Home › Forums › Closed Forums › Buying and Selling RE › Need Help Buying my first place
- This topic has 155 replies, 20 voices, and was last updated 13 years, 7 months ago by
bearishgurl.
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AuthorPosts
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April 7, 2011 at 10:35 PM #685907April 8, 2011 at 12:19 AM #684752
sreeb
ParticipantI don’t think you need to worry about prices running away but it is only a matter of time until interest rates do.
Be more concerned about taking a big loss. If you were to be forced to sell within the next couple of years, you will eat it big time. A great mortgage won’t help you if you can’t afford it. I wouldn’t expect any appreciation in the short term and you will lose 10% in buying/selling expenses.
You don’t have enough saving to insure that you can sell on your terms and your credit may not support a good loan.
It sounds like you should be able to save $1500 a month so you should be able to build cash fairly quickly. In two years you will be in good shape to buy with better credit.
April 8, 2011 at 12:19 AM #684801ParticipantI don’t think you need to worry about prices running away but it is only a matter of time until interest rates do.
Be more concerned about taking a big loss. If you were to be forced to sell within the next couple of years, you will eat it big time. A great mortgage won’t help you if you can’t afford it. I wouldn’t expect any appreciation in the short term and you will lose 10% in buying/selling expenses.
You don’t have enough saving to insure that you can sell on your terms and your credit may not support a good loan.
It sounds like you should be able to save $1500 a month so you should be able to build cash fairly quickly. In two years you will be in good shape to buy with better credit.
April 8, 2011 at 12:19 AM #685429ParticipantI don’t think you need to worry about prices running away but it is only a matter of time until interest rates do.
Be more concerned about taking a big loss. If you were to be forced to sell within the next couple of years, you will eat it big time. A great mortgage won’t help you if you can’t afford it. I wouldn’t expect any appreciation in the short term and you will lose 10% in buying/selling expenses.
You don’t have enough saving to insure that you can sell on your terms and your credit may not support a good loan.
It sounds like you should be able to save $1500 a month so you should be able to build cash fairly quickly. In two years you will be in good shape to buy with better credit.
April 8, 2011 at 12:19 AM #685572ParticipantI don’t think you need to worry about prices running away but it is only a matter of time until interest rates do.
Be more concerned about taking a big loss. If you were to be forced to sell within the next couple of years, you will eat it big time. A great mortgage won’t help you if you can’t afford it. I wouldn’t expect any appreciation in the short term and you will lose 10% in buying/selling expenses.
You don’t have enough saving to insure that you can sell on your terms and your credit may not support a good loan.
It sounds like you should be able to save $1500 a month so you should be able to build cash fairly quickly. In two years you will be in good shape to buy with better credit.
April 8, 2011 at 12:19 AM #685922ParticipantI don’t think you need to worry about prices running away but it is only a matter of time until interest rates do.
Be more concerned about taking a big loss. If you were to be forced to sell within the next couple of years, you will eat it big time. A great mortgage won’t help you if you can’t afford it. I wouldn’t expect any appreciation in the short term and you will lose 10% in buying/selling expenses.
You don’t have enough saving to insure that you can sell on your terms and your credit may not support a good loan.
It sounds like you should be able to save $1500 a month so you should be able to build cash fairly quickly. In two years you will be in good shape to buy with better credit.
April 8, 2011 at 7:48 PM #684938saiine
Participant[quote=Looking2buysoon][quote=saiine]I miss being so close to work. Ironically, I live in CV but work in KM :)[/quote]
My co worker drives from Hemet to Kearny Mesa everyday. He bought a huge house out in the middle of no where and his wife gets to stay home with his two kids everyday.
He says the drive is not bad and listens to a ton of audio books to help pass the time in his car. If the freeway has no accidents he says it takes him about an hour and a half one way.[/quote]
Yea, this is just insane to me 🙁 I know a lot of people do it too. I’m sure I would feel different if I was married w/kids but 3 hours a day in a car.. ugh.
April 8, 2011 at 7:48 PM #684987Participant[quote=Looking2buysoon][quote=saiine]I miss being so close to work. Ironically, I live in CV but work in KM :)[/quote]
My co worker drives from Hemet to Kearny Mesa everyday. He bought a huge house out in the middle of no where and his wife gets to stay home with his two kids everyday.
He says the drive is not bad and listens to a ton of audio books to help pass the time in his car. If the freeway has no accidents he says it takes him about an hour and a half one way.[/quote]
Yea, this is just insane to me 🙁 I know a lot of people do it too. I’m sure I would feel different if I was married w/kids but 3 hours a day in a car.. ugh.
