Need Help Buying my first place

[Looking2buysoon]

[quote=ljinvestor]$1,455 for 1br rent in kearny mesa sounds really high. That would make me want to purchase too.[/quote]

Yeah and its just north of Montgomery Field so i get to hear the planes all day. Across the street they have some nice townhomes that are selling between 300 and 400k. I wish I could afford one. I have been watching them for over a year and the prices do not go down.

I dont know how the heck people can buy these places. Thanks to all who shared some advice on here.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[moneymaker]

I wouldn’t worry about prices going up. It’s the interest rates that are likely to rise. When interest rates rise it hurts the people with less down payment. Live like you are paying $2000 a month in mortgage for 6 months and see if you have enough money left over to pay bills and save a little. Definitely pay off the credit cards if your interest rate is over 5%. Until the Fed stops their Quantitative Easing I would not be too worried in the short term about not being able to buy. I do feel when interest rates start to rise house prices will fall further as fewer will be able to purchase.

[moneymaker]

I wouldn’t worry about prices going up. It’s the interest rates that are likely to rise. When interest rates rise it hurts the people with less down payment. Live like you are paying $2000 a month in mortgage for 6 months and see if you have enough money left over to pay bills and save a little. Definitely pay off the credit cards if your interest rate is over 5%. Until the Fed stops their Quantitative Easing I would not be too worried in the short term about not being able to buy. I do feel when interest rates start to rise house prices will fall further as fewer will be able to purchase.

[moneymaker]

I wouldn’t worry about prices going up. It’s the interest rates that are likely to rise. When interest rates rise it hurts the people with less down payment. Live like you are paying $2000 a month in mortgage for 6 months and see if you have enough money left over to pay bills and save a little. Definitely pay off the credit cards if your interest rate is over 5%. Until the Fed stops their Quantitative Easing I would not be too worried in the short term about not being able to buy. I do feel when interest rates start to rise house prices will fall further as fewer will be able to purchase.

[moneymaker]

I wouldn’t worry about prices going up. It’s the interest rates that are likely to rise. When interest rates rise it hurts the people with less down payment. Live like you are paying $2000 a month in mortgage for 6 months and see if you have enough money left over to pay bills and save a little. Definitely pay off the credit cards if your interest rate is over 5%. Until the Fed stops their Quantitative Easing I would not be too worried in the short term about not being able to buy. I do feel when interest rates start to rise house prices will fall further as fewer will be able to purchase.

[moneymaker]

I wouldn’t worry about prices going up. It’s the interest rates that are likely to rise. When interest rates rise it hurts the people with less down payment. Live like you are paying $2000 a month in mortgage for 6 months and see if you have enough money left over to pay bills and save a little. Definitely pay off the credit cards if your interest rate is over 5%. Until the Fed stops their Quantitative Easing I would not be too worried in the short term about not being able to buy. I do feel when interest rates start to rise house prices will fall further as fewer will be able to purchase.

[Anonymous]

Another option I haven’t seen mentioned is to buy in an area with a strong rental market (around UCSD, for example) and rent out a room to a student.

I’m assuming you are single and not planning on a marriage and family for 3 years or more.

[Anonymous]

Another option I haven’t seen mentioned is to buy in an area with a strong rental market (around UCSD, for example) and rent out a room to a student.

I’m assuming you are single and not planning on a marriage and family for 3 years or more.

[Anonymous]

Another option I haven’t seen mentioned is to buy in an area with a strong rental market (around UCSD, for example) and rent out a room to a student.

I’m assuming you are single and not planning on a marriage and family for 3 years or more.

[Anonymous]

Another option I haven’t seen mentioned is to buy in an area with a strong rental market (around UCSD, for example) and rent out a room to a student.

I’m assuming you are single and not planning on a marriage and family for 3 years or more.

[Author]

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