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Anybody in real estate?

 
Anonymous Coward
User ID: 8074105
United States
12/01/2012 08:23 AM
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Re: Anybody in real estate?
I would not sign a mortgage. They are rapidly transforming this country into something we won't like. Your job could be gone tomorrow. Then what?

I'm renting month to month and am seriously thinking of moving more rural. Right now I'm semi rural. The next 4 years will be nothing like the last 4.
Anonymous Coward (OP)
User ID: 7736082
United States
12/01/2012 08:31 AM
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Re: Anybody in real estate?
I would not sign a mortgage. They are rapidly transforming this country into something we won't like. Your job could be gone tomorrow. Then what?

I'm renting month to month and am seriously thinking of moving more rural. Right now I'm semi rural. The next 4 years will be nothing like the last 4.
 Quoting: Anonymous Coward 8074105


The problem is renting is way to expensive. The average house is atleast $800 and up and thats simply out of my price range. I rather pay to own something then to drain it into rent. I definitely have a secure job.
Anonymous Coward
User ID: 28523111
United Kingdom
12/01/2012 08:35 AM
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Re: Anybody in real estate?
Nobody has any good advice for a first time buyer that can't be found by googling? I want to hear some experiences.
 Quoting: Anonymous Coward 7736082


I'm a mortgage broker in the UK, credit score means everything when applying, especially at higher loan to values. Having a small amount of credit can actually work against you (known as a *thin* credit file) when there is not enough evidence to ascertain whether you're credit worthy or not.
Anonymous Coward (OP)
User ID: 7736082
United States
12/01/2012 08:47 AM
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Re: Anybody in real estate?
Nobody has any good advice for a first time buyer that can't be found by googling? I want to hear some experiences.
 Quoting: Anonymous Coward 7736082


I'm a mortgage broker in the UK, credit score means everything when applying, especially at higher loan to values. Having a small amount of credit can actually work against you (known as a *thin* credit file) when there is not enough evidence to ascertain whether you're credit worthy or not.
 Quoting: Elemental


What would be the quickest way to build it up? I am going to apply for another credit card but would it be better to take out a small loan on an expensive appliance or something and pay it off monthly?
Anonymous Coward
User ID: 1413842
United States
12/01/2012 08:48 AM
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Re: Anybody in real estate?
I would not sign a mortgage. They are rapidly transforming this country into something we won't like. Your job could be gone tomorrow. Then what?

I'm renting month to month and am seriously thinking of moving more rural. Right now I'm semi rural. The next 4 years will be nothing like the last 4.
 Quoting: Anonymous Coward 8074105


The problem is renting is way to expensive. The average house is atleast $800 and up and thats simply out of my price range. I rather pay to own something then to drain it into rent. I definitely have a secure job.
 Quoting: Anonymous Coward 7736082


You don't own it. You are paying to own it !
Then when you finally pay it off, You will still have a
$300 + monthly property tax, on top of water,sewer,trash,
and maintenance fees !
Pretty cool huh ?
Anonymous Coward (OP)
User ID: 7736082
United States
12/01/2012 08:58 AM
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Re: Anybody in real estate?
I would not sign a mortgage. They are rapidly transforming this country into something we won't like. Your job could be gone tomorrow. Then what?

I'm renting month to month and am seriously thinking of moving more rural. Right now I'm semi rural. The next 4 years will be nothing like the last 4.
 Quoting: Anonymous Coward 8074105


The problem is renting is way to expensive. The average house is atleast $800 and up and thats simply out of my price range. I rather pay to own something then to drain it into rent. I definitely have a secure job.
 Quoting: Anonymous Coward 7736082


You don't own it. You are paying to own it !
Then when you finally pay it off, You will still have a
$300 + monthly property tax, on top of water,sewer,trash,
and maintenance fees !
Pretty cool huh ?
 Quoting: Anonymous Coward 1413842


That sounds depressing lol. You have helped me though, I totally forgot about trash fees. How much is that average out per month?
Anonymous Coward
User ID: 22965942
United States
12/01/2012 09:12 AM
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Re: Anybody in real estate?
I was a lender and appraiser.

First congratulations on your wise use of credit and savings.

When financing or appraising a piece of RE the first thing I consider is the economic health of the area.

Second is the operating cost of the property.

Last question to answer: is the market appreciating or depreciating.

Then you will better understand what to do with your query.
Anonymous Coward
User ID: 15232842
United States
12/01/2012 03:34 PM
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Re: Anybody in real estate?
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.
 Quoting: Anonymous Coward 7736082


I'm a broker and banker with 30 years experience and you won't have any trouble at all unless the house has major deferred maintenance or structural issues (bad roof or foundation, etc.).

If you can buy a home that cheap in an area you like and are comfortable with (for many reasons), do it, otherwise I would hold on to the cash. Shop credit unions in your area for the best rates. They are also more "customer focused" than a big bank, but about the same as a community bank.

Note to self. Check out Delaware as a place to move to ; )