Quik Posted December 11, 2006 Report Share Posted December 11, 2006 Lets hear it from some of the ppl on this site. what age was you what price range did you get into how much debt did you have before the house how long is your morgage for do you regret did you take extra out to help do add ons what you paying out per month now with all house bills im kicking idea around, i might want ot buy a house for my next bday and want a good feel from ppl Quote Link to comment Share on other sites More sharing options...
billsws6 Posted December 11, 2006 Report Share Posted December 11, 2006 it is a good investment, the market is slow now so start looking now. get a good feel for prices, and work with a real estate broker you are comfortable with. the first thing you need to do is talk to the bank about a loan find out how much you can borrow. Quote Link to comment Share on other sites More sharing options...
tonman316 Posted December 11, 2006 Report Share Posted December 11, 2006 what age was you 23 what price range did you get into 140k how much debt did you have before the house 20k how long is your morgage for 30 yrs do you regret no way its worth alot more than i paid did you take extra out to help do add ons not yet what you paying out per month now with all house bills 1600 A house is well worth the investment. Why pay rent/ someone elses mortgage when you can invest your money for your self. Quote Link to comment Share on other sites More sharing options...
r8rs4lf Posted December 11, 2006 Report Share Posted December 11, 2006 Lets hear it from some of the ppl on this site. what age was you Somewhere around 28 or 29 what price range did you get intoHouse sold for $142,500 how much debt did you have before the house Not much how long is your morgage for Started at 30 years, refied to a 15 year do you regret NEVER! One of the best things I could have done back then. Just take a look at the housing market now in SoCal. did you take extra out to help do add ons No. We did a complete resto which included wall texture, copper plumbing, new electrical panel and rewire, new kitchen cabinets with corian tops, new appliances thoughout, whole new bathroom, wood floors, new roof, garage door, windows, stucco, gutters, trim around windows, Marathon 2 sod and complete landscape out front with sprinklers, etc., etc. before we moved in which took about 1 year. We are currently in the process of adding 1200 sq. ft. of living space to our home right now plus a 400+ sq. ft. garage in back. what you paying out per month now with all house bills Couldn't really tell you, but it's no burder what so ever! im kicking idea around, i might want ot buy a house for my next bday and want a good feel from ppl IMHO, it's best to do it as young as you can as long as you can afford it. I look back now and am thankfull I did it back then because it would be a huge burden right now with the housing prices the way they are here. It will be one of the single biggest investment you will ever make in your life and it just plain feels effin good to own something of that caliber! <{POST_SNAPBACK}> Quote Link to comment Share on other sites More sharing options...
Quik Posted December 11, 2006 Author Report Share Posted December 11, 2006 so if you have a current debt of say 20k would you just enroll that into the house mortage to have everything paid for and just have one bill im 27 planing on house at 28 in june i teach now and i like this alot and think ill be around for many years to come. my field seems good where we shouldnt have a shortage at all for the future electrical instructor does that sound ok to do, roll your bills into the mortage to help reduce costs out per month Quote Link to comment Share on other sites More sharing options...
Dylan06SS Posted December 11, 2006 Report Share Posted December 11, 2006 (edited) Lets hear it from some of the ppl on this site. what age was you 22 Years Old what price range did you get into Keeping in mind at the time house prices hadn't become insane in CA yet.... I got the place I'm currently in for $187,990 before upgrades. Last appraisal has it somewhere north of $400k. how much debt did you have before the house very little.... I pulled together all my resources to pay down as much of my debt as I could before applying for the loan. I wanted the best income to debt ratio possible so I could qualify for the loan at a good rate with little money down. how long is your morgage for 30 years (fixed at 5.375%) do you regret Not one bit... buying a home/property is the smartest investment you'll ever make. Land is the one thing they'll never be able to make more of. did you take extra out to help do add ons My original loan was for 110% of the value of the house.... the extre 10% was to cover all the moving in costs and buy some odds and ends that I knew I'd need once I got settled. All of the upgrades (flooring, lighting, countertops, etc) was financed into the purchase price of the property b/c it was new. what you paying out per month now with all house bills Not sure without actually adding everything up, my mortgage is around $1500 p/month (its on auto pay so I don't see the statemtent each month) im kicking idea around, i might want ot buy a house for my next bday and want a good feel from ppl I can't stress how important it is to invest in a home as soon as you can afford it.... you'll never regret the decision... its benefits you in so many ways that its hard to understand until you do. Plus its the one BIG investment you need to make in your life where it'll pay off until the day you die... equity will build allowing you to move into bigger/nicer houses later or improve the home you buy originally.... skys the limit. <{POST_SNAPBACK}> Edited December 11, 2006 by Dylan06SS (see edit history) Quote Link to comment Share on other sites More sharing options...
