Home chat 1.0

[Apex]

At the price levels he's looking at, I don't think he should worry about needing to sell. I think his mortgage will be equal or lower than a lot of rents, and he could live there as long as he wants and later rent it out and buy another place if he wants to.

There are very few times you should "need to sell" and usually that's if shit went way wrong and you were in over your head to begin with. Buying a place that will cost close to the rent levels isn't getting into that spot.

Especially when rent is going way way way up faster than housing prices around here.

My rent went up $60/mo this last renewal.

I'm working on getting my stuff in order to purchase something within the next year or two. Probably get into an income-restricted unit for a few years.

[dtraill27]

I think living in PA is a better bet than living in NJ from taxes alone but I'm not sure how far into NJ your diller is. There is cheap in the Allentown area (not that helps since its too far north) just depends on what you're looking for my budget was 175-200k and I had plenty too look at including some flips. Overall I'm much happier I bought outside of Allentown/Bethlehem its way too crowded in that area.

I mean shit my first house I bought was 85k in a nice neighborhood just needed cosmetic upgrades.

[Desertbreh]

But this argument is no different than saying certain occupations should NEVER buy a house.

Hell it's like saying none of you guys in the gas industry should ever buy because it's volatile.

Life is not without risk and upside is impossible in a risk free environment.

sure, but you have to manage those risks. Hedging your financial future on the fact that you will pull in at least xxxx a month is a highly risky move when you are in sales. This is not just car sales, any type of sales.

It's kind of a lose/lose situation, it always is when you're young and not flush with cash. You are in essence telling him to do as I say, not as I do. BRUH. You threw down, in large part, because of your domestic situation. Happy wife happy life is axiomatic for a reason. Our man Z has decided to run what he brung.....he's not getting divorced and driving his Bro-Forks to Colorado, which was occurring to him during Soap Dispensergate. He's staying in Pennsylvania. There is value in having a home to make your own, and it's something for young couples to do together, ask King Pinshit. It's not all about the numbers.

I personally think your house strikes the right balance of features vs. cost, it's a nice pad for what you paid for it. That simply cannot be done in PA, it appears.

Given the situation, If I were in his shoes I would just be picky AF, I guess. Something with good bones with come around.

[dtraill27]

I think living in PA is a better bet than living in NJ from taxes alone but I'm not sure how far into NJ your diller is. There is cheap in the Allentown area (not that helps since its too far north) just depends on what you're looking for my budget was 175-200k and I had plenty too look at including some flips. Overall I'm much happier I bought outside of Allentown/Bethlehem its way too crowded in that area.

I mean shit my first house I bought was 85k in a nice neighborhood just needed cosmetic upgrades.

PA is just as expensive or more expensive down here (including property taxes in some areas), and they're about to start a major bridge project that's going to my commute.

Yeah I didn't even bother looking south of 22 in Allentown. Price creep is real.

[Apex]

Bottom line is, I'm aiming for a mortgage note that I (read: just me) can still cover on my worst months. I think that's pretty fucking realistic.

I'm not trying to buy some massive tycoon castle with more rooms than we can afford to clean. Just trying to get a permanent roof over our heads.

You can all you want, but sitting around under your dark cloud not driving your fancy Miata sounds pretty miserable. Sometimes you need to make a jump and take a few calculated risks.

Just get your mortgage thru me so I get referral monies!

But seriously, my mortgage group is 5/7 and you will have a great experience.

[Calvinball]

That's how every mortgage starts, dude. Unless you're flush with or have the golden millennial parachute, ain't nobody affording 20%+ down these days on their first house.

So you propose that I just throw away money on rent for another 5 years instead of at least trying to find somewhere to build equity in?

You're out of your goddamn mind, son.

you do you.

For me, the risk of another housing crunch is too great at the time. In 08 i didnt know any better.

edit: also in 5 years the equity you gain won't cover 1/2 of closing costs plus agent fees. Food for thought.

It more than did that for me.


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[CorvetteWaxer]

Bottom line is, I'm aiming for a mortgage note that I (read: just me) can still cover on my worst months. I think that's pretty fucking realistic.

I'm not trying to buy some massive tycoon castle with more rooms than we can afford to clean. Just trying to get a permanent roof over our heads.

