[danielwis]

We won’t see real change until next congressional sessions, where the Senate rules are voted on starting day one. Look for a change in the filibuster rules. With Republican abuse of the filibuster, its hard to get anything done in that body. The House has nearly two hundred bills already approved and waiting for Senate action.

[danielwis]

We won’t see real change until next congressional sessions, where the Senate rules are voted on starting day one. Look for a change in the filibuster rules. With Republican abuse of the filibuster, its hard to get anything done in that body. The House has nearly two hundred bills already approved and waiting for Senate action.

[danielwis]

We won’t see real change until next congressional sessions, where the Senate rules are voted on starting day one. Look for a change in the filibuster rules. With Republican abuse of the filibuster, its hard to get anything done in that body. The House has nearly two hundred bills already approved and waiting for Senate action.

[danielwis]

We won’t see real change until next congressional sessions, where the Senate rules are voted on starting day one. Look for a change in the filibuster rules. With Republican abuse of the filibuster, its hard to get anything done in that body. The House has nearly two hundred bills already approved and waiting for Senate action.

[danielwis]

We won’t see real change until next congressional sessions, where the Senate rules are voted on starting day one. Look for a change in the filibuster rules. With Republican abuse of the filibuster, its hard to get anything done in that body. The House has nearly two hundred bills already approved and waiting for Senate action.

[danielwis]

[quote=creechrr]If you haven’t done so already, go apply for a mortgage. During the process, you may run into something that you hadn’t considered. That something could be a game changer for you.

The process doesn’t take much time and it’ll help confirm what you thought you knew or help to further enlighten you.

My wife and I recently did this. During the process, we discovered that our lender of choice now requires a 15% downpayment on all condo/TH mortgages. We also discovered that PMI would be about half of what I had thought it would be.

Once we sat and ran the numbers based on what we learned, we decided it was not the time for us. After downpayment and closing, our reserves were well below comfort level.

I’d also like to echo what has been said above about children. I’m probably a few years older than you and having my son changed my perspective on a number of things, one of which are the neighborhoods that are acceptable to me.

One thing that has helped me wade through some of the BS, is having some well grounded mature friends (co-workers, friends of the family, family, etc.) to bounce ideas off of and ask questions. I don’t mean the flashy guy that’s constantly talking about all the “stuff” he has. That guy is probably actually broke. I’m talking about the quite sensible guy that has been plugging away for years. This guy can be a source for wealth of knowledge and experience. Take the opportunity to learn from his mistakes.

OT:
Always be mindful that your realtor has a vested interest in your purchase.

Good Luck![/quote]

Agree completely with your OT statement. Realtors have an economic interest in you purchasing a home NOW. Your realtor might be a perfectly fine human being, as many if not most of them are, but you should NEVER rely on their advice. Again, read what Patrick has to say on patrick.net regarding “who will tell you that now is a good time to buy”. The number one person that will tell you its a good time to buy, is the realtor you hired to help you with the process.

[danielwis]

[quote=creechrr]If you haven’t done so already, go apply for a mortgage. During the process, you may run into something that you hadn’t considered. That something could be a game changer for you.

The process doesn’t take much time and it’ll help confirm what you thought you knew or help to further enlighten you.

My wife and I recently did this. During the process, we discovered that our lender of choice now requires a 15% downpayment on all condo/TH mortgages. We also discovered that PMI would be about half of what I had thought it would be.

Once we sat and ran the numbers based on what we learned, we decided it was not the time for us. After downpayment and closing, our reserves were well below comfort level.

I’d also like to echo what has been said above about children. I’m probably a few years older than you and having my son changed my perspective on a number of things, one of which are the neighborhoods that are acceptable to me.

One thing that has helped me wade through some of the BS, is having some well grounded mature friends (co-workers, friends of the family, family, etc.) to bounce ideas off of and ask questions. I don’t mean the flashy guy that’s constantly talking about all the “stuff” he has. That guy is probably actually broke. I’m talking about the quite sensible guy that has been plugging away for years. This guy can be a source for wealth of knowledge and experience. Take the opportunity to learn from his mistakes.

OT:
Always be mindful that your realtor has a vested interest in your purchase.

Good Luck![/quote]

Agree completely with your OT statement. Realtors have an economic interest in you purchasing a home NOW. Your realtor might be a perfectly fine human being, as many if not most of them are, but you should NEVER rely on their advice. Again, read what Patrick has to say on patrick.net regarding “who will tell you that now is a good time to buy”. The number one person that will tell you its a good time to buy, is the realtor you hired to help you with the process.

[danielwis]

[quote=creechrr]If you haven’t done so already, go apply for a mortgage. During the process, you may run into something that you hadn’t considered. That something could be a game changer for you.

