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Message
re: House purchase help requested
Posted on 2/28/16 at 9:59 pm to Real Pirate
Posted on 2/28/16 at 9:59 pm to Real Pirate
good deal bro
I'm happy for you
I'm happy for you
1
Posted on 2/28/16 at 10:19 pm to retired trucker
Posted on 2/28/16 at 10:37 pm to VaBamaMan
quote:
My wife and I are around 710, and we got 3.25%.
I got 3% but had to be 15 year, 20% down
Posted on 2/28/16 at 10:39 pm to retired trucker
Sorry to hear about your mom passing for real
Posted on 2/28/16 at 11:37 pm to Kujo
I'm factoring in 3.6% for all my number crunching. I'm pretty set on a 30 year fixed and 20% down. I see that the RD loans are nice, but not necessary and I wouldn't qualify until after I started the new job. I'll just go conventional.
Posted on 2/28/16 at 11:42 pm to Real Pirate
quote:
I'm pretty set on a 30 year fixed and 20% down
If you make one extra payment a year (or divide the house payment by 12 and add to your monthly payments or pay half your mortgage payment every 2 weeks) you will significantly reduce the interest you are paying on the loan. It will also pay off your house faster.
Posted on 2/28/16 at 11:51 pm to Red Stick Tigress
Since you mention that, I now recall several math charts from years back displaying what happens when you make one extra payment per year.
Thanks for that reminder. I'm going to end somewhere that I'm able to make double payments in the good times, and not struggle to make payments in the rough times.
Thanks for that reminder. I'm going to end somewhere that I'm able to make double payments in the good times, and not struggle to make payments in the rough times.
Posted on 2/29/16 at 1:57 am to Real Pirate
quote:if only we had a money board - I bet there would be all kinds of folk there to give you info. Damn you Chicken - peoples want infos.
House purchase help requested by Real Pirate
Posted on 2/29/16 at 2:07 am to skinny domino
Yeah, that's cool.
Posted on 2/29/16 at 11:14 am to retired trucker
Sorry for your loss.
Posted on 2/29/16 at 11:39 pm to 99BLKBRD
Update.
I now have 2 lenders that I'm going through the pre-approval process with.
Because I won't be closing on a home for at least 30-60 days, and I'm getting off the payroll with my current employer next week, we hit a snag.
To close on a home you must have been at your current employer for the previous 30 days.
So, then we have to base my loan application info off of the numbers (income, debt to income ratio, assets etc..) that I will have at the next job in a few months.
Long story short, I've got to take the new job a little earlier (around May) than I was hoping for so I can have the employment history (30 days) to close on a house. But, I did get confirmation on the next job's wage, insurance, 401k etc...
I even got extra good news about my future with the company
In the next few months I'll be buying my first home and starting a new career with a promising company. Thanks for all of the help so far OT!
I now have 2 lenders that I'm going through the pre-approval process with.
Because I won't be closing on a home for at least 30-60 days, and I'm getting off the payroll with my current employer next week, we hit a snag.
To close on a home you must have been at your current employer for the previous 30 days.
So, then we have to base my loan application info off of the numbers (income, debt to income ratio, assets etc..) that I will have at the next job in a few months.
Long story short, I've got to take the new job a little earlier (around May) than I was hoping for so I can have the employment history (30 days) to close on a house. But, I did get confirmation on the next job's wage, insurance, 401k etc...
I even got extra good news about my future with the company
In the next few months I'll be buying my first home and starting a new career with a promising company. Thanks for all of the help so far OT!
Posted on 2/29/16 at 11:43 pm to Real Pirate
quote:
Variable or fixed interest rate?
FIXED.
many of the defaults in the Bush housing crash were on variable rate mortgages. I personally bought a repossession that was due to a variable rate mortgage going up so high that the people could not afford the payments. it sold for $330K before the collapse. I got it for $165K and put $10K into fixing it up. My wife loves it. Presently valued at $220K. Don't be that guy. Enjoy your fixed and be happy.
All that interest is tax deductible.
Posted on 2/29/16 at 11:47 pm to Real Pirate
Real Pirate
There's no crying in baseball.
Man up.
There's no crying in baseball.
Man up.
Posted on 2/29/16 at 11:51 pm to CelticDog
Thank you sir
I've settled on 20% paid down on a conventional 30 year with a fixed rate.
It dropped the budget a little, but I love what happens to the monthly note when I get in the price range that I can do 20% down.
I've settled on 20% paid down on a conventional 30 year with a fixed rate.
It dropped the budget a little, but I love what happens to the monthly note when I get in the price range that I can do 20% down.
Posted on 2/29/16 at 11:54 pm to soccerfüt
I see that you haven't caught a fastball to the nut sack before.
Posted on 3/1/16 at 12:01 am to Real Pirate
AL Pitchers got the world by the short hairs.
Batting is for the little people.
Good luck on your house thing and reinventing your career.
Family is > Money
Batting is for the little people.
Good luck on your house thing and reinventing your career.
Family is > Money
This post was edited on 3/1/16 at 12:03 am
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