You can all you want, but sitting around under your dark cloud not driving your fancy Miata sounds pretty miserable. Sometimes you need to make a jump and take a few calculated risks.

is to the 10th power true.

[ChrisoftheNorth]

"Equity" is because you don't know what it is until you sail. Just don't buy beyond your means, and you'll be fine.

I could have anywhere from $0-$1B in equity in my house.

[ChrisoftheNorth]

Bottom line is, I'm aiming for a mortgage note that I (read: just me) can still cover on my worst months. I think that's pretty fucking realistic.

I'm not trying to buy some massive tycoon castle with more rooms than we can afford to clean. Just trying to get a permanent roof over our heads.

You can all you want, but sitting around under your dark cloud not driving your fancy Miata sounds pretty miserable. Sometimes you need to make a jump and take a few calculated risks.

is to the 10th power true.

[goIftdibrad]

'cheap' or not, affordable is affordable, or it is not. I don't know your situation specifically other than what you've said you pay for rent, but perhaps as much a tripling your monthly outlay on housing......

I just fail to see how this would be a good move for you know what I know about you.

In a perfect world, I'd be single, and able to move around at the drop of a hat. Then I'd just pack up, quit my job, and move to one of those magical "cheap-to-live" areas.

But that isn't reality. Throwing money away on rent for anything beyond one more year just doesn't make any sense to me. We're not leaving the area, so we might as well find somewhere that's closer to work for both of us where we can settle down.

Also, considering I spend $1300/mo on rent now... I'd need to bury myself in one hell of a house to triple my housing spend.

ok, 1300
vs around 1700 a month. thats not as big a difference as I thought.

be careful, some of those FHA loans are now PMI for life.

[goIftdibrad]

just trying to live the anti life.

Nah, pretty sure you're just being a pissed off shitbag lately.

[goIftdibrad]

sure, but you have to manage those risks. Hedging your financial future on the fact that you will pull in at least xxxx a month is a highly risky move when you are in sales. This is not just car sales, any type of sales.

It's kind of a lose/lose situation, it always is when you're young and not flush with cash. You are in essence telling him to do as I say, not as I do. BRUH. You threw down, in large part, because of your domestic situation. Happy wife happy life is axiomatic for a reason. Our man Z has decided to run what he brung.....he's not getting divorced and driving his Bro-Forks to Colorado, which was occurring to him during Soap Dispensergate. He's staying in Pennsylvania. There is value in having a home to make your own, and it's something for young couples to do together, ask King Pinshit. It's not all about the numbers.

100%. I'm just sharing feels and experience so that if nothing else olde [user not found] the makes an informed decision.

[goIftdibrad]

ok, 1300
vs around 1700 a month. thats not as big a difference as I thought.

be careful, some of those FHA loans are now PMI for life.

Yeah, I remember the announcement on the FHA BS.



You can refi to a conventional loan down the road, though - no?

yes but on the long term interest rates will go up so it might land you with a higher house payment than if you just kept the PMI.

Its legal theft, and its

[Apex]

ok, 1300
vs around 1700 a month. thats not as big a difference as I thought.

be careful, some of those FHA loans are now PMI for life.

Yeah, I remember the announcement on the FHA BS.



You can refi to a conventional loan down the road, though - no?

Or don't get a FHA loan to begin with.

[goIftdibrad]

Yeah, I remember the announcement on the FHA BS.



You can refi to a conventional loan down the road, though - no?

Or don't get a FHA loan to begin with.

if you aint brining 10% forgettaboutit. But you can get other non FHA special finiancing shit. program for everything expect responsible and white.

[Desertbreh]

It's kind of a lose/lose situation, it always is when you're young and not flush with cash. You are in essence telling him to do as I say, not as I do. BRUH. You threw down, in large part, because of your domestic situation. Happy wife happy life is axiomatic for a reason. Our man Z has decided to run what he brung.....he's not getting divorced and driving his Bro-Forks to Colorado, which was occurring to him during Soap Dispensergate. He's staying in Pennsylvania. There is value in having a home to make your own, and it's something for young couples to do together, ask King Pinshit. It's not all about the numbers.

100%. I'm just sharing feels and experience so that if nothing else olde [user not found] the makes an informed decision.

I bought a house in 2005 for $650K with somebody I really didn't like and watched that baby go to $373K on Zillow in 2010, so I have the feelz for some of your concerns.

