids in this house
I have no idea how. It's actually surprisingly open. After Katrina they opened up some walls, so it works well for us now.
Posted on 8/14/14 at 1:21 pm to doggy dirty
you need 10% downpayment, then get a purchase money second for the other 10% and you avoid PMI. You house cannont be more than 42% of your gross income. but what your house not needs to be is a number that you are comfortable with. this is your first house so remember you will more than likely sell in with in 7yrs. you can look at a 30yr rate around 4.5% it is currently lower than that but i havent seen rates above that number all year.
Posted on 8/14/14 at 2:09 pm to hawkeye007
quote:
you need 10% downpayment,
I guess that's really where he's at right?(I know from previous posts you're in some sort of lending career) Banks won't lend more than 90% of the home value correct?
Posted on 8/14/14 at 2:17 pm to BeerMoney
quote:
Banks won't lend more than 90% of the home value correct?
Nope, plenty of zero-down loans out there, including VA loans. You'll pay more in interest for a zero-down loan, as well as be subject to PMI, so zero-down loans aren't a good idea for most.
Posted on 8/14/14 at 2:58 pm to LNCHBOX
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
Exactly ... giving your combined income asking what's feasible indicates the house will be in both names to me.
Posted on 8/14/14 at 4:06 pm to LNCHBOX
quote:
Old Metairie. It was my wife's grandfather's house. They raised 6 kids in this house I have no idea how.
It's actually surprisingly open. After Katrina they opened up some walls, so it works well for us now.
Cool.
I live in a house built in 1919 with an addition in the 80s that brings it to 1600sq.
I picture the house without the addition and can't figure out where everybody slept, kitchen or whatever.
Posted on 8/14/14 at 4:25 pm to doggy dirty
quote:
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.
So whats all this equal rights stuff I keep hearing about in the news?
Take off the blinders, financials and relationships DO matter.
And yes, I know there are many other rights associated with marriage, it was just an example to prove a point.
Posted on 8/14/14 at 9:12 pm to TigerDeBaiter
I've cracked the code... His girlfriend is a dude. He's gay, and can't legally get married yet. It's cool bro, we don't judge.
Posted on 8/14/14 at 10:20 pm to doggy dirty
Like everyone else I would caution buying a house with a girlfriend. Its just not a wise financial move and it will cost you money in the future. If you're that committed to each other then get married.
Secondly, a good general rule of thumb is 25% of your income to cover your house note including insurance and taxes. Most rates are below 4.5%. If I could do it all over again I would buy a smaller house with a 10 year mortgage and pay it off as fast as I could and then rent it and buy a slightly larger house and do the same and keep doing it. By the time you are 45 you will have lots of options in life. Y'all have both done some good things to have a credit score that high. I'd really work on finishing off those other debts as fast as you can.
A few good books that will teach you a lot about money and buying real estate are Rich Dad Poor Dad and The Total Money Makeover. Don't knock em until you've read them.
Secondly, a good general rule of thumb is 25% of your income to cover your house note including insurance and taxes. Most rates are below 4.5%. If I could do it all over again I would buy a smaller house with a 10 year mortgage and pay it off as fast as I could and then rent it and buy a slightly larger house and do the same and keep doing it. By the time you are 45 you will have lots of options in life. Y'all have both done some good things to have a credit score that high. I'd really work on finishing off those other debts as fast as you can.
A few good books that will teach you a lot about money and buying real estate are Rich Dad Poor Dad and The Total Money Makeover. Don't knock em until you've read them.
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