need some home buying advice

[Wingsfreak9 10+ year member]

Build the taxes into your mortgage payment.
Problem solved.

That's what I plan to do. I'd rather not pay that all at once

 

[SethPhillips 5,000+ posts]

I bought a house at 20... it was the best thing I ever did. I was on a commission based pay also. its been 8 years. yard work *****.

 

[Wingsfreak9 10+ year member]

I bought a house at 20... it was the best thing I ever did. I was on a commission based pay also. its been 8 years. yard work *****.

Thank you. This is what I wanted to hear. I don't mind working around the house as long as I have some bud to smoke or cold beer in the fridge.

 

[SethPhillips 5,000+ posts]

Thank you. This is what I wanted to hear. I don't mind working around the house as long as I have some bud to smoke or cold beer in the fridge.

well you are gonna need alot of that ****...

I bought my house off a 80 year old lady. house was built in the 40's. i had to take about 3 layer's of wall paper off in every room even the closets. then paint the trim, wall's, ceilings, at least 4 coats just to get the finish the way i wanted. new carpet, tile ect.. every room only had one electrical socket, so i had to install a new electrical service / circuit breaker, all new plugs, switches and so on.. and this is just the first floor. basement i did new heat and a/c. insulation and so on.. its never ending.. once you think something else fixed another thing breaks or needs attention. it's a labor of love..

 

[Wingsfreak9 10+ year member]

well you are gonna need alot of that ****...
I bought my house off a 80 year old lady. house was built in the 40's. i had to take about 3 layer's of wall paper off in every room even the closets. then paint the trim, wall's, ceilings, at least 4 coats just to get the finish the way i wanted. new carpet, tile ect.. every room only had one electrical socket, so i had to install a new electrical service / circuit breaker, all new plugs, switches and so on.. and this is just the first floor. basement i did new heat and a/c. insulation and so on.. its never ending.. once you think something else fixed another thing breaks or needs attention. it's a labor of love..

Yeah I'm looking to buy something in move in condition. I don't expect a brand new house on my budget but I'm also not looking to drop 20k on something I just spent over 100k on

 

[cbuts 10+ year member]

Yeah I'm looking to buy something in move in condition. I don't expect a brand new house on my budget but I'm also not looking to drop 20k on something I just spent over 100k on

well be prepared to for that price lol. do you have a down payment yet or no? if so i would save some first, thats why my goal is 25, ive already got 8 grand in the bank, another 3 years or less ill have enough for a down payment and a dishwasher, and some money to fix things up to increase the value even more.

theres always things you can do to increase the value of your house, thats why its good to have a down payment and whatnot

 

[Silver-N-Black 10+ year member]

well be prepared to for that price lol. do you have a down payment yet or no? if so i would save some first, thats why my goal is 25, ive already got 8 grand in the bank, another 3 years or less ill have enough for a down payment and a dishwasher, and some money to fix things up to increase the value even more.theres always things you can do to increase the value of your house, thats why its good to have a down payment and whatnot

Great advice, also make sure you have most or all your CC paid off.

A few months before you buy stop spending so your bank transaction look clean. BY that i mean plain and simple. Last thing you want to do is explain why you spend so much in PayPal.

 

[Wingsfreak9 10+ year member]

well be prepared to for that price lol. do you have a down payment yet or no? if so i would save some first, thats why my goal is 25, ive already got 8 grand in the bank, another 3 years or less ill have enough for a down payment and a dishwasher, and some money to fix things up to increase the value even more.theres always things you can do to increase the value of your house, thats why its good to have a down payment and whatnot

Right. My goal is 21-22 at the latest. I can get pre-approved on my entire income when I get my next tax return which could potentially be around march of 2014. By that time id like to have around 8-10k for a down payment.

 

[Wingsfreak9 10+ year member]

Great advice, also make sure you have most or all your CC paid off. A few months before you buy stop spending so your bank transaction look clean. BY that i mean plain and simple. Last thing you want to do is explain why you spend so much in PayPal.