GetWithIt Posted December 11, 2006 Report Share Posted December 11, 2006 ...........all I can say is......."Do It"................You will not regret it one bit. It is a major investment that will definitely help you out "down the road." I just wished that I would of bought one way before I actually did................. Quote Link to comment Share on other sites More sharing options...
rivierakid55 Posted December 11, 2006 Report Share Posted December 11, 2006 Lets hear it from some of the ppl on this site. what age was you 26 what price range did you get into 670,000 how much debt did you have before the house myself zilch, my wife about 20k how long is your morgage for on my current house it is for 40 years do you regret uh no i pocketed 180k on my first house in a little over 2 years did you take extra out to help do add ons nope what you paying out per month now with all house bills we pay about 6k for our mortgage right now. house is valued at 1.12 million as of refi done at 6/1/06. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted December 11, 2006 Report Share Posted December 11, 2006 (edited) Quick, The amount of debt does not affect your approval. It is your Debt to income ratio (DTI). Basically you take what you spend per month on bills ON your credit report (bills like electric, gas, food, cell phone, etc do not count and usually are not on the credit report) and you divide it by what you earn per month (gross, befor etaxes etc.). This gives you a DTI percentage. This number helps establish a risk factor based on how much you want to borrow. We also look at how much you have in assets or reserves in addition to what you will need for the transaction. We look at 401K, IRA, Savings, Checking, Stocks, Bonds, etc. Life insurance cash value does not count as well as items like cars, boats etc. We also look at the credit score itself and the Loan To Value ratio of the home. There several types of loans out there it isnt even funny. We have over 40 loan programs with up to 3-4 different qualification and documentation types. So well over 100 products. Seriously. We have loans you can jsut sign you rname to and buy a house with 10% down and we ask you nothing (as along as your credit score is over a 620). Now...onto credit. Please go to www.myfico.com. This will teach you all you need to know about your credit and the truth behind how it really works, not "My uncle John said..." Dont believe anything you hear from friends or co-workers about credit. Kind of like listening to a florists advice on how to build an engine...not a good idea. Ok. Now onto purchase transactions. You can not take money out or "cash back" at closing unless it is negotiated into the purchase agreement and held in escrow to cover necesssary repairs on the home. Keep in mind seasoning issues as well. If you do a 100% finance purchase, you must use the purchase price as the value of the home for 12 months for first mortgages and 6 months for second mortgages and home equity lines of credit. So basically if you get a killer deal on a home...say fair market value is $300k and you get it for $240k, you dont immediately have $60k equity on most loan programs. If you do not put money down, it still considered 100% financing (unless there is a gift of equity and this can only be from an immediate family member). There is so much to go through on this subject, unfortunately most folks get caught up the rate race..."whats your rate?" Who cares is my response. I have been doing this for years and rate is only a small fraction of the puzzle. Contact me if you have any questions at all. I work for a national lender that is in the top ten out of tens of thousands. I have been doing this for years. In response to people saying do it, you wont regret it. I have to disagree, sorry. I have seen way to many times young people purchase homes they can not afford, stretch the payements, etc. They get into ARMs (Adjustable Rate Mortgages) to initally afford the payment (they couldnt in a traditional 30 yr) and now the payments are adjusting up to where they are foreclosed upon. The market is slow because rates are heading up and the economy is slowing. Foreclosures are at an all time high now. Here is a link to an article discussing the current situation in the market... http://news.yahoo.com/s/ap/20061211/ap_on_.../home_mortgages Edited December 11, 2006 by Black2003SS (see edit history) Quote Link to comment Share on other sites More sharing options...
tonman316 Posted December 12, 2006 Report Share Posted December 12, 2006 so if you have a current debt of say 20k would you just enroll that into the house mortage to have everything paid for and just have one bill <{POST_SNAPBACK}> I actually paid them off within a year after buying the house. Quote Link to comment Share on other sites More sharing options...
