Buying a home

Rack em

Made the Podium
I am at the point where I want to start looking at buying a house. I am making enough money (finally hit $25.00) and working enough hours because I am not laid off most Mondays anymore. I am a single guy, no kids, and sick of living the apartment life. Living in an apartment is cheap, but it has way too many drawbacks so it's time for me to step up and make the 15-30 year commitment.

Just looking for some advice on how to go about the process. I don't want to be paying on a mortgage when I'm retired so I am looking at a 15-20 year mortgage. Decent houses in my town are ranging from $180,000-$240,000 so with a rate of let's say 3.25% I can expect a payment of around $1,500 a month which should be doable now with some budgeting, even more so once I hit top rate.

If anyone knows of any advantages or has experience in doing a 15 year vs a 30 year mortgage I would love any advise at all!
 

rod

Retired 19 years
The sooner you can pay the principal down on a house loan the better. If you are the least bit handy you can save a bunch buying a home that needs some minor repair. I don't know how the market is where you are but if possible low ball the asking price and see if they will counter offer. Home ownership has its plusses and minuses but is well worth it in the long run. One thing to consider is if you are a single guy and you meet the person of your dreams chances are they will not like your house and will want one of their own choosing (way more expensive). Women are crazy like that. (Stay single).
 

burrheadd

KING Of GIFS
I am at the point where I want to start looking at buying a house. I am making enough money (finally hit $25.00) and working enough hours because I am not laid off most Mondays anymore. I am a single guy, no kids, and sick of living the apartment life. Living in an apartment is cheap, but it has way too many drawbacks so it's time for me to step up and make the 15-30 year commitment.

Just looking for some advice on how to go about the process. I don't want to be paying on a mortgage when I'm retired so I am looking at a 15-20 year mortgage. Decent houses in my town are ranging from $180,000-$240,000 so with a rate of let's say 3.25% I can expect a payment of around $1,500 a month which should be doable now with some budgeting, even more so once I hit top rate.

If anyone knows of any advantages or has experience in doing a 15 year vs a 30 year mortgage I would love any advise at all!

How much you have for a down payment
 

MyTripisCut

“They” are coming for us.
I am at the point where I want to start looking at buying a house. I am making enough money (finally hit $25.00) and working enough hours because I am not laid off most Mondays anymore. I am a single guy, no kids, and sick of living the apartment life. Living in an apartment is cheap, but it has way too many drawbacks so it's time for me to step up and make the 15-30 year commitment.

Just looking for some advice on how to go about the process. I don't want to be paying on a mortgage when I'm retired so I am looking at a 15-20 year mortgage. Decent houses in my town are ranging from $180,000-$240,000 so with a rate of let's say 3.25% I can expect a payment of around $1,500 a month which should be doable now with some budgeting, even more so once I hit top rate.

If anyone knows of any advantages or has experience in doing a 15 year vs a 30 year mortgage I would love any advise at all!

How much you have for a down payment

That was my next question. If you have a 401k going, you can borrow up to 10G for down payment, then Pay yourself back slowly.
 

CoffeeStainedUniform

Well-Known Member
That was my next question. If you have a 401k going, you can borrow up to 10G for down payment, then Pay yourself back slowly.
Bad idea...just save up the down payment.

20% down and get a conventional loan. Otherwise you pay a lot in PMI/MIP. Look for something that looks "cute", chances are in 3-5 years you'll be changing houses if there's a Mrs. Goodluck!
 

Rack em

Made the Podium
That was my next question. If you have a 401k going, you can borrow up to 10G for down payment, then Pay yourself back slowly.
I have just under 7k in saving right now, dipped in to get my truck paid off so I wasn't making payments on that anymore. I put in 12% in traditional 401k, another 7% into a roth, and claim 0 on all my taxes, so my take home isn't anything impressive right now. If I cut back a little on my 401k then I would be able to save up faster for a bigger down payment. But I read the usual down payment is around 4%, didn't know you had to have 20%!!!!

Bad idea...just save up the down payment.

