Buying a Home is a Headache

[JT-Money]

Long Island actually got even more competitive cause a lot of the cacs in Manhattan moved there for covid.

mans honestly even before that Idk how cause every other day I use to hear people are fleeing the island because of high taxes

Oh crap I forgot about everyone fleeing the city for the suburbs. These prices might not come down for awhile then. Its gonna take a miracle to get people back into major cities anytime soon. If you're able to work remotely why live in a city with everything shutdown?

 

[Sad Bunny]

I Know What PMI Is

What Was The PMI Amount You Had To Pay Up Front?

I close in August but they're anticipating about 5-6k-ish upfront or $85-95 per month and it'll drop off after about 5 to 7 years.

I rather keep my monthly payment lower and pay it upfront and avoid paying interest on the PMI so I might pay it upfront.

I also qualified for a loan with no PMI or down payment but the rate was 3.75.

I can do 10% down too but it doesn't change the monthly by much so will stick to 5% and keep the liquid cash on deck.

I plan to pay it off early anyways. I want to do 8 to 10 years but either way it will be paid off within 15.

I heard if you make just one extra mortgage payment per year it will knock off about 8 years of your mortgage.

 

[Deafheaven]

I hate when applicants dont have they assets in order then get mad at me for they own idiocy. No bytch its not a conspiracy to not sell you this house but you say you have 200k and this statement says you have 165. Make it make sense so I can get you in this crib

 

[Orange cream shake]

Could ya’ll post more examples of homes in your areas? Im just curious. Damn I’m complaining about 300k and ya’ll talking nearly half a million dollar homes.

Ain’t none sis. I just looked in the county I’m trying to move to and it’s not that many. It’s all bad


Check out this home at Realtor.com
$300,000
4beds · 3.5baths
9 Cedar Glen Ct, Weldon Spring

https://b1iw.app.link/NFCtqwjMMcb

9 Cedar Glen Ct, Weldon Spring, MO, 63304 | realtor.com®

 

[ThaBronxBully]

I close in August but they're anticipating about 5-6k-ish upfront or $85-95 per month and it'll drop off after about 5 to 7 years.

I rather keep my monthly payment lower and pay it upfront and avoid paying interest on the PMI so I might pay it upfront.

I also qualified for a loan with no PMI or down payment but the rate was 3.75.

I can do 10% down too but it doesn't change the monthly by much so will stick to 5% and keep the liquid cash on deck.

I plan to pay it off early anyways. I want to do 8 to 10 years but either way it will be paid off within 15.

I heard if you make just one extra mortgage payment per year it will knock off about 8 years of your mortgage.

Check Out This Calculator It Calculates PMI (Monthly) And It Tells You How Quick You Can Pay Off Your Mortgage If You Choose To Do Any Payments, It Will Literally Give You A Year By Year Breakdown Of Your Payments

Mortgage Payoff Calculator

Monthly PMI Lasts Until You Have Like 78% Equity In Your Home, I Unserstand It’s Not Just Easy To Put 20% Down But Lord Thats A lot Of Money NOT Working Toward Paying Off The Mortgage

 

[Orange cream shake]

I close in August but they're anticipating about 5-6k-ish upfront or $85-95 per month and it'll drop off after about 5 to 7 years.

I rather keep my monthly payment lower and pay it upfront and avoid paying interest on the PMI so I might pay it upfront.

I also qualified for a loan with no PMI or down payment but the rate was 3.75.

I can do 10% down too but it doesn't change the monthly by much so will stick to 5% and keep the liquid cash on deck.

I plan to pay it off early anyways. I want to do 8 to 10 years but either way it will be paid off within 15.

I heard if you make just one extra mortgage payment per year it will knock off about 8 years of your mortgage.

What kinda loan do you have where the pmi drops off after 5-7 years? Fha is life of loan unless you do 11% down. I’m on the other side of mortgaging now so I’m not up to date anymore on the underwriting side.

 

[Mac Brown]

Could ya’ll post more examples of homes in your areas? Im just curious. Damn I’m complaining about 300k and ya’ll talking nearly half a million dollar homes.

Texas good

Here is another example if you were willing to go a little over budget:

3803 Kiamesha Drive, Missouri City, TX 77459 - HAR.com


hint: I'm VERY familiar with this area

 

[Sad Bunny]

Check Out This Calculator It Calculates PMI (Monthly) And It Tells You How Quick You Can Pay Off Your Mortgage If You Choose To Do Any Payments, It Will Literally Give You A Year By Year Breakdown Of Your Payments

Mortgage Payoff Calculator

Monthly PMI Lasts Until You Have Like 78% Equity In Your Home, I Unserstand It’s Not Just Easy To Put 20% Down But Lord Thats A lot Of Money NOT Working Toward Paying Off The Mortgage

I know that's true.

So I wonder if it's not worth it to pay it upfront?

 

[Sad Bunny]

What kinda loan do you have where the pmi drops off after 5-7 years? Fha is life of loan unless you do 11% down. I’m on the other side of mortgaging now so I’m not up to date anymore on the underwriting side.

Conventional....personally I would never go with FHA for that reason.

 

[OG Talk]

Oh and if you don’t mind playing the long game and buying outside of city limits in a rural area, the USDA loan might work for you.

Years ago people were buying homes in Suwanee and Buford GA for zero down because it was considered “rural”. Now it’s grown so much it’s pretty much an Atlanta suburb and the values have skyrocketed.

Plus buying rural you get way more for your money. If you want big yards and space to build add ons.

 

[Sad Bunny]

Check Out This Calculator It Calculates PMI (Monthly) And It Tells You How Quick You Can Pay Off Your Mortgage If You Choose To Do Any Payments, It Will Literally Give You A Year By Year Breakdown Of Your Payments

Mortgage Payoff Calculator

Monthly PMI Lasts Until You Have Like 78% Equity In Your Home, I Unserstand It’s Not Just Easy To Put 20% Down But Lord Thats A lot Of Money NOT Working Toward Paying Off The Mortgage

Wow

I can pay it off in half the time if I did an extra thousand each month. I can pay it off in 20 if I did an extra 500 per month

Honestly at this point in our life that is very doable.

12000 a year that's a part time job or Uber if I even wanted to go that route and really Hustle.

 

[STEVE]

Buying my house was the most stressful thing I have ever done in my life.

Owning a home was a lot of work but ultimately fulfilling.

Selling my house was a lot of work but it got done.

I'm good from here on out. I'm staying in an apartment building for life.

 

[Sad Bunny]

Oh and if you don’t mind playing the long game and buying outside of city limits in a rural area, the USDA loan might work for you.

Years ago people were buying homes in Suwanee and Buford GA for zero down because it was considered “rural”. Now it’s grown so much it’s pretty much an Atlanta suburb and the values have skyrocketed.

Plus buying rural you get way more for your money. If you want big yards and space to build add ons.

This is basically what I am doing in the area just keeps growing and growing but I don't qualify for the USDA loan but I know a few people who did a couple years ago

 

[Sad Bunny]

Buying my house was the most stressful thing I have ever done in my life.

Owning a home was a lot of work but ultimately fulfilling.

Selling my house was a lot of work but it got done.

I'm good from here on out. I'm staying in an apartment building for life.

Damn lol

I wonder if this will be me one day lol

But those increasing rent prices will probably upset me so I don't think so but who knows

 

[the bossman]

Could ya’ll post more examples of homes in your areas? Im just curious. Damn I’m complaining about 300k and ya’ll talking nearly half a million dollar homes.

300k and 3br in DMV?

You could maybe find something like that but it will be a townhouse and you will be at least 45 minutes from the city