What Made you Smile/What Ticked you off Today?

[prfsnl_gmr]

Depends on where you are prfgamer...

In the Houston area right now real estate is hot. Values have been increasing and you are likely to get more than your appraised value. Our neighbors sold their house at asking price and on the first showing a few weeks ago. I'm not sure how the Louisiana market is though.

I would also not buy it if I am not planning to move there for over 2 yearsm no need to have an unnecessary financial burden.

I should have qualified my statement. Urban real estate price is doing well, and homes in my neighborhood generally sell within days. Rural areas have not seen an increase, however, and since the home is in rural Louisiana, I would not expect it to sell at or above the appraised value.

[KitKatCara]

The average listing price for homes in my town is $261,785 according to trulia.com. It's a historical town, but my street is just outside the corp. limits. Another home I was looking at which is in the same neighborhood was going for $90,000 but it was a mobile home with lots of problems only on two acres of swampy land. My Aunt's property is 4 acres, and has been maintained by my dad for the last six years, and even if I told him not to worry about it he would still look after the property.

The more I think about it, the more it just isn't going to happen. I really want this piece of land, but the headache I would have to go through to get it is seeming to be not worth it. If I get denied for the loan, wouldn't that hurt my credit? I've already been denied once for a medical loan, so I don't want to put any more hits on it.

The whole reason that we came to Houston was to save money and for me to attend school, then move back when I could secure a job and afford a place to live. They're are many other homes for sale in my home town but I don't know what the market will be in three years. Or if we'll even want to move back at that point. Their isn't really much to do back home other than go to New Orleans, and that's a 45 minute car ride right there.

Bleh. I'm still going to talk to Jinx about it, but that 20% down really got me. I knew that I had to make a down payment, but I didn't know it was that much. The last agreement I had where I paid a down payment was the car, and that was between a 'friend' and I. I paid when I could, and nothing was really official other than the title transfer. We all know where that got us.

[Luke]

Something will turn up. But yeah, 20% down is usually the bare minimum, and that won't get you the best loan. You should also think about if paying the mortgage off in half the time is possible.

A rule of thumb is being able to pay off a 30 year loan in 15. Things will come up that cost a lot of money, trust me.

[Jmustang1968]

Eh young first time buyers can easily get away with an fha loan. I believe it is 5% down and you will have mortgage insurance.

I think the timing will kill it more than anything else.

[KitKatCara]

Yeah, the timing is what sucks the most. When we actually were in the position to buy it almost two years ago, I got pregnant. We would have been ruined if we went for it then. We had to hurry up and purchase a vehicle that could accommodate a kid, and even then it wasn't legal until a few months after because the person we bought it from asked us to pay her back taxes, which was $1500 and 'forgot' to tell us. So it was sitting in my yard until we could come up with that. We've spent almost $7,000 so far on that stupid car, and have enough savings to cover it to fix the damn thing again if it needs it (If I don't take a crow bar to it).

Another point I didn't think of was brought up by my friend. Jinx and I aren't legally married, even though we have joint ownership in a few of our things. Trying to get a loan like that without that piece of paper probably won't end well.

Thanks for all of your advice guys. I know its from a bunch of internet strangers, but I've agreed with most of your advice before so that's why I came here. Still sucks, but I'll get over it. We need a new car first anyway. The cruiser needs to be sold.

[SNKnicotine]

but still in Chicago

When are you going? You should come see me perform if possible. Could probably get you in for free.

Frown: First my wife buys one ply Scott's toilet paper, and this morning she tries to "fix" the handle on our master bathroom toilet. There was NOTHING wrong with the handle. You pressed it down, it came right back up, but she said "I thought I heard a scraping noise". Well she fudged it up to the point that now we'll have to reinstall the trip lever and such.

Probably only ten bucks and fifteen minutes wasted, but it's exactly that; wasted money and time. That's what really ticks me off.

Ill be there from the 19th - 21st

[prfsnl_gmr]

If I get denied for the loan, wouldn't that hurt my credit? I've already been denied once for a medical loan, so I don't want to put any more hits on it

It isn't the denial; it's the application. The effect doesn't last very long, however; so, I wouldn't worry about it too much.

The whole reason that we came to Houston was to save money and for me to attend school, then move back when I could secure a job and afford a place to live. They're are many other homes for sale in my home town but I don't know what the market will be in three years. Or if we'll even want to move back at that point. Their isn't really much to do back home other than go to New Orleans, and that's a 45 minute car ride right there.

You are very young, and your life will take you to unexpected places. It is best for you not to be tied down to a piece of property at this point in your lives.

Eh young first time buyers can easily get away with an fha loan. I believe it is 5% down and you will have mortgage insurance.

This is true, but to qualify I suspect that you would have to represent on your mortgage application that you planned to make the property your primary residence immeidately. That is not the case here. You could also look into getting an 80/20 that would allow you to avoid mortgage insurance - this is what I did during the crazy summer of 2005 - but I am not sure whether lenders to that any more. (My guess is that they do not...)

We've spent almost $7,000 so far on that stupid car, and have enough savings to cover it to fix the damn thing again if it needs it (If I don't take a crow bar to it)...We need a new car first anyway. The cruiser needs to be sold.

QFT

Another point I didn't think of was brought up by my friend. Jinx and I aren't legally married, even though we have joint ownership in a few of our things. Trying to get a loan like that without that piece of paper probably won't end well.

My wife and I financed our house before we were married without incident. (We had the title updated when we re-financed.) That said, you and Jinx should go ahead and make it official. A quick trip to the court house and few dollars for the license and officiant is all you need...

[KitKatCara]

My wife and I financed our house before we were married without incident. (We had the title updated when we re-financed.) That said, you and Jinx should go ahead and make it official. A quick trip to the court house and few dollars for the license and officiant is all you need...

If we tied the knot right now, I would lose my FAFSA and would not be able to afford to go to school. I want the big ceremony anyway and intend to pay for it myself, and I can see it being a huge drama fest if my mom paid for it. If we did it now it would be for all the wrong reasons anyway, I don't want to elope just because it would be 'easier'. I intend on getting married after we are in our own home and stable enough to do so.

Jinx is a butt about it anyway.

[prfsnl_gmr]

My wife and I financed our house before we were married without incident. (We had the title updated when we re-financed.) That said, you and Jinx should go ahead and make it official. A quick trip to the court house and few dollars for the license and officiant is all you need...

If we tied the knot right now, I would lose my FAFSA and would not be able to afford to go to school. I want the big ceremony anyway and intend to pay for it myself, and I can see it being a huge drama fest if my mom paid for it. If we did it now it would be for all the wrong reasons anyway, I don't want to elope just because it would be 'easier'. I intend on getting married after we are in our own home and stable enough to do so.

Jinx is a butt about it anyway.

Got it...It sounds like the arrangement does not make financial sense for you right now. There are some financial benefits to it down the road, however, and I think you will realize them after you graduate. I can't blame you for wanting a ceremony since my wife and I had one. (Just don't wait too long! The "right" time somehow never seems to come around for these sorts of things...) I also can't blame you for financing the ceremony yourself. My wife and I did that - and while I do not think that we would have had any drama from either of our very low key families - it was still nice to have complete creative control. It also made the event more satisfying for us since we had to work very hard to pay for it.

Finally...do we get to look forward to jinx complaining about a bridezilla in a few years? You did mention wanting a big ceremony...

[MrPopo]

Smile: Just got the meeting invite that next week Friday our group is bringing in Coldstone Creamery for everyone.