The process doesn’t take much time and it’ll help confirm what you thought you knew or help to further enlighten you.

My wife and I recently did this. During the process, we discovered that our lender of choice now requires a 15% downpayment on all condo/TH mortgages. We also discovered that PMI would be about half of what I had thought it would be.

Once we sat and ran the numbers based on what we learned, we decided it was not the time for us. After downpayment and closing, our reserves were well below comfort level.

I’d also like to echo what has been said above about children. I’m probably a few years older than you and having my son changed my perspective on a number of things, one of which are the neighborhoods that are acceptable to me.

One thing that has helped me wade through some of the BS, is having some well grounded mature friends (co-workers, friends of the family, family, etc.) to bounce ideas off of and ask questions. I don’t mean the flashy guy that’s constantly talking about all the “stuff” he has. That guy is probably actually broke. I’m talking about the quite sensible guy that has been plugging away for years. This guy can be a source for wealth of knowledge and experience. Take the opportunity to learn from his mistakes.

OT:
Always be mindful that your realtor has a vested interest in your purchase.

Good Luck![/quote]

Agree completely with your OT statement. Realtors have an economic interest in you purchasing a home NOW. Your realtor might be a perfectly fine human being, as many if not most of them are, but you should NEVER rely on their advice. Again, read what Patrick has to say on patrick.net regarding “who will tell you that now is a good time to buy”. The number one person that will tell you its a good time to buy, is the realtor you hired to help you with the process.

[danielwis]

[quote=creechrr]If you haven’t done so already, go apply for a mortgage. During the process, you may run into something that you hadn’t considered. That something could be a game changer for you.

The process doesn’t take much time and it’ll help confirm what you thought you knew or help to further enlighten you.

My wife and I recently did this. During the process, we discovered that our lender of choice now requires a 15% downpayment on all condo/TH mortgages. We also discovered that PMI would be about half of what I had thought it would be.

Once we sat and ran the numbers based on what we learned, we decided it was not the time for us. After downpayment and closing, our reserves were well below comfort level.

I’d also like to echo what has been said above about children. I’m probably a few years older than you and having my son changed my perspective on a number of things, one of which are the neighborhoods that are acceptable to me.

One thing that has helped me wade through some of the BS, is having some well grounded mature friends (co-workers, friends of the family, family, etc.) to bounce ideas off of and ask questions. I don’t mean the flashy guy that’s constantly talking about all the “stuff” he has. That guy is probably actually broke. I’m talking about the quite sensible guy that has been plugging away for years. This guy can be a source for wealth of knowledge and experience. Take the opportunity to learn from his mistakes.

OT:
Always be mindful that your realtor has a vested interest in your purchase.

Good Luck![/quote]

Agree completely with your OT statement. Realtors have an economic interest in you purchasing a home NOW. Your realtor might be a perfectly fine human being, as many if not most of them are, but you should NEVER rely on their advice. Again, read what Patrick has to say on patrick.net regarding “who will tell you that now is a good time to buy”. The number one person that will tell you its a good time to buy, is the realtor you hired to help you with the process.

[danielwis]

[quote=creechrr]If you haven’t done so already, go apply for a mortgage. During the process, you may run into something that you hadn’t considered. That something could be a game changer for you.

The process doesn’t take much time and it’ll help confirm what you thought you knew or help to further enlighten you.

My wife and I recently did this. During the process, we discovered that our lender of choice now requires a 15% downpayment on all condo/TH mortgages. We also discovered that PMI would be about half of what I had thought it would be.

Once we sat and ran the numbers based on what we learned, we decided it was not the time for us. After downpayment and closing, our reserves were well below comfort level.

I’d also like to echo what has been said above about children. I’m probably a few years older than you and having my son changed my perspective on a number of things, one of which are the neighborhoods that are acceptable to me.

One thing that has helped me wade through some of the BS, is having some well grounded mature friends (co-workers, friends of the family, family, etc.) to bounce ideas off of and ask questions. I don’t mean the flashy guy that’s constantly talking about all the “stuff” he has. That guy is probably actually broke. I’m talking about the quite sensible guy that has been plugging away for years. This guy can be a source for wealth of knowledge and experience. Take the opportunity to learn from his mistakes.

OT:
Always be mindful that your realtor has a vested interest in your purchase.

Good Luck![/quote]

Agree completely with your OT statement. Realtors have an economic interest in you purchasing a home NOW. Your realtor might be a perfectly fine human being, as many if not most of them are, but you should NEVER rely on their advice. Again, read what Patrick has to say on patrick.net regarding “who will tell you that now is a good time to buy”. The number one person that will tell you its a good time to buy, is the realtor you hired to help you with the process.

