How shall we buy our first house?

[UCguy]

I also wondered if waiting 3-4 years to save the cash so we need financing for just 417K will be wise – given the fact that rates will be higher, possibly MUCH higher and prices not that much lower – especially in the areas we are looking at – RB, PQ – which have not seen *THAT* much distress. (Well, I suppose if the rates are much higher, one can take a longer ARM and refi to a 20-30 yr FMR when the rates come down. Of course, still making extra principal payments).

Shall we raid out our 401Ks completely (we can borrow 50% of them) so we can bring it to 417K? I have a funny feeling that HLS would agree with that strategy…

[scaredyclassic]

I think I shouldve got down to 417. I was too afraid at the time to let go of money. Thinking about earthquakes. Assuming you stay there and things are normal and you invest as stupidly as me in your retirement accts I think it’s better to get down to 417.

[scaredyclassic]

I think I shouldve got down to 417. I was too afraid at the time to let go of money. Thinking about earthquakes. Assuming you stay there and things are normal and you invest as stupidly as me in your retirement accts I think it’s better to get down to 417.

[scaredyclassic]

I think I shouldve got down to 417. I was too afraid at the time to let go of money. Thinking about earthquakes. Assuming you stay there and things are normal and you invest as stupidly as me in your retirement accts I think it’s better to get down to 417.

[scaredyclassic]

I think I shouldve got down to 417. I was too afraid at the time to let go of money. Thinking about earthquakes. Assuming you stay there and things are normal and you invest as stupidly as me in your retirement accts I think it’s better to get down to 417.

[scaredyclassic]

I think I shouldve got down to 417. I was too afraid at the time to let go of money. Thinking about earthquakes. Assuming you stay there and things are normal and you invest as stupidly as me in your retirement accts I think it’s better to get down to 417.

[UCguy]

LOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).

[UCguy]

LOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).

[UCguy]

LOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).

[UCguy]

LOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).

[UCguy]

LOL, scaredy, you have a point. We don’t really know how to invest for our retirement accts either, LOL. We have little control over 401Ks, and the return has been very bad recently (but then, so was a lot of the economy).

[sdrealtor]

The differential between rates at 417 and below the 697K are not that much these days. Waiting a year or two to get under 417K for the sake of rates is probably a loser of a bet to make and I wouldnt.

Where it gets trickier is in the qualifying. With great debt to income ratios and $15K/month w-2 income that should not be an issue.

With that kind of income, the tax benefit to your will be very high. Think somewhere close to $1,000/month. So your net housing expense will be closer to $2600/month once the 401K loan is repaid.

I’ll further assume you arent renting a 4BR 2,000 sq ft single family home with guaranteed fixed rent for the next 10 to 20 years at $1500/month.

If you can find something you like, you should be fine barring an extended major income crisis.

FWIW, I have a 4BR lisitng in escrow just under 2000 sq ft in fine condition built after 1990 with No Mello Roos or HOA in Scripps Ranch on a quiet cul de sac street. Its in escrow just over $500K. Find yourself something like that. They are out there for the taking.

[sdrealtor]

The differential between rates at 417 and below the 697K are not that much these days. Waiting a year or two to get under 417K for the sake of rates is probably a loser of a bet to make and I wouldnt.

Where it gets trickier is in the qualifying. With great debt to income ratios and $15K/month w-2 income that should not be an issue.

With that kind of income, the tax benefit to your will be very high. Think somewhere close to $1,000/month. So your net housing expense will be closer to $2600/month once the 401K loan is repaid.

I’ll further assume you arent renting a 4BR 2,000 sq ft single family home with guaranteed fixed rent for the next 10 to 20 years at $1500/month.

If you can find something you like, you should be fine barring an extended major income crisis.

FWIW, I have a 4BR lisitng in escrow just under 2000 sq ft in fine condition built after 1990 with No Mello Roos or HOA in Scripps Ranch on a quiet cul de sac street. Its in escrow just over $500K. Find yourself something like that. They are out there for the taking.

[sdrealtor]

The differential between rates at 417 and below the 697K are not that much these days. Waiting a year or two to get under 417K for the sake of rates is probably a loser of a bet to make and I wouldnt.

Where it gets trickier is in the qualifying. With great debt to income ratios and $15K/month w-2 income that should not be an issue.

With that kind of income, the tax benefit to your will be very high. Think somewhere close to $1,000/month. So your net housing expense will be closer to $2600/month once the 401K loan is repaid.

I’ll further assume you arent renting a 4BR 2,000 sq ft single family home with guaranteed fixed rent for the next 10 to 20 years at $1500/month.

If you can find something you like, you should be fine barring an extended major income crisis.

FWIW, I have a 4BR lisitng in escrow just under 2000 sq ft in fine condition built after 1990 with No Mello Roos or HOA in Scripps Ranch on a quiet cul de sac street. Its in escrow just over $500K. Find yourself something like that. They are out there for the taking.

[sdrealtor]

The differential between rates at 417 and below the 697K are not that much these days. Waiting a year or two to get under 417K for the sake of rates is probably a loser of a bet to make and I wouldnt.

Where it gets trickier is in the qualifying. With great debt to income ratios and $15K/month w-2 income that should not be an issue.

With that kind of income, the tax benefit to your will be very high. Think somewhere close to $1,000/month. So your net housing expense will be closer to $2600/month once the 401K loan is repaid.

I’ll further assume you arent renting a 4BR 2,000 sq ft single family home with guaranteed fixed rent for the next 10 to 20 years at $1500/month.

If you can find something you like, you should be fine barring an extended major income crisis.

FWIW, I have a 4BR lisitng in escrow just under 2000 sq ft in fine condition built after 1990 with No Mello Roos or HOA in Scripps Ranch on a quiet cul de sac street. Its in escrow just over $500K. Find yourself something like that. They are out there for the taking.

[Author]

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