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Old 08-14-2020, 12:26 PM   #9301
Bryan T
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Quote:
Originally Posted by TheViking85 View Post
Yeah, Plano is no longer an option for us, we can't afford it. I'm half looking at the red headed stepchild of the Northern suburbs, Garland, .

But realistically, we'll rent for another year, then consider relocating, just annoying to continue to throw money out the window, with no return beyond having an HGTV-beige box to sleep in. (Can you tell I hate renting?)
They are renting now, too. Looking to build or buy a McMansion amongst the other McMansions.
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Old 08-14-2020, 02:21 PM   #9302
Compressed
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Renting is not all bad. Houses can be quite a bit more expensive than one might think at first and if it's a condo or townhome you don't have to pay HOA's and special assessments, etc while renting.

Right now is a weird time to buy a home unless you happen to find a gem. Supply is really low and although demand has dropped it is exceeding supply and prices have risen in most housing markets I think.

Now vacation, second home areas are just start to tip I think but it's just the beginning.
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Old 08-14-2020, 02:51 PM   #9303
delongedoug
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I'm 36 and have been renting since 22. It's kept me flexible when changing jobs and eventually countries. We're getting closer to ready to buy but still feel no urgency. We're comfortable where we are.
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Old 08-14-2020, 03:11 PM   #9304
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Yeah, 35 here, rented since I changed countries, difference being that I hate renting I guess. Apartments are just glorified hotel rooms with a kitchen. But to Compressed's point, not a good time to buy most places, so I don't foresee it actually happening.

The hope right now, is that the wife can get a well paid remote work job when her degree is done, which allows us to move away from employment hubs and just live in the sticks somewhere.

Or move to Norway/Canada.
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Old 08-14-2020, 06:23 PM   #9305
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As I may have posted when I mentioned my potential homeownership, a mortgage on a $275k house with tax, insurance, and PMI after an FHA loan is $1150ish, the average one bedroom in Portland is about $1450. Doesn't make any sense to rent here.

I've signed up for a first-time home buyer class and a consultation to get enrolled into a matched savings account that will match contributions up to $2,000 3 to 1 towards a down payment, and my monthly bonus check on 8/28 is going to have a comma in it for the first time in my life. Feels good.

Last edited by XanRules; 08-14-2020 at 07:12 PM.
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Old 08-14-2020, 07:02 PM   #9306
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You get bonuses?! Lucky you.

The down payment is what makes many people rent instead of buy.

Your 275k, for no PMI, they'd need 55k
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Old 08-14-2020, 07:08 PM   #9307
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tiny ones, previously, but they've been getting bigger every month as I've gotten better at the job

But yeah, I only have one set of friends who have made a large enough down payment to avoid PMI in the past couple of years, but they're also both making six figures in Seattle. Everyone else is paying less than the average one-bedroom rent even with PMI included.
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Old 08-14-2020, 07:16 PM   #9308
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I think no PMI is a great target, however it is really challenging until you have had a couple houses and been able to roll equity over (this assumes markets always go up like the other housing thread...). I think my first house was 5% down. My second house was 10%, and it wasn't until my third where I got out from PMI, and that was significantly benefited by buying it after housing crashed in 2008/9.

If you have good credit you might not need 20%, but if you can do 20% it is much better.
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Old 08-14-2020, 07:42 PM   #9309
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Yeah, I have A+ credit and should be able to put 5-10% down, which ain't bad for my first. 20 isn't feasible in the timeframe I'm looking at.
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Old 08-14-2020, 07:59 PM   #9310
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28 and renting because I am not at a point in my career salary-wise where I can even think about buying a home in California in many other places of the country, I could, easily.

inb4 "sure you can afford California, go live in *insert random podunk city in California in the middle of freaking nowhere"
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Old 08-14-2020, 08:05 PM   #9311
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I, for one, am glad my renting days are over. I have to say there are not a lot of great things about getting older, but having a house, a good job and some money aren’t bad.
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Old 08-14-2020, 08:14 PM   #9312
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We're fine credit score wise, so no concerns there, and would have 20% on $275k, but the monthly payment is waaay higher than $1,1k here when you consider taxes. Closer to $1,7k/mo. Then of course, higher ins and utility costs.

But beyond that, the houses in that price range are either underpriced for a bidding war and don't sell for it, or in serious need of repairs either immediately or soon.
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Old 08-14-2020, 11:04 PM   #9313
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These numbers are cute. We’d be looking at minimum $120K for a 20% down payment here in the Washington DC area suburbs, but that would get us a decent 2.5-3k sqft house if we were willing to commute much further than we do.
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Old 08-14-2020, 11:37 PM   #9314
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I'm finally closing on my refi on Monday morning...finally! This process started early June. Its not a a cash out but as a happy accident I am getting a few bucks at closing, plus a refund for current escrow later.

