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Annoying dwelling purchase
bluefoxicy
Registered User regular
Registered User regular
Fuck shit fuck fuck ass fuck faggotry damnit.
Trying to buy a house.
It's fucking hard.
Need like $178000 ugh... need 3.5% down payment to even get a loan, and then there's ass huge closing costs and I need to convince the seller to give me 6% of the equity to cover that (i.e. I get a loan for a $178k house, but they give me the house for $165k and some $13k goes to closing costs).
And then there's oh god mortgage and PMI and escrow for taxes
It's going to cost me $900/mo, I pay $800/mo for my rent.
No wait.
$900/mo + $200/mo taxes + however much PMI maybe $1200/mo fuck and the real estate agent is going to try to convince me it's just about $1000/mo let's not talk about all these other things I have to pay.
Extra money is going to my stupidity-- I mean my car payment. Not kidding. Paying my mortgage off faster is the single biggest financial advantage I'll ever get-- so I'll kill my $500/mo car payment early and then throw $500/mo more at my mortgage. What idiot takes out a loan to buy a car?
Oh taxes.
Some ... fucking... $8000 of interest the first year right? So maybe the fed gives me $2000 back in taxes. Goes to my car loan, no kidding. That $8000 tax refund also goes to my car loan. I should be clear of that next January.
My brain is melting down augh.
Maybe I should get a room mate. I know a girl that would room with me but her boyfriend would have issues with this. Her boyfriend would correctly have issues with this. We could get her an extra bed and her own room for a cover but it wouldn't fool anyone, hell he's not fooled as it is.
Trying to buy a house.
It's fucking hard.
Need like $178000 ugh... need 3.5% down payment to even get a loan, and then there's ass huge closing costs and I need to convince the seller to give me 6% of the equity to cover that (i.e. I get a loan for a $178k house, but they give me the house for $165k and some $13k goes to closing costs).
And then there's oh god mortgage and PMI and escrow for taxes
It's going to cost me $900/mo, I pay $800/mo for my rent.
No wait.
$900/mo + $200/mo taxes + however much PMI maybe $1200/mo fuck and the real estate agent is going to try to convince me it's just about $1000/mo let's not talk about all these other things I have to pay.
Extra money is going to my stupidity-- I mean my car payment. Not kidding. Paying my mortgage off faster is the single biggest financial advantage I'll ever get-- so I'll kill my $500/mo car payment early and then throw $500/mo more at my mortgage. What idiot takes out a loan to buy a car?
Oh taxes.
Some ... fucking... $8000 of interest the first year right? So maybe the fed gives me $2000 back in taxes. Goes to my car loan, no kidding. That $8000 tax refund also goes to my car loan. I should be clear of that next January.
My brain is melting down augh.
Maybe I should get a room mate. I know a girl that would room with me but her boyfriend would have issues with this. Her boyfriend would correctly have issues with this. We could get her an extra bed and her own room for a cover but it wouldn't fool anyone, hell he's not fooled as it is.
People call me Wood Man, 'cause I always got wood.
bluefoxicy on
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Not even gonna touch that last part since it isn't H/A :P
also in 5 years when it comes time to renegotiate your mortgage and the interest rates have gone back up, you will be in even worse shape
plus cars are all paid off and now i got plenty of cash to cover registration and insurance
i just rock up with a bundle of cash and peel off a few gs no sweat
pretty sweet deal you should try to set your shit up like this
and then you can stop whining
"Really want to make some breakfast but cleaner is still doing kitchen"
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it worked for us
i mean, if you have no money at all you can just make a lean-to out of cardboard boxes!
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how ugly is this girl
My approved loan is for 4.875% fixed 30 year. Why reneg?
If I stop spending $500/mo to eat out every single day and $300/mo to buy expensive shaving gear and $200/mo on sheet music books from SquareSound, I'd have $1500/mo cash on hand just lying around as is. Plus my $800/mo paid into my rent falls off, so a $1200/mo payment means I need ... $400/mo more than I do now.
It doesn't make shit any less annoying.
That's what I'm trying to do.
I wouldn't feel comfortable putting that little down. That's like a loan that will turn around and rape you.
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because every 5 years you have to renegotiate your mortgage. that is how it works. your amortization is 30 years. that doesn't mean your bank is going to let you have 4.875% for 30 years.
Seriously.
Didn't he just said it was a fixed rate mortgage?
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No fucking kidding. Once I pay my car loan off I should be able to hammer my mortgage pretty hard, if I spend responsibly. I could even have some wiggle room to sink money into a cheap race car (MX-5 Miata to Spec Miata or STS2 specs... probably STS2 for now). This place has a garage, I specifically inspected it because I want a place to work on cars.
And no more car loans. I'll shift money aside into a separate savings account based on a decent car payment (say $350/mo) and in 3-5 years have enough to just flat out buy a car I want. I'll semi-daily the racer (it'll be street legal, street safe, low fuel consumption) to shift maintenance needs off my practical daily (i.e. the 5 seater); if the racer is down, I can get to it later.
You sir have won life.
i think the math is if you put even as much as 6% down then it will cut a good chunk of your payments
I wonder if he knows how much money he's throwing away in interest. He will effectively pay for the house twice over the 30 years. Maybe more than 2x.
Yeah I'd want at least 10% down preferable 20%, also gets you out of that PMI bullshit.
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ahahahahaha
As soon as I sign the paperwork the house is worth 30k more than what I am buying it for.
Feels good man 8-)
No bank that I know of gives more than a 10 year term on a fixed rate. The term of a mortgage is how long until you have to renegotiate. The amortization (30 years in this case) is how long they average the payments out for.
I have a 30 year fixed rate mortgage from Bank of America, and there were plenty of other banks offering me the same when I bought my house.
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Hail Satan!
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At least 10% down to feel comfortable and have some base equity.
PMI is fucking garbage too. Do anything possible to avoid that shitty waste of money. Even if you do one of those 80-20 loans and refinance a year or two later (once any pre-payment penalty terms expire). I'd rather pay slightly more interest on 20% of my loan for 1 or 2 years then PMI for 5 to 10 years.
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Do NOT count on having this money to use. You will still spend a good portion of it even if you managed to eat at home every meal of every day. Chances are you will be back to fast food and restaurants once you get comfortable again anyway. I thought the same thing when I bought a house.
Also you're a fag.
Neat. It's a Canada/US difference thing, I guess. Canadian banks do up to 10 year terms and up to 30 year amortizations. What's your interest rate, approximately?
3.5% is a massively low amount.
Canada has similar guidelines. 5% is the least required minimum and if you're under either 20 or 25% you have to pay mortgage insurance on it.
Oddly, our banking system is not in the crapper as a result of these policies.
free market fixes everything duh
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it's not as if there was a financial crisis with the US banking system