Users Online Now:
GLP Poker Rooms
GiveMeGossip.com - Gossip Forum
Donate To GLP
Back to Forum
Back to Thread
REPLY TO THREAD
Anybody in real estate?
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 7736082:MV8yMDY3OTQ5XzM0Nzk2Mjk5XzhEMDhDRkFF] [quote:Tex 20929967:MV8yMDY3OTQ5XzM0Nzk2MjA4XzJCQ0Q0NDcx] [quote:Anonymous Coward 4555299:MV8yMDY3OTQ5XzM0Nzk2MDc4XzY3MDgwNkQ4] Not a Real Estate Agent here but have been through the process several times. First of all, I cannot imagine anyone wanting to be a home owner at this particular time because of economical and other reasons (Fiscal cliff, Tax increases or loss of home owner deduction), etc. Much better to hold tight and rent untill things get better. If really firm on wanting to own then you might consider buying a house that is headed for foreclosure. Motivated sellers there. Another option would be to buy a foreclosed house for 10-15 thousand and spend the rest of your savings putting it back in livable condition. Most have been vandalized (copper plumbing, wiring, air conditioner unit, etc.). Things to think about. [/quote] Actually at this price level this person wouldn't have enough interest to offset the standard tax deduction. That said, the credit issue should be fine. Better than most - bankrate.com has mortgage calendars to see what the payment would be. 20% down on a $70,000 loan is $14,000. That leaves a mortgage in the amount of $56,000. 56,000 at 3.5% for 30 years is $251.47 56,000 at 3.0% for 15 years is $386.73 You need to add Property taxes and homeowners hazard insuance to that amount. With the 20% down you are not obliged to pay mortgage insurance. You should never pay a realtor to talk to them. My first home was a bank repo - they supplied the mortgage since I was purchasing one of their homes. Keep the rest of your cash for savings. You never know what might happen in the future - to the home or to you. When looking at the mortgage interest rate - take into account the points that they are charging on the loan. You have to add the interest rate of the loan with the origination points charged for the actual loan. For example: a 3.25% loan with a 2 point origination fee actually costs you 5.25% a 3.75% loan with no origination fee actually costs you 3.75% a 4.0% loan with a originatio fee of -.50 (yes some loans pay you for taking a higher interest rate) will actually cost you 3.50% Hope this helps. Tex [/quote] More great advice. I'm actually shocked at some of the knowledge here. I will keep this thread updated during my search and maybe post some links to some homes once I start getting serious with a few options. [/quote]
I officially now have $30,000 saved up to buy a new home howeber I have very little credit. I only have one Visa card that I've had about 2 years. I get many offers in the mail just havn't followed up on getting a second one yet.
But If I'm looking for homes priced around $60,000 to $80,000 and put up around $20 to $25,000 for a downpayment (including closing costs) does my credit score really matter? My goal would be to have my morgage around $350 a month or cheaper. I take home after taxes about $1,400 a month.
First time home buyer so any help GLP can offer I would greatly appreciate it.
Pictures (click to insert)
Big Round Smilies
Aliens and Space
Friendship & Love
Misc Small Smilies
View All Categories
Next Page >>
NSA TRYING TO TRACK YOUR SMARTPHONE FINGER STROKES
HOW YOU'LL DIE ON MARS
An E-Nose May Soon Quickly Identify The Cause of Foot Infections
Pushing You Into A Cashless Society
Senior NATO Official Claims We’ll Be at War by Summer
Special Ops Armed with Rapid DNA Scanners: “Get Ready for Advanced Biometric Warfare”
California Moves to Force Childcare Workers to Vaccinate or Be Criminals
West Virginia Bill to Keep Guard Troops Out of Unconstitutional Foreign Wars Killed by Pentagon Threats
EXCLUSIVE: LEAKED REPORT PROFILES MILITARY, POLICE MEMBERS OF OUTLAW MOTORCYCLE GANGS
A key source clues me in on TPP code of silence
It Is Mathematically Impossible To Pay Off All Of Our Debt
"Raider Focus" - Colorado Braces For Largest War Games Since WWII
ObamaFail: Affordable Insurance Rates Set To Skyrocket 50%… Again
GOOGLE TONE SHARES LINKS TO COMPUTERS WITHIN EARSHOT USING BEEPS AND BOOPS
Sweetener Stevia Was Once Hailed As An Anti-Fertility Agent for Population Reduction
SIX BALTIMORE OFFICERS INDICTED IN DEATH OF FREDDIE GRAY
False Alarm of the Day: Someone Called 911 After Seeing Car With Stuffed Tiger on Roof
Americans Have No Idea What They Are Eating
City Council Votes to Ban Mind Control Weapon Use Against Residents
Obama’s Education Secretary Wants Government Boarding Schools
Is This Global Drought Being Caused By The Systematic Destruction Of The Hydrologic Cycle?
“Smart” Meters Halted by Regulators in Indiana
Whites moving to Detroit, city that epitomized white flight
Hackers Stole More Than 1 Million Records from a Health Care Company
Wall Street’s Hot New Financial Product: Your Rent Check
Disclaimer / Copyright Info
with questions or comments about this site.
"Godlike Productions" & "GLP" are registered trademarks of Zero Point Ltd. Godlike™
Website Design Copyright © 1999 - 2015 Godlikeproductions.com
Page generated in 0.005s (5 queries)