Big O Posted December 12, 2006 Report Share Posted December 12, 2006 DO NOT PUT YOUR BILLS INTO YOUR HOME LOAN. You will be paying those bills for 30 YEARS !!!! Think about it. Quote Link to comment Share on other sites More sharing options...
26dub_SS Posted December 12, 2006 Report Share Posted December 12, 2006 what age was you 21 what price range did you get into 250K how much debt did you have before the house 2k how long is your morgage for 30 do you regret no regrets, well worth it did you take extra out to help do add ons no what you paying out per month now with all house bills mortgage is $1600, with all my other bills around $2500 a month Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted December 12, 2006 Report Share Posted December 12, 2006 (edited) DO NOT PUT YOUR BILLS INTO YOUR HOME LOAN. You will be paying those bills for 30 YEARS !!!! Think about it. The most financially poor advice ever...seriously. Not sure where you came up with that, but managed properly, rolling unsecured non tax deductible debt into you rmortgage is the smartest thing you could ever do. Especially if you use the monthly savings to pay extra on the home mortgage. I write second mortgages for people who have upwards of $50k...yes Fifty Thousand dollars in credit card debt. I end up saving them usually over a $1k per month in minimum payments alone by paying off the credit cards. Put them into a 15 year fixed second mortgage paying principle and interest (assume 8.0% fixed rate)...They pay $477/mo now. Lets say they were paying $1,000 total on the cards and bills. Now they are saving $523/mo. If they apply all of that to the loan, they will pay the ENTIRE loan off in 5.09 years, so basically 5 years 1 month. WOW! And the best news? The interest they pay on the second is TAX DEDUCTIBLE! So...if they continued to pay the minimum payments on the cards...they would pay them off in about 40 years. I wasn't born yesterday and do realize, unfortunately that most clients will probably go back out and run up the credit cards or go buy a new expensive toy, but at least I have done my due diligence to advise them properly on how to manage their finances. Most clients do, however, heed my advice and take care of business the right way. Some do not, but you can't save everyone. Please note that my scenario is extreme, but still makes every bit of sense for someone with $15k in credit card debts. The only debt you should not really consider rolling into your home loan is secured short term loans like auto, boat, car, etc. Although not tax deductible, the term is guaranteed to end at a certain point whereas revolving debt goes on and on. Also, student loans (which most are already tax deductible) should usually not be rolled into a loan. Only circumstance you should ever consider rolling these debts in is if you are sinking financially on a monthly basis and bankruptcy is around the corner. Edited December 12, 2006 by Black2003SS (see edit history) Quote Link to comment Share on other sites More sharing options...
Big O Posted December 12, 2006 Report Share Posted December 12, 2006 (edited) lol ... you're killing me ... on one hand you are using the most unresponsible type of person with massive debt only paying minimum payments ... and then turn around and say that person is going to all of a sudden stop using cc's and start paying extra on the home loan. I know excatly what you are saying ... but for the mass majority ... that isn't how it will work. They will get a lump of revolving debt tied up in a 30 year loan. Granted you are saving month to month money ... but you are just screwing yourself in the end to free up some money now. The only saving grace is that your home will appreciate and cancel out some of that bad debt. Refinancing your home to pay off in a consolidation loan is like even money on the black jack table ... it is a sucker's bet ... *** I'm not flaming you btw ... I agree with your theory but I feel that most people who read this will not adhear to the rules that make it sound. Therefore making the situation worse on themselves in the long run. You are exactly correct, but like most solutions, the people who follow the rules ... don't need the rules ... its the people who don't follow them. *** Edited December 12, 2006 by Big O (see edit history) Quote Link to comment Share on other sites More sharing options...
Oo p0op oO Posted December 12, 2006 Report Share Posted December 12, 2006 im still kickin it with the folks im still a teenager though so cmon! Quote Link to comment Share on other sites More sharing options...
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