Home Owners Thread

[lewisfk]

I got a 30 year mortgage due to the fact I don't live in my house because of military obligations. I make my monthly payment, and 1/2 payment towards the principle. 30 year mortgage is not bad, it gives you flexibility.

[tricky_ab]

Originally Posted by CrimsonRockett

I cringe at the thought of a 40 year mortgage.

Holy crap! You can get such a long borrowing term in the States?

Here in Canada, they changed the longest period from 35, to 30 (without CMHC fees if you put down the 20%). Mine is/was 25 years when it started. I also have accelerated payments (I pay bi-weekly), and I usually add the added extra 10% a year that you can directly apply to the principal amount.

I want this damn thing paid off sooner then later.

[joeapple8]

I want to live in a luxury hut close to the beach in south east asia. 10K should do it. Slanging scooter and motorcycle parts in these parts of the world would get me by at least.

[CrimsonRockett]

Originally Posted by tricky_ab

Holy crap! You can get such a long borrowing term in the States?

Here in Canada, they changed the longest period from 35, to 30 (without CMHC fees if you put down the 20%). Mine is/was 25 years when it started. I also have accelerated payments (I pay bi-weekly), and I usually add the added extra 10% a year that you can directly apply to the principal amount.

I want this damn thing paid off sooner then later.

Yep. People are crazy.

As someone mentioned earlier, getting stuck in a 30 year mortgage will be a drag knowing you'll spend more than a quarter of your life working to pay it off (if you get stuck in a high payment situation).

Having purchased a home at such a young age definitely made me feel good, but I much preferred my lifestyle prior to having a mortgage. My other bills have always been there (cell, tv/internet, utilities), but eliminating my mortgage would put a nice chunk of change back into my savings. Or better yet, I'd finish building one of my damn cars.

Can't wait for the day I make my last payment.

[exitspeed]

Eh, its the cost of living. I have 3 children and their education and safety are my main concerns. The house we just bought is in the school district with the #2 ranked HS school in the state and there's virtually no crime. Sure I could have bought a house for $100 less and paid the thing off in probably 5 years if I wanted but kids come first and as a parent you make sacrifices.

[exitspeed]

Worked on this all day Saturday. Still need to put crown below the mantle. Oh and get a new fucking TV. That 32" looked fine on the wall in my last kitchen. Now it looks like a postage stamp.





One of my favorite things about the house so far. I can grill and watch the game!

(kinda hard to see the TV through the window reflections)


Oh and had a new address plaque made.

[JohnnyDrfiter22]

Exitspeed, I think with a room that large it would have been awesome to update the mantle with a modern look of stone and extend to the ceiling. It be a great focal point for that room and the rest of the room looks modern already.

[BOROSUN]

cover up that brick with faux thin slab stones in light greyish neutral colors. contras from the darker wall and flooring.

or go all the way up. like this...

[Agamemnon]

Any home owners here know of any home decor/improvement forums they like to go to?

[l adam l]

Can't stand having my TV up that high. Can't do fireplacr...although it's a good use of space.

I have 30 year mortgage. If you pay an extra payment a year you knock like 7 years off... 100k loan...700 a month... 700 extra towards principle per year times 23 years is 16,100. It's amazing what you pay in taxes at first.

i paid 96k for my hud home...needed work. Still needs some, but the home is 2200 square feet and the average home around my neighborhood is 150k and 1500 square feet. I've put about 10 ggrand into it and should be able to sell it for 180kish, theoretically 220k but I doubt it...lose so much money renting.

[JohnnyDrfiter22]

Originally Posted by Agamemnon

Any home owners here know of any home decor/improvement forums they like to go to?

Houzz.com HGTV.com and DIYnetwork.com

[exitspeed]

Originally Posted by BOROSUN

cover up that brick with faux thin slab stones in light greyish neutral colors. contras from the darker wall and flooring.

or go all the way up. like this...

Originally Posted by JohnnyDrfiter22

Exitspeed, I think with a room that large it would have been awesome to update the mantle with a modern look of stone and extend to the ceiling. It be a great focal point for that room and the rest of the room looks modern already.

We might do something else with it down the road. The majority of our budget went to the kitchen/bath/powder room remodel. So the fireplace thing was just sort if a temporary thing. That cost all of $75 to do.

[Driftwire]

Well shit Im 25, I dont even know how the fuck to afford a home. Not even a small ass home. Time to get some advice or help locally.

#UneducatedOnThis

[simmode1]

Originally Posted by Driftwire

Well shit Im 25, I dont even know how the fuck to afford a home. Not even a small ass home. Time to get some advice or help locally.

#UneducatedOnThis

You are the type of person I was thinking of when I said: seek out a first time home buyers seminar. You'll get valuable info there. You'll be surprised at how much assistance is out there to help you with down payments & closing costs. Thanks, Obama! Lol

But for some generalities, search online for a mortgage calculator, plug your info in & it will tell you a ballpark figure about how much of a mortgage you might be able to afford based on your current income & debt.

Once you know that dollar amount, browse around zillow & trulia to get an idea of how far that dollar amount goes & what kind of home it might be able to afford.

You have to set realistic expectations. If you're living ok in a 1 bedroom apartment, try looking at condos that match your current specifications. In most cases, the monthly mortgage cost to own that space will be lower than if you were renting that space. Even after you add in the taxes & insurances that you're gonna need, typically, its still cheaper than renting, if you spread the mortgage out over 30 years. Just be disciplined enough to pay it off early.

