Let me know the next time you buy a 50-100 year old house that you intend to live in immediately and long-term without doing any repairs/remodeling for the foreseeable future. And then do so without doing any sort of inspection, only after a walk-through showing. Now remove all your knowledge and skills that you have accumulated through all your home projects you have done yourself and the aptitude that allowed you to do those things. Because this is what probably 90-95% of homeowners have to work with. It is not a bad thing for people to know what they are buying. What people try to do with that knowledge is on them.
I am focused on work and trying to get it done. The board approved way of signaling is ending your jokes in haha, lol, lmao.
What The Fuck is Up thrilled to be posting ITT. Got pre approval and approved for 5% down Next step house hunting Soon, no more rent
I’ve said this before, but I don’t get the home inspector hate on this thread. There are shitty home inspectors just like there are shitty bakers and shitty doctors. My home inspector is a badass and knows his shit and is worth his weight in gold, and he’s fat. My builder tried to pass off a bunch of nonsense and he had his code book and opened it up for them to cite passage and verse. He fought for me and held there feet to the fire on a number of issues. Went so far as threatening to report the builder if they didn’t fix the issues. Like any other trade, ask around, read reviews, interview people. There are good home inspectors out there.
just to piggyback. Jorts gave me a call (even though hes not able to earn my business) and not only gave me a good bit of info to know as a first time home buyer but also threw in a bone about personal finance implications of paying way more down and paying off early...something I hadn't considered yet. Great thorough advice. 11/10 would talk to internet stranger again h/t
Literally anywhere in town that i can swing financially. probably south or east/ oltorf I would love to do this, problem is i have to furnish out the place too. Plus unaccounted for expenses. Going to move 2 people into the spare bedrooms and be as aggressive as i can in paying off the mortgage
Be better off investing extra money in an investment vehicle. Your return should be higher than the interest you pay on your mortgage. Just do bi-weekly payments
I don't think there are very many situations where I'd advise putting down 20% even if you have the cash +
If your PMI is in the hundreds per month you've either got shit credit, your loan officer has put you in a terrible program, or you've got a big ass house.
Yeah if you buy a 400k house and only put 40k down, I'm pretty sure your PMI will be around 150+, even with good credit (which I'd assume you'd have buying a 400k house).
I mean whether or not it's antiquated, it's the bank's cutoff rate for charging PMI, so it's still an important number.
For perspective I just looked up a loan in our system: 5% down 435k purchase price 730ish credit: $172/mo in PMI The extra 15% down is $65k. If you invest the $65k you need just a 3.2% return to realize a profit on not putting it down.
You assume everyone has the means, dedication & ability to save 20%... we live in an world focused on immediate gratification. PMI is an entry into home ownership. While I agree with Druce, I no longer make the argument to people that have the 20% to put down. Just let them do it... It's not worth the argument. However, I will sell them on the merits of putting 18-19% down, to get the benefit of the lower rates that come with having PMI insurance. Their trade-off is 12 months of crazy low PMI due to the amount down & the lower rate for the lifetime of the loan.
Further illustrating your point, using the same scenario, the PMI through me would be $120.53/month. PMI makes since in a lot of scenarios.
I thought that too but then my house sold for roughly $10,000 more than Zillow said it’d go for. And the bank felt so good about the price they did not even come out to do the appraisal (although it’s been about 5 years since we sold a house so I don’y know how often they do that anymore).
no, and it wouldn’t make too much of a difference I don’t think. Plus, I would rather complain about it every chance I get.
Did this in my first home(4 br). Had three roommates who paid the mortgage every month I lived there sans a couple. Sold the house four years later for 102k more than I bought it. Got lucky but man money is tight.
Jorts did my mortgage 2 years ago and while I wasn’t freaking out a little about the appraisal not coming in right bad having to make that up I ended up going 15 down instead of the 20 down I planned and ended up less cash out of pocket and my pmi is only $50/mo
I guess so. But it seems like putting 20% down also mitigates the risk (therefore the bank doesn’t require PMI). So that should also lower the rate?
This shit has blown up in the park across the street and I can not keep it out of my yard. How the fuck do I kill it without rounduping the whole yard and starting over.
Put recessed lighting in our den and replaced the two weird old square ugly lights from 1956. They are on a WiFi dimmer and are on a sunset schedule and can be controlled by Alexa Before After