20% down and get a conventional loan. Otherwise you pay a lot in PMI/MIP. Look for something that looks "cute", chances are in 3-5 years you'll be changing houses if there's a Mrs. Goodluck!
The houses I am looking at would be more of a family home. There are definitely cheaper houses that would suite me just fine being a single guy. Maybe I should just go for one of those, pay it off quick, and rent it out down the road. There's a lot of stuff I still have to figure out lol.
 

CoffeeStainedUniform

Well-Known Member
I have just under 7k in saving right now, dipped in to get my truck paid off so I wasn't making payments on that anymore. I put in 12% in traditional 401k, another 7% into a roth, and claim 0 on all my taxes, so my take home isn't anything impressive right now. If I cut back a little on my 401k then I would be able to save up faster for a bigger down payment. But I read the usual down payment is around 4%, didn't know you had to have 20%!!!!


The houses I am looking at would be more of a family home. There are definitely cheaper houses that would suite me just fine being a single guy. Maybe I should just go for one of those, pay it off quick, and rent it out down the road. There's a lot of stuff I still have to figure out lol.
First: 19% going into retirement is awesome...but a little premature before you're in a house. Cut back the 401k to about 3-8%. It's ok to only put 10-15% into retirement for you right now.

Second: Get into a good house for your present needs. A starter home is perfect. 90%+ of women will want to pick out their own home, so buying a "family" home isn't super important for you.

Third: 20% down is going to be about $100 a month per 100K borrowed cheaper on insurance for the lender (in case you default). That money is thrown away.

Fourth: in 5 years, if/when you move up in home your equity will move with you and you'll only have to save that 20% once.
 

Rack em

Made the Podium
First: 19% going into retirement is awesome...but a little premature before you're in a house. Cut back the 401k to about 3-8%. It's ok to only put 10-15% into retirement for you right now.

Second: Get into a good house for your present needs. A starter home is perfect. 90%+ of women will want to pick out their own home, so buying a "family" home isn't super important for you.

Third: 20% down is going to be about $100 a month per 100K borrowed cheaper on insurance for the lender (in case you default). That money is thrown away.

Fourth: in 5 years, if/when you move up in home your equity will move with you and you'll only have to save that 20% once.
Awesome tips, thanks!
 
I am at the point where I want to start looking at buying a house. I am making enough money (finally hit $25.00) and working enough hours because I am not laid off most Mondays anymore. I am a single guy, no kids, and sick of living the apartment life. Living in an apartment is cheap, but it has way too many drawbacks so it's time for me to step up and make the 15-30 year commitment.

Just looking for some advice on how to go about the process. I don't want to be paying on a mortgage when I'm retired so I am looking at a 15-20 year mortgage. Decent houses in my town are ranging from $180,000-$240,000 so with a rate of let's say 3.25% I can expect a payment of around $1,500 a month which should be doable now with some budgeting, even more so once I hit top rate.

If anyone knows of any advantages or has experience in doing a 15 year vs a 30 year mortgage I would love any advise at all!
If you take a 15 years loan, you will probably save more in interest than the what the price of the house costs.
 

rickyb

Well-Known Member
I am at the point where I want to start looking at buying a house. I am making enough money (finally hit $25.00) and working enough hours because I am not laid off most Mondays anymore. I am a single guy, no kids, and sick of living the apartment life. Living in an apartment is cheap, but it has way too many drawbacks so it's time for me to step up and make the 15-30 year commitment.

Just looking for some advice on how to go about the process. I don't want to be paying on a mortgage when I'm retired so I am looking at a 15-20 year mortgage. Decent houses in my town are ranging from $180,000-$240,000 so with a rate of let's say 3.25% I can expect a payment of around $1,500 a month which should be doable now with some budgeting, even more so once I hit top rate.

If anyone knows of any advantages or has experience in doing a 15 year vs a 30 year mortgage I would love any advise at all!
a decent home is 10x as much where im from

some housing markets are cheap, some expensive, and im talking about cities. vegas was cheap but its a cool city. mines expensive and no that cool
 
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