April 8, 2011 at 7:48 PM #685615Participant[quote=Looking2buysoon][quote=saiine]I miss being so close to work. Ironically, I live in CV but work in KM :)[/quote]
My co worker drives from Hemet to Kearny Mesa everyday. He bought a huge house out in the middle of no where and his wife gets to stay home with his two kids everyday.
He says the drive is not bad and listens to a ton of audio books to help pass the time in his car. If the freeway has no accidents he says it takes him about an hour and a half one way.[/quote]
Yea, this is just insane to me 🙁 I know a lot of people do it too. I’m sure I would feel different if I was married w/kids but 3 hours a day in a car.. ugh.
April 8, 2011 at 7:48 PM #685757Participant[quote=Looking2buysoon][quote=saiine]I miss being so close to work. Ironically, I live in CV but work in KM :)[/quote]
My co worker drives from Hemet to Kearny Mesa everyday. He bought a huge house out in the middle of no where and his wife gets to stay home with his two kids everyday.
He says the drive is not bad and listens to a ton of audio books to help pass the time in his car. If the freeway has no accidents he says it takes him about an hour and a half one way.[/quote]
Yea, this is just insane to me 🙁 I know a lot of people do it too. I’m sure I would feel different if I was married w/kids but 3 hours a day in a car.. ugh.
April 8, 2011 at 7:48 PM #686107Participant[quote=Looking2buysoon][quote=saiine]I miss being so close to work. Ironically, I live in CV but work in KM :)[/quote]
My co worker drives from Hemet to Kearny Mesa everyday. He bought a huge house out in the middle of no where and his wife gets to stay home with his two kids everyday.
He says the drive is not bad and listens to a ton of audio books to help pass the time in his car. If the freeway has no accidents he says it takes him about an hour and a half one way.[/quote]
Yea, this is just insane to me 🙁 I know a lot of people do it too. I’m sure I would feel different if I was married w/kids but 3 hours a day in a car.. ugh.
April 9, 2011 at 12:59 AM #684997zzz
ParticipantI agree with everyone else, the math does not pencil out for you to buy a place. I don’t believe you would qualify for a 300k mortgage as your PITI as % of gross income will be too high.
Think you need to ask yourself some very tough questions. Are you financially stable and responsible to own a home? How long do you want to live there? It is going to be the biggest financial decision you make at this point in your life. You need to take the emotion out of it and look at the numbers. Why have you been unable to save? Do you have a savings plan or budget? Have you looked into how to rehab your credit? What is your plan if you lose your job, or have a special HOA assessment, or have an emergency?
Have you sought financial and credit counseling? I believe HUD offers free financial counseling.
April 9, 2011 at 12:59 AM #685048ParticipantI agree with everyone else, the math does not pencil out for you to buy a place. I don’t believe you would qualify for a 300k mortgage as your PITI as % of gross income will be too high.
Think you need to ask yourself some very tough questions. Are you financially stable and responsible to own a home? How long do you want to live there? It is going to be the biggest financial decision you make at this point in your life. You need to take the emotion out of it and look at the numbers. Why have you been unable to save? Do you have a savings plan or budget? Have you looked into how to rehab your credit? What is your plan if you lose your job, or have a special HOA assessment, or have an emergency?
Have you sought financial and credit counseling? I believe HUD offers free financial counseling.
April 9, 2011 at 12:59 AM #685675ParticipantI agree with everyone else, the math does not pencil out for you to buy a place. I don’t believe you would qualify for a 300k mortgage as your PITI as % of gross income will be too high.
Think you need to ask yourself some very tough questions. Are you financially stable and responsible to own a home? How long do you want to live there? It is going to be the biggest financial decision you make at this point in your life. You need to take the emotion out of it and look at the numbers. Why have you been unable to save? Do you have a savings plan or budget? Have you looked into how to rehab your credit? What is your plan if you lose your job, or have a special HOA assessment, or have an emergency?
Have you sought financial and credit counseling? I believe HUD offers free financial counseling.
April 9, 2011 at 12:59 AM #685817ParticipantI agree with everyone else, the math does not pencil out for you to buy a place. I don’t believe you would qualify for a 300k mortgage as your PITI as % of gross income will be too high.
Think you need to ask yourself some very tough questions. Are you financially stable and responsible to own a home? How long do you want to live there? It is going to be the biggest financial decision you make at this point in your life. You need to take the emotion out of it and look at the numbers. Why have you been unable to save? Do you have a savings plan or budget? Have you looked into how to rehab your credit? What is your plan if you lose your job, or have a special HOA assessment, or have an emergency?
Have you sought financial and credit counseling? I believe HUD offers free financial counseling.
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