Home buying thread
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Lanx
<Prior Amod>
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Also my last point of safety upgrade, is I'm upgrading the house first aid kit to roll out version where everything is also labelled, and it's easy to carry out in case we have to bug out. Also fire extinguishers for garage and basement, only have first floor.
Do ppl put one in the main hallway/bedroom?
Do ppl put one in the main hallway/bedroom?
Uber Uberest
rdr^2
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Lanx
<Prior Amod>
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TJT
Mr. Poopybutthole
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This PMI argument is odd. I bought a house well within my price range because, ya know, I am not a retard. Anyway, I didn't pay anything down at all. You know why? Like most people this year, investments are performing extremely well. I got this house on the VA loan program at 3% fixed. Could I have went for a more expensive house? Sure... no point to it though so I didn't.
Why in the fuck would I pull out $40k for a downpayment on this house when my investments are returning 20%+ this year? Over a measly $500/year in PMI? House was $195k in a good area in Austin. I actually got a really good deal by taking some advice here and moving really fast. Austin market sucks dick to shop in though let me tell you.
Why in the fuck would I pull out $40k for a downpayment on this house when my investments are returning 20%+ this year? Over a measly $500/year in PMI? House was $195k in a good area in Austin. I actually got a really good deal by taking some advice here and moving really fast. Austin market sucks dick to shop in though let me tell you.
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TJT
Mr. Poopybutthole
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Even at the most conservative estimates the odds of making less than $500/year on $40k in safer investments are pretty low.
iannis
Musty Nester
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Twice a week even seems like it would kinda be a hassle.
I used to live at a place in the city that picked up 3 times a week. I mean, I guess it was nice. But now I live out in the styx and have a giant ass trash can.
I do have to go to the county dump about twice a year. That kinda blows, actually. But it's a nice drive... so you know, whatever. Loading shit into the pickup is the balls part. Tossing it out of the back down into the landfill is actually fun.
I used to live at a place in the city that picked up 3 times a week. I mean, I guess it was nice. But now I live out in the styx and have a giant ass trash can.
I do have to go to the county dump about twice a year. That kinda blows, actually. But it's a nice drive... so you know, whatever. Loading shit into the pickup is the balls part. Tossing it out of the back down into the landfill is actually fun.
Arative
Ahn'Qiraj Raider
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My wife and I only put 5% down when we built our house, we did a refi last year to get down 3.3% and the value of our home had increased 68k over what we paid for it in 3 years due to the neighborhood being built out and comps coming in. That increase put us at under 80% LTV.
Blazin
Creative Title
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The 20% mortgage down payment is all but dead
Is It Smart To Buy A Home With Less Than 20% Down Payment?
Almost all first time home buyers fail to have 20% down, that doesn't make it a good idea but clearly it is extremely common. This country does all sorts of things that are not particularly fiscally sound financial management.
The programs that are in place really help first time home buyers and they are important to our economy. I would only really take issue with people 40-60yr old who are buying for 2nd or 3rd time but still don't have 20% to put into it to increase their financial stability. It certainly doesn't warrant name calling this for some reason turned into, good advice is "avoid it if you can" you'll be better off but it's impossible to really know another persons situation sufficiently, without a lot more info, to determine if it may still be a cost worth paying.
Is It Smart To Buy A Home With Less Than 20% Down Payment?
Almost all first time home buyers fail to have 20% down, that doesn't make it a good idea but clearly it is extremely common. This country does all sorts of things that are not particularly fiscally sound financial management.
The programs that are in place really help first time home buyers and they are important to our economy. I would only really take issue with people 40-60yr old who are buying for 2nd or 3rd time but still don't have 20% to put into it to increase their financial stability. It certainly doesn't warrant name calling this for some reason turned into, good advice is "avoid it if you can" you'll be better off but it's impossible to really know another persons situation sufficiently, without a lot more info, to determine if it may still be a cost worth paying.
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Noodleface
A Mod Real Quick
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How does refi work anyways? Do I need to have someone privately assess our property value then call the bank? Will the bank take that assessment and perform their own? Based on recent comps it said our home value has gone up $35k but obviously that's nothing official and possibly incorrect.
Last time we tried the bank was the one that told us it probably wasn't a good idea based on area sales.
Last time we tried the bank was the one that told us it probably wasn't a good idea based on area sales.
Cad
scientia potentia est
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Go to a mortgage broker and tell them you want to do a refi. The appraisal will be part of the refi. If it's only been 1 or 2 years, there should be a very large change in value to justify it (or significant change in interest rate) since you'll have closing and transaction costs again.
Blazin
Creative Title
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Refi is often not with the your current mtg holder, it's just refinancing a home you already own. Banks sell your loan before the ink dries, there are websites that allow you to look at offers from many lenders. As far as needing an appraisal that would depend on the lender but predominately the answer is yes it will need to be reappraised and there is usually a fee involved. A common sales tactic however is to waive this particular fee, but you'll have to go through much of the same process as when you originally purchased your home and the subsequent fees involved.
The rates are often slighter higher but going the route of a home equity loan instead of a mortgage and reduce some of the expense of the refi. HE loans are normally held by the issueing bank instead of sold on the market so they have different underwriting, but unless the bank is pretty hungry for loans any saving you get from reduced fees can be lost by that higher rate. Another difference is that HE is usually for 15 yrs instead of 30
Vinen
God is dead
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More or less what Cad said. There are usually two reasons to refi that I've seen
1.) Get out of PMI
2.) Cheaper Loan
I'd recommend talking to the bank and seeing what they can do.
You may have to foot the bill on an appraisal to get an idea if you want to continue. There is a very good chance it is not worth it. What is your mortgage rate right now?
Do you have any Leader Bank's near you? I've had two great experiences with them. Once with a refi and again when I just purchased my "new" house.
3) refi to amortize your balance back out to 30 years so you can afford payments on a new pontoon boat
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Noodleface
A Mod Real Quick
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Never heard of Leader so I doubt it. I'm ok eating the appraisal bill. Maybe around the new year I'll try it.
Vinen
God is dead
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Yeah just looked. Closest one to you is in Marshfield. Didn't realize they were such a small bank given the level of service they provided.
Vinen
God is dead
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I meant the good reasons :blobsad:
I'd be curious to find out how many people lost their house cause they wanted a boat or bmw in the crash.
Cad
scientia potentia est
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Just go to a mortgage broker. They shop all the cheapest rates constantly, it's literally what they do.