[danielwis]

Regarding PMI: I had PMI on a condo I once owned in Hawaii back in the late 1990’s. I did the FHA 3% that you are considering. I bought when prices were low for the area. 18 months after the purchase, prices jumped 20 %. I called the bank and said simply “prices are up, my assessed value on my tax bill is up, drop my PMI”. The PMI was dropped with no questions asked, because I now had the equity I did not have at the time of purchase. PMI worked out fine for me under those circumstances.

Now, we are in a completely different atmosphere now. Many analyst are not expecting 20 % price gains anytime soon. That said, the PMI is good because it allows you to make the purchase if you decide the timing is right. Its really all about your comfort level and what you are willing to pay.

Question for you: How long would it take for you to save the 20 % down payment in the price range you are considering? If your answer is 3 or 4 years, perhaps waiting would work well for you. If your answer is 10 years, then you might well have to pay PMI, or secure a second mortgage for 17 % of the purchase price.

[danielwis]

Regarding PMI: I had PMI on a condo I once owned in Hawaii back in the late 1990’s. I did the FHA 3% that you are considering. I bought when prices were low for the area. 18 months after the purchase, prices jumped 20 %. I called the bank and said simply “prices are up, my assessed value on my tax bill is up, drop my PMI”. The PMI was dropped with no questions asked, because I now had the equity I did not have at the time of purchase. PMI worked out fine for me under those circumstances.

Now, we are in a completely different atmosphere now. Many analyst are not expecting 20 % price gains anytime soon. That said, the PMI is good because it allows you to make the purchase if you decide the timing is right. Its really all about your comfort level and what you are willing to pay.

Question for you: How long would it take for you to save the 20 % down payment in the price range you are considering? If your answer is 3 or 4 years, perhaps waiting would work well for you. If your answer is 10 years, then you might well have to pay PMI, or secure a second mortgage for 17 % of the purchase price.

[danielwis]

Regarding PMI: I had PMI on a condo I once owned in Hawaii back in the late 1990’s. I did the FHA 3% that you are considering. I bought when prices were low for the area. 18 months after the purchase, prices jumped 20 %. I called the bank and said simply “prices are up, my assessed value on my tax bill is up, drop my PMI”. The PMI was dropped with no questions asked, because I now had the equity I did not have at the time of purchase. PMI worked out fine for me under those circumstances.

Now, we are in a completely different atmosphere now. Many analyst are not expecting 20 % price gains anytime soon. That said, the PMI is good because it allows you to make the purchase if you decide the timing is right. Its really all about your comfort level and what you are willing to pay.

Question for you: How long would it take for you to save the 20 % down payment in the price range you are considering? If your answer is 3 or 4 years, perhaps waiting would work well for you. If your answer is 10 years, then you might well have to pay PMI, or secure a second mortgage for 17 % of the purchase price.

[danielwis]

Regarding PMI: I had PMI on a condo I once owned in Hawaii back in the late 1990’s. I did the FHA 3% that you are considering. I bought when prices were low for the area. 18 months after the purchase, prices jumped 20 %. I called the bank and said simply “prices are up, my assessed value on my tax bill is up, drop my PMI”. The PMI was dropped with no questions asked, because I now had the equity I did not have at the time of purchase. PMI worked out fine for me under those circumstances.

Now, we are in a completely different atmosphere now. Many analyst are not expecting 20 % price gains anytime soon. That said, the PMI is good because it allows you to make the purchase if you decide the timing is right. Its really all about your comfort level and what you are willing to pay.

Question for you: How long would it take for you to save the 20 % down payment in the price range you are considering? If your answer is 3 or 4 years, perhaps waiting would work well for you. If your answer is 10 years, then you might well have to pay PMI, or secure a second mortgage for 17 % of the purchase price.

[danielwis]

Regarding PMI: I had PMI on a condo I once owned in Hawaii back in the late 1990’s. I did the FHA 3% that you are considering. I bought when prices were low for the area. 18 months after the purchase, prices jumped 20 %. I called the bank and said simply “prices are up, my assessed value on my tax bill is up, drop my PMI”. The PMI was dropped with no questions asked, because I now had the equity I did not have at the time of purchase. PMI worked out fine for me under those circumstances.

Now, we are in a completely different atmosphere now. Many analyst are not expecting 20 % price gains anytime soon. That said, the PMI is good because it allows you to make the purchase if you decide the timing is right. Its really all about your comfort level and what you are willing to pay.

Question for you: How long would it take for you to save the 20 % down payment in the price range you are considering? If your answer is 3 or 4 years, perhaps waiting would work well for you. If your answer is 10 years, then you might well have to pay PMI, or secure a second mortgage for 17 % of the purchase price.

[Author]

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