[wap]

"Equity" is because you don't know what it is until you sail. Just don't buy beyond your means, and you'll be fine.

I could have anywhere from $0-$1B in equity in my house.

I honestly have no idea what my house is worth right now and I . It'll be what it'll be and hopefully the last time I leave my house it'll be feet first so it won't matter then. My mortgage is about 30% higher than what our rent was when we were first married so it's a non-issue, especially considering we are carrying much less debt now than we were then plus we're making much more now. Well, I am. She's still on sabatical but still...

[fledonfoot]

Yeah, I remember the announcement on the FHA BS.



You can refi to a conventional loan down the road, though - no?

Or don't get a FHA loan to begin with.

This.

We qualified for a conventional loan with a minimum of 5% down on a $200k house, with 700 middle credit scores. We ended up with just under $13k due at closing to keep a decent buffer for us in savings.

Our PMI is $155/mo. Comps in the neighborhood are now selling $30k+ over what we paid 3 years ago. I'm debating paying for an appraisal after I finish the kitchen countertops, tile in the foyer, and a quick powder room reno later this year so I can try and get the PMI dropped. House was appraised at 205 at time of sale and we paid 193, and have since re-done the deck, master bath, tile floor in the hall and kitchen. If I can score an appraised value around $220k, we're right around the mark where we approach 78%LTV and it might make sense to throw a couple grand at it to hit that number.

Other option is that our credit scores have jumped up about 80pts since we closed. We might be able to refi into another loan without PMI and drop the payment that way and get a lower rate.

[Apex]

Or don't get a FHA loan to begin with.

This.

We qualified for a conventional loan with a minimum of 5% down on a $200k house, with 700 middle credit scores. We ended up with just under $13k due at closing to keep a decent buffer for us in savings.

Our PMI is $155/mo. Comps in the neighborhood are now selling $30k+ over what we paid 3 years ago. I'm debating paying for an appraisal after I finish the kitchen countertops, tile in the foyer, and a quick powder room reno later this year so I can try and get the PMI dropped. House was appraised at 205 at time of sale and we paid 193, and have since re-done the deck, master bath, tile floor in the hall and kitchen. If I can score an appraised value around $220k, we're right around the mark where we approach 78%LTV and it might make sense to throw a couple grand at it to hit that number.

Other option is that our credit scores have jumped up about 80pts since we closed. We might be able to refi into another loan without PMI and drop the payment that way and get a lower rate.

The Fed raised rates again today so you'll start to see some rate creep on the loan side. But dropping PMI somehow would be a great thing.

[Calvinball]

Lender paid PMI.


Sent from the Beer Depository

[goIftdibrad]

Lender paid PMI.


Sent from the Beer Depository

like, what lenders do? assume risk for a profit and charge interest? Say it aint so. how can this be a thing. Home ownershit is a RIGHT

[dubshow]

just trying to live the anti life.

Nah, pretty sure you're just being a pissed off shitbag lately.

x9000

I told his wife he is just an e bully and takes out his frustration in fax fuel rants against others online.

[goIftdibrad]

Nah, pretty sure you're just being a pissed off shitbag lately.

x9000

I told his wife he is just an e bully and takes out his frustration in fax fuel rants against others online.

you're not wrong

[dubshow]

Lender paid PMI.


Sent from the Beer Depository

like, what lenders do? assume risk for a profit and charge interest? Say it aint so. how can this be a thing. Home ownershit is a RIGHT

and you need to pay for my right to take on debt.

[CorvetteWaxer]

I need to do a bunch of shit to my house.

Recently scheduled/Done:

New garage door installed this morning.
Liftmaster 8500 opener coming for install this afternoon.
Painting the house exterior and shed as well as staining the fence in July.

Need to do:

Flooring replacement in July/August. Want to remove the bulk of the carpet.
Complete re-wire of cat6 and coax to every room from the structured media enclosure I purchased.
Paint complete interior.
Install my security cameras.
Replace all baseboards with taller real wood, currently 3" MDF. Door frames are already real wood and doors are all solid core 2 panel/arch doors.
Need to either replace or refinish the kitchen cabinets this year.
Refresh bathrooms, new fixtures/vanity/mirrors/lights