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re: Any OT'ers bought a home in the 1980's?
Posted on 3/4/22 at 7:26 am to cheobode
Posted on 3/4/22 at 7:26 am to cheobode
quote:International construction. Middle East and North Africa mostly. Did one job every couple years and played golf the rest of the time.
So your mortgage was well over $2,000/month in 1983? Jesus. May I ask what you did for a living back then?
Refinanced it a couple times after rates started going down.
1
Posted on 3/4/22 at 7:28 am to cheobode
Yep. Interest rate was 16%, so I built. Took 11 years to finish totally.
No way was I buying at that rate.
No way was I buying at that rate.
Posted on 3/4/22 at 7:45 am to cheobode
IN...9.9% VA loan....bought in '86......$60K....don't remember the exact monthly mortgage amount ($600 and change_ but I remember refinancing a few years later and saved over $100 a month
Posted on 3/4/22 at 7:54 am to Dissident Aggressor
quote:
i had a sweet VA loan @ 10.5% in 85'...
First house was a VA loan 1977 @ 13.5% with 5% down on a modest $50k home.
Insane today a deal at the time.
I did max out my GI Bill college benefits so had that going for me.
Posted on 3/4/22 at 7:58 am to cheobode
My in-laws bought their home in 1983.
83K. 18% interest.
83K. 18% interest.
Posted on 3/4/22 at 8:00 am to cheobode
On the flip side, there were typically fewer other bills.
-No cell phone bill
-No internet bill
-Lots of folks just had normal TV
Long distance and home phone weren’t anywhere near what I’m paying for the above with teenagers in the house.
-No cell phone bill
-No internet bill
-Lots of folks just had normal TV
Long distance and home phone weren’t anywhere near what I’m paying for the above with teenagers in the house.
Posted on 3/4/22 at 8:05 am to cheobode
Don’t think he is lying. I’ve heard my father say a similar thing. We had our house burned down by arson in 83’ and to get into a new one he paid like 12+%
Posted on 3/4/22 at 8:07 am to LSUfan20005
quote:
On the flip side, there were typically fewer other bills.
There was also less income. A lot less.
Paying 1k for a mortgage in 1980 was not something the average person could do.
Posted on 3/4/22 at 8:10 am to llfshoals
quote:
International construction. Middle East and North Africa mostly. Did one job every couple years and played golf the rest of the time.
Yeah ,that'll do it. Matter of fact, one of my uncles worked internationally when we were younger and they always had the nice things.
Posted on 3/4/22 at 8:13 am to RogerTheShrubber
quote:ARMs were very popular in those days too.
Paying 1k for a mortgage in 1980 was not something the average person could do.
Posted on 3/4/22 at 8:14 am to RogerTheShrubber
quote:
There was also less income. A lot less.
I think my FIL mentioned he was making $8+/hr back then at his full time job which I'm thinking was pretty darn good. That's just over $1k a month and his mortgage was over $600. Hence the reason he had three jobs.
Posted on 3/4/22 at 8:21 am to cheobode
I bought my first home in 1988 for $70K at 9% 30 yr fixed VA loan. Refinanced a few years later at 4.5%.
Posted on 3/4/22 at 8:30 am to cheobode
quote:I had a brother in law who didn’t start working with us for a few years, he worked as an X-ray welder and did pretty well doing that. After we hired him to supervise construction on one of our projects he was hooked
Yeah ,that'll do it. Matter of fact, one of my uncles worked internationally when we were younger and they always had the nice things.
Posted on 3/4/22 at 8:31 am to cheobode
Bought mine in the late 80's from my wife's ex mother in-law. She financed it for 12% I believe.
Posted on 3/4/22 at 8:32 am to cheobode
Did they refi?
Posted on 3/4/22 at 8:33 am to cheobode
quote:
I think my FIL mentioned he was making $8+/hr back then at his full time job which I'm thinking was pretty darn good.
I started off at $3.10, and was making about $10/hour by 1985. Wife worked for the Parish, made about the same. We brought home around 2k a month.
Posted on 3/4/22 at 8:44 am to RogerTheShrubber
When I told my dad I got my house at 2.75% he didnt believe me
Posted on 3/4/22 at 8:57 am to cheobode
So being born in the early 80s and my parents first credit occuring in late-70s to early 80s, they always acted like borrowing money was such a big deal. Getting a mortgage is very expensive and very risky.
Total falsehoods I realized once I got into and past college.
I believe their first home was had with no credit history at or around 20%. And that was for a trailer.
They moved into a townhome in 1984 and I believe the mortgage was 17% for 50K.
When I told my father we got our first home on a traditional mortgage with less than 20% down at 3.625% early last year, he wanted to BBQ and throw a party because his som was so successful.
Truth was our credit wasn't greatest. 700 and 784 so we didn't qualify for best rates.
Dad still didn't understand that.
Total falsehoods I realized once I got into and past college.
I believe their first home was had with no credit history at or around 20%. And that was for a trailer.
They moved into a townhome in 1984 and I believe the mortgage was 17% for 50K.
When I told my father we got our first home on a traditional mortgage with less than 20% down at 3.625% early last year, he wanted to BBQ and throw a party because his som was so successful.
Truth was our credit wasn't greatest. 700 and 784 so we didn't qualify for best rates.
Dad still didn't understand that.
Posted on 3/4/22 at 9:06 am to SocraticTiger
784 is pretty good
Posted on 3/4/22 at 9:07 am to llfshoals
Thats my wife's rate. They go by the middle average score of the lowest. That's me.
This post was edited on 3/4/22 at 9:07 am
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