And I know what your talking about Orbital because I live in the DC suburbs. Houses in my neighborhood go for way more than they should. My neighbor put their fairly small (like ~1500 sq ft) townhouse up for $470k and ended up with $480k in 2 days with 8 bids. I fortunately bought 7 years ago before things got insane. This house was barely in my price range then and I only put 10% down.
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Old 08-15-2020, 12:15 AM   #9315
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These numbers are cute. We’d be looking at minimum $120K for a 20% down payment here in the Washington DC area suburbs, but that would get us a decent 2.5-3k sqft house if we were willing to commute much further than we do.
My plan hinges on the market tanking in the next twelve months. Otherwise $500k gets you "livable" if you're inside city limits, $350k outside.
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Old 08-15-2020, 03:54 AM   #9316
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My plan hinges on the market tanking in the next twelve months. Otherwise $500k gets you "livable" if you're inside city limits, $350k outside.
Don’t get me started. $650K townhouses with no garage, $350K condos with street parking...****’s stupid. Or a $550K family home way out in the sticks on a 1/3 to 1/2 acre? I ****ing hate commuting...
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Old 08-16-2020, 02:20 PM   #9317
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Quote:
Originally Posted by OrbitalEllipses View Post
Don’t get me started. $650K townhouses with no garage, $350K condos with street parking...****’s stupid. Or a $550K family home way out in the sticks on a 1/3 to 1/2 acre? I ****ing hate commuting...
Laughs in cheap property values that are still in nice areas.
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Old 08-16-2020, 04:19 PM   #9318
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Laughs in cheap property values that are still in nice areas.
<cries in poor>
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Old 08-17-2020, 11:09 AM   #9319
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Quote:
Originally Posted by WRX Shenanigans View Post
I'm finally closing on my refi on Monday morning...finally! This process started early June. Its not a a cash out but as a happy accident I am getting a few bucks at closing, plus a refund for current escrow later.

And I know what your talking about Orbital because I live in the DC suburbs. Houses in my neighborhood go for way more than they should. My neighbor put their fairly small (like ~1500 sq ft) townhouse up for $470k and ended up with $480k in 2 days with 8 bids. I fortunately bought 7 years ago before things got insane. This house was barely in my price range then and I only put 10% down.
Just signed the closing paperwork! W00t! Glad that's over.
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Old 08-17-2020, 01:17 PM   #9320
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Quote:
Originally Posted by WRX Shenanigans View Post
Just signed the closing paperwork! W00t! Glad that's over.
I did a bunch of refi's sort of back to back. In one, the broker would explain the paper, hand it to me for signature and I'd read through the info that was filled in.

One paper: That's the wrong bank.
Next one: Those numbers aren't even close to right.
Next one: That's not even my name.
Next one: Address is wrong including the town.

The were able to reprint with correct data, but man.....where did these people get their degree? Clown School?
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Old 08-17-2020, 01:27 PM   #9321
WRX Shenanigans
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Quote:
Originally Posted by Jack View Post
I did a bunch of refi's sort of back to back. In one, the broker would explain the paper, hand it to me for signature and I'd read through the info that was filled in.

One paper: That's the wrong bank.
Next one: Those numbers aren't even close to right.
Next one: That's not even my name.
Next one: Address is wrong including the town.

The were able to reprint with correct data, but man.....where did these people get their degree? Clown School?
That would scare the hell out of me. All my paperwork seemed to be ok. I was able to see the main docs with the numbers in advance, so that was all pre-verified.

My neighbor, and mortgage broker, both think I should open a HELOC now since I already have the paperwork in order. $0 closing costs. I could get basically about 10% of my home value. My neighbors rationale is when you really need it, like god forbid in case of a job loss, you won't be able to get it. Or if you decide to do some home improvement, its already there ready for you, no heavy application process and waiting for approval.
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Old 08-17-2020, 01:31 PM   #9322
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Always, always read through and double check the papers you actually sign at closing. I've caught at least one major errors in each closing I've had.
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Old 08-18-2020, 11:41 AM   #9323
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Can someone point me in the right direction on some solid lenders to look into for a refi? This is my first time refinancing and I’ve been reading online and looking at rates, but I’m ready to move forward and was hoping for some recs from the personal finance wizards here. Thank you!
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Old 08-18-2020, 11:50 AM   #9324
Compressed
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Costco finance. If you aren't a member it is worth it to join.
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Old 08-18-2020, 11:56 AM   #9325
AaronB
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I checked Amex earlier at it is still 1%, so I assume I will get an email tomorrow with an updated rate.
As expected Amex lowered HYS to .8% like the others, just slower than expected. I did get that sweet 5 extra days of 1%, so I might retire soon!
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