Canis Latrans
Registered User
New suite promo......
19 tickets and 2 bottles of wine, haha.
New suite promo......
Has anyone had experience with finding a job in another state and then finding a place to stay there? I only ask because I'm thinking of leaving my work, and if I do why not go closer to my nephews. Just curious about the cost of traveling. And has anyone quit in one place and move somewhere else to find a job while there?
Has anyone had experience with finding a job in another state and then finding a place to stay there? I only ask because I'm thinking of leaving my work, and if I do why not go closer to my nephews. Just curious about the cost of traveling. And has anyone quit in one place and move somewhere else to find a job while there?
On a 30 yr? Dirty rule of thumb is 100k at 5% is a touch over $525. So times 2.3 to get your 5% numbers. You'll be under that at 4.x %. There are online calculators for this sort of thing, too. Maybe buy small if it's just you, and try a 20 yr -- budget allowing, of course. Sets you up better when you're ready to flip.So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.
So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.
So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.
Who did you get your mortgage through and what state? I work for a mortgage company and I can probably ask.
PMI and HOA will factor into your payment, but if it’s your first place there are so many loan programs that could potentially allow my company to buy out your PMI with an extra percent for DPA
On a 30 yr? Dirty rule of thumb is 100k at 5% is a touch over $525. So times 2.3 to get your 5% numbers. You'll be under that at 4.x %. There are online calculators for this sort of thing, too. Maybe buy small if it's just you, and try a 20 yr -- budget allowing, of course. Sets you up better when you're ready to flip.
I've only owned 3 homes, but the obvious ones to me, from mistakes i made with the first two, and mistakes others have, are:
1- try to get something you can put 20% down on to avoid PMI
2- factor in HOA/condo assoc fees
3- shorter the term the better (if you can find something you like that you can pay off in 15yrs do it, esp at these rates. I got a 2.875 in 2012 and feel great about it still)
4- buy to live, don't buy to flip. For every great flip story theres at least one disaster story.
5- you want your neighbors pulling your home's value up, not the opposite
I only said flip because I was under the assumption he was young and family-less. He can get a cheaper "okay" place instead of buying too much house, and build equity relatively quickly with short term and save monthly and annually on taxes-- and then if/when he needs space later, he's in a good place to flip.
Otherwise, I'm in agreement with everything you've said. People who are flipping regularly and/or cashing out equity are playing with fire.
Honestly, I'm of the opinion that you should never sell property, but not everyone can do that, and it is occasionally a hassle.
Who did you get your mortgage through and what state? I work for a mortgage company and I can probably ask.
PMI and HOA will factor into your payment, but if it’s your first place there are so many loan programs that could potentially allow my company to buy out your PMI with an extra percent for DPA
I am thinking of cashing out investments for the down payment, but I like to keep my investments
If they are in a retirement account I would not touch them.
Very wise to buy less than what you were approved for. Don't want to be house poor.
Although the principle/interest are fixed, taxes and insurance will likely go up over time.
I unfortunately can't pull 20% down.
Oh, sure, and that's not really surprising at this point, just something to look out for. There was a book in the 90s called "Rich Dad Poor Dad" written by a successful guy who claimed his dad was Poor Dad...I could relate. Life would have been so much smoother had I known things I didn't learn about until I was 30 when I was 20.
But now apparently 20 year olds are having to get out from underneath a much larger mountain of college loan debt that I completely escaped, so there's that *oof*
I'm not dead set against student loans (like Dave Ramsey), but if taking one out you should have a reasonable expectation that they will lead to a career that makes it worth it. What's the ROI? Most 18-22-year-olds (including me) don't think in those terms. Degrees from private liberal arts schools almost never provide a good return.
I am not a fan of student loans or debt in general. It is bad for kids to start off with debt and its too easy to get loans. The premise of going into debt in order to get ahead is a fallacy, especially at 18-25 years old. Work hard, make some money, go part time, live off campus, it might take longer to get your degree but you won't be buried in debt when your out of college.I'm not dead set against student loans (like Dave Ramsey), but if taking one out you should have a reasonable expectation that they will lead to a career that makes it worth it. What's the ROI? Most 18-22-year-olds (including me) don't think in those terms. Degrees from private liberal arts schools almost never provide a good return.
Nothing wrong with student loans or debt if the ROI is going to be there. Many take out loans, then don't complete their degree and blame everyone but themselves. People take out loans for a business, then fail most times because of their stupidity, and again, blame everyone but themselves. My daughter has student loans from going to University for a PT doctorate degree. She complains all the time about debt, but I tell her she invested in herself, and treat it like a business. It would be nice to open a business and know exactly how much money you will make that first year. I agree there is a problem, but everyone wants a hand out, then when there is a bump in the road, they point fingers. Not sure what you mean by going part time, but my daughter's program was for 7 yrs. and if she took longer all she will be doing is delaying the evitable and will have debt later in life.I am not a fan of student loans or debt in general. It is bad for kids to start off with debt and its too easy to get loans. The premise of going into debt in order to get ahead is a fallacy, especially at 18-25 years old. Work hard, make some money, go part time, live off campus, it might take longer to get your degree but you won't be buried in debt when your out of college.
If you make 65K a year coming out of school, why is a 100K is debt bad, or as you say, criminal? Open a business will cost more than that most times, but no one mentions the risk those people take, and what happens if they do not succeed. If you fail the banks don't care about you, they want every ounce of blood they can get from you to pay back the debt. It's hard and expensive to get a degree, hard and expensive to be successful in business. It requires hard work, and the is something most don't understand, and look for the easy way out. If you don't like the cost of university, or the price to open a business, do something else, no one is forcing you to do it.The American college system needs a rethink. It’s a little better here in Canada but coming out of the gate 100k in debt is almost criminal. A lot of countries do it a lot better than here.