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Old 04-16-2007, 01:53 PM   #21
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Moody, tell us how you REALLY feel about owning. :icon_smil
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Old 04-16-2007, 01:57 PM   #22
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Quote:
Originally Posted by Faylaricia
Moody, tell us how you REALLY feel about owning. :icon_smil
No such thing anymore. Invest in something that has a real return.
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Old 04-16-2007, 02:09 PM   #23
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Quote:
Originally Posted by p0opstlnksal0t
i gotta guy that is a loan/investment specialist. hes very good at getting people the best mortgages available. i was very surprised at the rate i was able to get, and the amount of money i was able to borrow. i have noob credit and was able to get 200,000.00 loan with no money down. at 5.25% fixed rate. im only 22 years old, and i think my credit score is like 680
No money down???????????

Did you finance all 100% (principle, interest, and mortgage insurance) or get a 80/20?

Taxes right now - are you paying improved or unimproved?
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Old 04-16-2007, 02:15 PM   #24
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Quote:
Originally Posted by Moody
I would disagree with the whole buying thing verse renting. Buying a home is a joke unless it is a nice piece of land away from all the idiots and HOAs. I pay a bunch of money to people who do nothing for me except while at the same time I have to deal with neighbor BS and home maintenance. The American Dream of owning a home is a joke unless you our outside of the HOAs. Otherwise they dictate what you can and can not do so you really don't own but you get a bunch of financial responsibility that is not going to pay off anytime soon in your life.

+12123234234234234
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Old 04-16-2007, 02:19 PM   #25
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Quote:
Originally Posted by p0opstlnksal0t
i gotta guy that is a loan/investment specialist. hes very good at getting people the best mortgages available. i was very surprised at the rate i was able to get, and the amount of money i was able to borrow. i have noob credit and was able to get 200,000.00 loan with no money down. at 5.25% fixed rate. im only 22 years old, and i think my credit score is like 680
This is a good deal, just make sure there are no points in the loan, i really doubt you get 5.25% in your second loan. There is no such thing called 100% loan, it is a 80 20 and the 20 normally has a bigger interest rate if not points. 680 is not that great but is a good credit, i had 727 when i bought my house. a 200K house depending on location will be around 7 - 9 k in tax a year. plus utilities and blah blah blah. Do some research and best of luck.
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Old 04-16-2007, 02:40 PM   #26
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Quote:
Originally Posted by alrova
This is a good deal, just make sure there are no points in the loan, i really doubt you get 5.25% in your second loan. There is no such thing called 100% loan, it is a 80 20 and the 20 normally has a bigger interest rate if not points. 680 is not that great but is a good credit, i had 727 when i bought my house. a 200K house depending on location will be around 7 - 9 k in tax a year. plus utilities and blah blah blah. Do some research and best of luck.
Yes, there is a 100% loan. You can finance the whole 100% through the lender and they will add on what they call mortgage insurance.

So you will have:
Principle
Interest
Mortgage Insurance
Taxes
Homeowners Insurance

Mortgage Insurance is based off of your loan amount and credit score.

I used to work for a lender.
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Old 04-16-2007, 02:51 PM   #27
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Originally Posted by Moody
No such thing anymore. Invest in something that has a real return.

i have friends that are rich now because they have been flipping houses for the last 3 years.
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Old 04-16-2007, 02:52 PM   #28
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i bought a foreclosure, i plan on keeping it a year, then reselling about this time next year. tax out here is 3.59% i pay 1718.00/month with tax/insurance escrowed. and yes it is a 100% loan
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Old 04-16-2007, 02:58 PM   #29
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Quote:
Originally Posted by p0opstlnksal0t
i bought a foreclosure, i plan on keeping it a year, then reselling about this time next year. tax out here is 3.59% i pay 1718.00/month with tax/insurance escrowed. and yes it is a 100% loan

nevermind i just read the thread haha.

Last edited by amber|alexis; 04-16-2007 at 03:00 PM.
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Old 04-16-2007, 03:01 PM   #30
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Quote:
Originally Posted by p0opstlnksal0t
why not buy a house? then your slowly building equity. its a buyers market out here in katy, and i got a helluva deal on my house i just bought. its 3200 sq. ft. 4/2.5/2 on a culdesac lot (huge). its near fry rd. off west little york.

i was in the same boat, looking for an apartment/house to rent. i talked to alot of investment brokers, and they all said the same thing: "Buy a house" dont rent.

well in that case..i guess i'll look for houses then. I'd love to buy but I'd like to pay of my CC bills first...
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Old 04-16-2007, 03:01 PM   #31
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Originally Posted by F4i amber
did you put the standard 10% down?
nope

the bank that i bought the house for covered 5000.00 of closing costs. the rest of the closing costs were worked into the loan.

i had alot of play area in the loan b/c the house appraised for quite a bit.
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Old 04-16-2007, 03:35 PM   #32
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Quote:
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i have friends that are rich now because they have been flipping houses for the last 3 years.
Well, this is a different scenario my friend. You bought a forclosed home to sell in a year, not a place to live. Completely different.
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Old 04-16-2007, 03:39 PM   #33
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Quote:
Originally Posted by p0opstlnksal0t
why not buy a house? then your slowly building equity. its a buyers market out here in katy, and i got a helluva deal on my house i just bought. its 3200 sq. ft. 4/2.5/2 on a culdesac lot (huge). its near fry rd. off west little york.