Or take a similar approach with a two bedroom condo, get a roommate and charge them the rental rate....hehehe...

The more info you gather on the subject, the more strategies you'll be able to make so that you come out on top.

The fun part starts when you begin considering location & how much the home might increase in value because of stuff going on around it.

[DrtyRat]

Originally Posted by Driftwire

Well shit Im 25, I dont even know how the fuck to afford a home. Not even a small ass home. Time to get some advice or help locally.

#UneducatedOnThis

Originally Posted by simmode1

Once you know that dollar amount, browse around zillow & trulia to get an idea of how far that dollar amount goes & what kind of home it might be able to afford.

Even after you add in the taxes & insurances that you're gonna need, typically, its still cheaper than renting, if you spread the mortgage out over 30 years.

Be very mindful of you taxes & insurances living in Florida. When we bought our house and they gave us an estimated payment, we thought it sounded too low, but the lady usured us that it should be close to that because she was using the highest insurance estimates. However when the insurance/tax quotes came back she was floored at how high they are here.

[Driftwire]

Hmm well i make shit ass money so as soon as I can make some extra money or if i land this new job I should be able to afford a decent spot for now. Finish school in August.

[Otto347]

This is how you afford shit...........

[imotion s14]

Most people can't. It's a cultural phenomenon of the mid 20th century that is reversing. Tying yourself down to a local economy in a global age seems pretty stupid.

The majority of people can't afford the trust cost of home ownership. Like my $6000 sewer line repair.

I could have invested that in equity and got better returns in 30 years

But hey at least you can turn up your home theater system!

[midnight zenki]

Originally Posted by Otto347

This is how you afford shit...........

This is how it's done. Got make that dual income, then the kids creep in and you subtract a bag of your cash and then another kid pops up and the cash is all gone.

Exitspeed hit the nail on the head though, make the sacrifice for a house that meets all those necessities about saftey, schools etc and its worth the payement if you have children. I am in the same exact boat

[tricky_ab]

Originally Posted by imotion s14

Most people can't. It's a cultural phenomenon of the mid 20th century that is reversing. Tying yourself down to a local economy in a global age seems pretty stupid.

The majority of people can't afford the trust cost of home ownership. Like my $6000 sewer line repair.

I could have invested that in equity and got better returns in 30 years

But hey at least you can turn up your home theater system!

I've got a proper contingency fund that I put money into monthly. I won't be caught with my pants down if something bad happens out of the blue. I'd file that under the cost of living. Stuff like that shouldn't be a second thought if you own a house.

And I LOVE to turn my HT up proper for movie night

[exitspeed]

Thought about the brick around the fireplace. Think we're going to do some natural ledger stone tile over the brick.

[lewisfk]

You can pay for a home warranty program that covers the cost of major repairs. Your only responsible for the lines under the house until it ties into the city lines. Do you live outside city limits, and use a septic tank? My home warranty is through Old Republic.

[Ramonesfreak2010]

I hate the fact that I live in an area where houses are $500k+.

[K_style]

Is anybody from Capital Region in NY?

Need local advise... most house here seem pretty old.. not sure if it make sense to buy old ass house with land so I can build up my own? or buy something decent so I can do some upgrades...
Worst part here is, no one seem to have a large sized garage..

Seriously need to buy house ASAP!!! I am done with paying RENT!!!

[soundboy]

Build it.

It always ends up better.

[Corbic]

Originally Posted by soundboy

Build it.

It always ends up better.

...and over budget

[dbeiler]

For those of you who haven't yet bothered doing the math on 30yr vs 15yr mortgages:

Median U.S. home price is roughly $200,000. Dude A and Dude B each save up enough cash to cover 20% down and closing costs.

Dude A chooses a 30yr mortgage for the remaining $160,000 with (today's average) interest rate of 4%. His monthly mortgage payment is $764.

Dude B chooses a 15yr mortgage for the remaining $160,000 with (today's average) interest rate of 3.3%. His monthly mortgage payment is $1128.

After the first 5 years:
Dude A has paid
$15,284 towards his principle
$30,556 in interest
He still has 25 years of payments and a remaining balance of $144,716.

Dude B has paid
$44,825 towards his principle
$22,855 in interest
He still has 10 years of payments and a remaining balance of $115,175.

Over the course of their respective mortgage payoffs:
Dude A will pay a whopping total of $114,991 in interest alone!
Dude B will pay a total of $43,069 in interest.

Dude B buys a brand new Corvette with the $70K he saved on his mortgage.
He lives happily ever after. The end.

*all numbers courtesy of www.creditkarma.com

[MADE]

I think a lot of people don't put the 20% down.

[Corbic]

^ it's true. Interest payments are murder.

My idiot Sister and Her douche husband just bought a house for 190k on a 30.

Dumb fucks still have not figured out the $800 payment does not include PMI, Insurance and Taxes.

I looked up Colorado Springs tax rate and it's going to be like $4,500 a year....

[Corbic]

Originally Posted by MADE

I think a lot of people don't put the 20% down.

Few can, hence PMI.

It's hard saving up $20-50k cash in a reasonable amount of time while living in a reasonable rental or apartment.

They type of guy that can stack $40k in a year is also likely looking at million dollar homes, so making more doesn't help.