Home buying thread
- Thread starter Pasteton
- Start date
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Guest, did you like the last podcast notification?? Well here's the second one, and for the third podcast! Yep. This Thursday 8-8-24 at 7pm Central
Go here to check out his podcast thread for info on topics and links!Go into the FoH discord and find the Happy Time Fun Hour channel and give it a listen!
Falstaff
Ahn'Qiraj Raider
- 8,352
- 3,247
The chairs on the fifth picture, dining room or whatever, are the same chairs as my college library. Not sure why that stuck out to me...
Big Phoenix
Pronouns: zie/zhem/zer
- 45,883
- 96,625
So whats a good interest rate bros? Place im talking to now says they can prequalify for 150k @ "4%".
How many points?
4% is good right now assuming you aren't paying to drop it significantly.
Also if for whatever reason you aren't putting 20% down, don't pay PMI in the mortgage. Pay the premium up front. Unless you are planning on selling it 2.5 years or so it's much better to pay that up front and get it out of the way as opposed to paying it until you get to 20% equity.
4% is good right now assuming you aren't paying to drop it significantly.
Also if for whatever reason you aren't putting 20% down, don't pay PMI in the mortgage. Pay the premium up front. Unless you are planning on selling it 2.5 years or so it's much better to pay that up front and get it out of the way as opposed to paying it until you get to 20% equity.
Big Phoenix
Pronouns: zie/zhem/zer
- 45,883
- 96,625
Big Phoenix
Pronouns: zie/zhem/zer
- 45,883
- 96,625
meStevo
I think your wife's a bigfoot gus.
- 6,457
- 4,722
Paying PMI up front is an interesting idea I hadn't considered. Our initial thought was we're going to pay ~5% down and then recast the loan once we sell the house (should get $40k+ from that sale). It's already been suggested by our mortgage peeps that they might not recommend that and that we should consider investing that money or something. Would love to get out from under PMI though and away from a ~$2k mortgage payment though.
We're in the docs-gathering phase for income and identity verification, will have more substantive conversations with them in the next week or two, the above was more of a passing thought during a brief phone call.
Noodleface
A Mod Real Quick
- 38,117
- 14,765
Loan is right around $245k or so.
Taxes rape me in the dick (and they went up again), insurance too.
Noodleface
A Mod Real Quick
- 38,117
- 14,765
I don't know to be honest, I barely look at the copy of the bi-yearly bill we get.
It has something to do with the power plant closing down the street.
It has something to do with the power plant closing down the street.
Cad
scientia potentia est
- 25,028
- 47,122
Err... how much could it be? Your principle/interest should be around $1100-1150/mo? Taxes insurance are $900/mo? Even if you are getting totally jew-raped on taxes at 2%/year, it's only 5800 and insurance on such a cheap place should be < $2k... ????
Da fuq bro?
Vinen
God is dead
- 2,788
- 494
Must be a premium for being next to fall river.
I pay $3200/month (Insurance, Taxes included) on a ~500K mortgage. (Note: House is part of a weird 2 Home Condo complex. 2 fully separate houses who share a wall in the Garage. We just pay shared ground maintenance and insurance.)
From my latest statement with Mortgage @ 3.65%/30year
Principal ~800
Interest ~1530
Escrow (Taxes only) ~725
What does your town tax you at? What is your interest rate?
Stuff does not add up. Unless your town is taxing higher then Arlington, Cambridge, Slummerville, etc...
Noodleface
A Mod Real Quick
- 38,117
- 14,765
I dunno, I'd have to look at the bill when it came in for a breakdown - here's the exact amount:
1972.35
$247 is PMI, which we'll get taken off soon. Remaining balance is ~$247k.
A tax calculator says our taxes are around $5000 for the year, but I have a feeling they were higher. I can't even remember what insurance was - something like $200/month.
So with 417 taxes, 200 insurance, 247 PMI = 864, we're right in the 1100-1150/mo range on principle and interest
300k house here is 2400 in taxes and insurance is about 1k.
You could probably do better on insurance, I get quotes for 2-3k all the time but it you shop long enough you'll find one come in way lower.
Based off vinen paying 8700 a year your taxes are probably high too.
You could probably do better on insurance, I get quotes for 2-3k all the time but it you shop long enough you'll find one come in way lower.
Based off vinen paying 8700 a year your taxes are probably high too.
Noodleface
A Mod Real Quick
- 38,117
- 14,765
I was just guessing on insurance, I just looked it up and it's $1454 for insurance.
I also looked it up and we're paying $1350 to principal and interest every month. I can't tell if the PMI is included in that number or it's separate, based on everything else I believe it's included.
I also looked it up and we're paying $1350 to principal and interest every month. I can't tell if the PMI is included in that number or it's separate, based on everything else I believe it's included.
Vinen
God is dead
- 2,788
- 494
I'd be shocked if his taxes were higher then my towns also. (Although, houses have a lower value in his town so they may need to be higher % in order to fund shit)
Just checked our insurance and it's cheaper then his too... (even taking H06 into account) for a larger, older building. (Master Policy / 2)
Jesus Noodle, you gotta find a good agent and get that looked at. I'd recommend one if you were closer to my town.
PS: We still need to go get drunk in Kendall Sq.