i was in the same boat, looking for an apartment/house to rent. i talked to alot of investment brokers, and they all said the same thing: "Buy a house" dont rent.
+1...don't burn your money on an apartment. A house appreciates in value and as said, you earn equity...i'd consider getting a house..
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Old 04-16-2007, 03:46 PM   #34
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+1...don't burn your money on an apartment. A house appreciates in value and as said, you earn equity...i'd consider getting a house..
It can payoff but most of it is just burning more money. Your utilities are uselly higher on a home, plus additional maintenance costs. I would rather have a mutual fund earning me a much higher yield in a much shorter amount of time. Of course this only applies to a general scenario of homes as i stated there are other ways of owning a home which I believe are good investments.
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Old 04-16-2007, 04:02 PM   #35
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It can payoff but most of it is just burning more money. Your utilities are uselly higher on a home, plus additional maintenance costs. I would rather have a mutual fund earning me a much higher yield in a much shorter amount of time. Of course this only applies to a general scenario of homes as i stated there are other ways of owning a home which I believe are good investments.
Indeed. I will say though that a major factor with people running into financial burdens and such with purchasing homes is that typically, people buy more house than they are capable of affording. The reason I say buy a home over renting an apartment is that although you will be taxed and your output will grow substantially, in the end all of that capital goes toward owning the home. The latter cannot be contributed to the rental of an apartment and your expenses will likely be about the same. I know apartments where people pay over $1200/ month not including lights, water, electric and parking. You can pretty much get a home with the same amount of output capital and you will eventually own it. Others factors one must consider are your credit score, overpayment amounts, flood zones as there are implications with regard to insurance and such and amount available for life's intangibles after considerations to monthly bills among many others.I'd personally look to buying a home, but definately out in the country with atleast 10 acres of land. Mutual funds are good but one must always remember that with limited risk, there is limited pay back (otherwise known as ROI)...always look to diversify your portfolio with a wide range of investments. One caveat: Invest knowledgeably. Don't go blindly hoping for big returns.
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Old 04-16-2007, 04:05 PM   #36
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Originally Posted by Moody
Of course this only applies to a general scenario of homes as i stated there are other ways of owning a home which I believe are good investments.

this is true, thats why i bought a foreclosure, and plan on making a good 40-50k profit when i sell it. good ol sweat equity too... im doing all the remodeling myself.
it also helps to buy a newer built house b/c you will be more energy efficient. the house im in is surprisingly efficient for its size.
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Old 04-16-2007, 04:09 PM   #37
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Indeed. I will say though that a major factor with people running into financial burdens and such with purchasing homes is that typically, people buy more house than they are capable of affording. The reason I say buy a home over renting an apartment is that although you will be taxed and your output will grow substantially, in the end all of that capital goes toward owning the home. The latter cannot be contributed to the rental of an apartment and your expenses will likely be about the same. I know apartments where people pay over $1200/ month not including lights, water, electric and parking. You can pretty much get a home with the same amount of output capital and you will eventually own it. Others factors one must consider are your credit score, overpayment amounts, flood zones as there are implications with regard to insurance and such and amount available for life's intangibles after considerations to monthly bills among many others.I'd personally look to buying a home, but definately out in the country with atleast 10 acres of land. Mutual funds are good but one must always remember that with limited risk, there is limited pay back (otherwise known as ROI)...always look to diversify your portfolio with a wide range of investments. One caveat: Invest knowledgeably. Don't go blindly hoping for big returns.
Very well put, I love when you write these things up. You forgot that you never own anything though. You still pay taxes. :eh:

Beware of the new home builders... they will suck you in.
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Old 04-16-2007, 04:10 PM   #38
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this is true, thats why i bought a foreclosure, and plan on making a good 40-50k profit when i sell it. good ol sweat equity too... im doing all the remodeling myself.
it also helps to buy a newer built house b/c you will be more energy efficient. the house im in is surprisingly efficient for its size.
Yes you have a good plan there. In fact maybe we should talk offline. :icon_bigg
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Old 04-16-2007, 04:10 PM   #39
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Quote:
Originally Posted by p0opstlnksal0t
this is true, thats why i bought a foreclosure, and plan on making a good 40-50k profit when i sell it. good ol sweat equity too... im doing all the remodeling myself.
it also helps to buy a newer built house b/c you will be more energy efficient. the house im in is surprisingly efficient for its size.
You also get tax breaks for having an energy efficient home. Bout $400 dollars worth in my moms case...
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Old 04-16-2007, 04:12 PM   #40
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Very well put, I love when you write these things up. You forgot that you never own anything though. You still pay taxes. :eh:

Beware of the new home builders... they will suck you in.
Why do you love when I write um up?(Being facetious?) Crystal hates it and says I should stop...lol. Oh well and yes, you do pay taxes but then again, there are only two guarantees in life...death and taxes. N yes, home builders will eat ya alive...particularly if you have bad credit...
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