Yeah I spent about an hour and a half talking with the assistant manager of my credit union and she told me I was absolutely on the right track for being eligible for a mortgage. She explained that lenders look for 3 lines of credit that you're making payments on to show financial responsibility. Seeing as I only had my two car loans and credit card she suggested that I take out a personal loan and put that into savings and have it auto draw each month so I never miss a payment. With interest rates as low as they are I'll only be paying 29$ and some change in interest over the life of the loan. I couldn't really go wrong on that one

 

[cbuts 10+ year member]

Yeah I spent about an hour and a half talking with the assistant manager of my credit union and she told me I was absolutely on the right track for being eligible for a mortgage. She explained that lenders look for 3 lines of credit that you're making payments on to show financial responsibility. Seeing as I only had my two car loans and credit card she suggested that I take out a personal loan and put that into savings and have it auto draw each month so I never miss a payment. With interest rates as low as they are I'll only be paying 29$ and some change in interest over the life of the loan. I couldn't really go wrong on that one

cool, i wouldnt suggest what she suggested and taking out another loan though lol, i have my (1) car loan, and my credit card(which is always paid off) and i was pre-approved for 200k almost a year ago lol, that just sounds like nonesence to borrow money for nothing, you should already have a credit rating good enough, and trust me, do like me and keep saving as much as you can, you want atleast 10 grand. 5% down is $7500 on a 150k house, you dont wanna buy a ******** either. and on top of that there is probably 2500 in lawyer fees, so thats why i said im saving atleast 13 grand, 10 for the house and 3+ for whatever, prices in your area may be different but for a DECENT house around here its like 140-170k

 

[GavinVoy 10+ year member]

30 year mortgages might disappear soon, due to the government removing their backing.

..."The Obama administration wants to eliminate federal guarantees for home loans"...

Is it curtains for the 30-year mortgage? - MSN Real Estate

 

[Wingsfreak9 10+ year member]

cool, i wouldnt suggest what she suggested and taking out another loan though lol, i have my (1) car loan, and my credit card(which is always paid off) and i was pre-approved for 200k almost a year ago lol, that just sounds like nonesence to borrow money for nothing, you should already have a credit rating good enough, and trust me, do like me and keep saving as much as you can, you want atleast 10 grand. 5% down is $7500 on a 150k house, you dont wanna buy a ******** either. and on top of that there is probably 2500 in lawyer fees, so thats why i said im saving atleast 13 grand, 10 for the house and 3+ for whatever, prices in your area may be different but for a DECENT house around here its like 140-170k

Yeah I'm trying to save as much as possible in the next year that's why all the audio and my truck are up for sale haha toys gotta go. My credit is excellent but my history is realitively short which is the reason for the extra personal loan.

 

[hispls 5,000+ posts]

I hear the going rate for a house in Detroit is about 700$.. There's some real opportunities there!

Seriously, house is a money hole. IF you can swing it, try to get a quad or duplex and rent out the parts you don't need. Get some other sucker to pay your note. Maintenance and taxes will be a constant drain.

 

[hispls 5,000+ posts]

Yeah I spent about an hour and a half talking with the assistant manager of my credit union and she told me I was absolutely on the right track for being eligible for a mortgage. She explained that lenders look for 3 lines of credit that you're making payments on to show financial responsibility. Seeing as I only had my two car loans and credit card she suggested that I take out a personal loan and put that into savings and have it auto draw each month so I never miss a payment. With interest rates as low as they are I'll only be paying 29$ and some change in interest over the life of the loan. I couldn't really go wrong on that one

I got an AMEX card that pays back in frequent flier miles. I got 75000 miles just at signup. If you need a credit line get one that'll work for you. A good credit card to do gas and food on that pays you back in some sort of useful points.

 

[jdawg90 10+ year member]

lulz

 

[Slo_Ride 5,000+ posts]

Houses usually come with a dishwasher bro.

mine didnt. I had to bring the one from my old place. she really gets pissed when I call her the dishwasher tho