Was feelin guilty--Got a house now! - Discuss Was feelin guilty--Got a house now! on CBRXX, the ultimate on-line community for Honda motorcyclists. Read it in Off-Topic. (Everything else...)

ArmyStrong · 08-24-2009, 11:40 PM

No, not bike forums; and not the kind of forum you might find Lois or Shewie on any given day, but mortgage, credit, and home hunting forums! I'm trying to buy my first home this year! What a tedious process; and I ain't even begun! Lotsa work involved and I've been doing a LOT of research. Until recently, I thought the government had the market cornered on acronyms. I'm learning a whole new lingo!
That's what I've been up to lately, and what will take up a lot of my surfing time over the next couple of months, but I'll be on in between my searches. Of course I'll have to keep my post count up.

Wish me luck!!

If in my absence, I've been voted out of the club, please disregard the preceeding statement.

jclaude · 08-25-2009, 12:32 AM

It's not luck that you'll need mate,it's a miracle.Don't really know about mortgages in the US but here in Oz it's almost IMPOSSIBLE to buy a proper house with a 12% rate (give or take) at the moment and the constant rising of interest and the faaaaaaaaaar over valued apartements in Sydney only wealthy people or bankers can afford.I once made an inquiry for a 300 000$AU flat i found out that i had to give 3/4 of my wages for the next 30 years.It's not only here but the whole world seems to go wild,i've got a friend living in Paris, if your not a relative of Bill Gates you just end up sleeping under the bridge,where does the world go?

BTW don't worry we won't kick you out you're my only rampart against shewie and lois

Keep us posted on your "quest"

ArmyStrong · 08-25-2009, 12:49 AM

Seems to be the opposite here in most places. I'll never understand some international monetary workings! Seems like bloody murder at times! Seems like you get so little for so much!

Uglystick · 08-25-2009, 1:01 AM

Jclaude Im not sure where your banking at the moment but the norm should be around 6% or a variable interest mortgage and starting from 7% for a fixed..

lois · 08-25-2009, 1:38 AM

Good luck

L

jclaude · 08-25-2009, 1:49 AM

Quote:

Originally Posted by Uglystick

Jclaude Im not sure where your banking at the moment but the norm should be around 6% or a variable interest mortgage and starting from 7% for a fixed..

I'm with westpac,made an inquiry about a year and a half ago and for a 250 000$ loan i had to give something like 280 000 $ back it might have changed but with so many people losing their house i have to say that it gives me the heebe geebees

Poundstretcher · 08-25-2009, 8:11 AM

Tell you guy's, do it early. I am now mortgage & debt free and it is Friggin awesome

Uglystick · 08-25-2009, 8:46 AM

about another 7 years and I am hoping that the property I am buying now will have inceased in value enough for me to sell it and downsize with the profits,,

jclaude · 08-25-2009, 8:53 AM

Quote:

Originally Posted by Poundstrecher

Tell you guy's, do it early. I am now mortgage & debt free and it is Friggin awesome

How long did it take?

MotoRacerGabe · 08-25-2009, 9:28 AM

just bought my first home about 2 months ago.

like Poundstrecher said, doin' it early

i actually spend more time on e46fanatics.com

forums for 99-06 BMW 3-series

2000bluebird · 08-25-2009, 10:15 AM

Rates in canada are at an all time low. 2.85% on variable rates. 5% down required.
average house cost anywhere around $275,000 cdn. i'd hate to pay 12%. jeebez.

heisti · 08-25-2009, 1:26 PM

i wish you good luck - but it´s more running from one to the next home that is for selling - had to do it last year.

X1rider · 08-25-2009, 1:58 PM

Still living in my first home, a cottage ArmyStrong has been to several times. 6 years to go on the mortgage, numerous repairs and upgrades, remodels and maint. has convinced me to stay put, even though I would like a little larger place. Don't want to be making payments into my 80s

We refied 3 times over the last 2 decades and knocked off a few years and a lot of interest. 4.9% was the final refinanced figure. Lucky to get that. When I had a "real" job.

shewie · 08-25-2009, 8:02 PM

Quote:

Originally Posted by 2000bluebird

Rates in canada are at an all time low. 2.85% on variable rates. 5% down required.
average house cost anywhere around $275,000 cdn. i'd hate to pay 12%. jeebez.

Do you remember waaaaaay back in 1990? I bought my first house and was paying a paltry 14.5% interest to my loving bank. I laugh maniacally every time I see a mortgage statement now.

Quote:

Originally Posted by ArmyStrong

Wish me luck!!

Good luck! How goes the hunt?

PJNXX · 08-25-2009, 8:14 PM

I hope it works out for you Russ

. It is a buyer's market now so you should be able to give a low ball offer on a listing price. One bit of advice I must give you is to scrimp and save any way you can to save up enough money to put at least 20% down payment. This is to avoid paying PMI (private mortgage insurance). When My wife and I bought our house in 2002, if we put less than 20% down we would have needed to pay $95.00 per month for PMI. Thankfully we were able to put 21% down thus avoiding PMI.

ArmyStrong · 10-10-2009, 11:42 PM

The hunt's going well so far, Shewster, thanxx!

Quote:

I hope it works out for you Russ

. It is a buyer's market now so you should be able to give a low ball offer on a listing price. One bit of advice I must give you is to scrimp and save any way you can to save up enough money to put at least 20% down payment. This is to avoid paying PMI (private mortgage insurance). When My wife and I bought our house in 2002, if we put less than 20% down we would have needed to pay $95.00 per month for PMI. Thankfully we were able to put 21% down thus avoiding PMI.

Thanxx, Paul! I'll probably be going with VA where PMI isn't a requirement.

ArmyStrong · 10-10-2009, 11:44 PM

My time away has been spent well, resulted so far, in a hundred point increase in my credit score and a pre-approval! Now the fun begins...

DeathWish01 · 10-11-2009, 1:26 AM

SWEET! im trying to do the same thing... but sell my house and buy a new one.... its hard to decide and its mind numbing..... good luck

ArmyStrong · 11-23-2009, 1:04 AM

Quote:

Originally Posted by DeathWish01

SWEET! im trying to do the same thing... but sell my house and buy a new one.... its hard to decide and its mind numbing..... good luck

Thanks, you too!

Slowly getting there. Just found one and making an offer on it tomorrow. Once it's out of my hands, I'll resume my regularly scheduled whorin!

deadman · 11-23-2009, 3:43 AM

I bought the land I am living on now in 1990, 21% for $51,000-00 The recession we had to have, Lived in a caravan for four years on site, Built my house out of cash money as I earned it, The house is still not finished, But it has all the modern cons inside, But I dont care, I own it outright,
Bought a second house for $83,000-00. 15 years ago, Paid it off in 13 years, It now pays me rent.
Second house is now worth $300,000-00
My land is now worth $450,000-00 Plus it now has a house on it as well.
In Melbourne, your struggling to get a shit box for $300,000-00
Prices have gone through the roof.
I was lucky I bought when I did,
Property Values go up at least 100% every ten years without fail.
If you sell before the ten years are up, you will have a mortgage and nothing to show for it, So Keep that in mind.
Cheers,
Brian.

johnison1969 · 11-23-2009, 10:24 AM

I started out homeless..long story, then 7 years university, in bedsits, then I was married for 18 years, bought our first house for 70,000, now worth 250,000, Got divorced, lost job, got mental illness, live in bedsit again!

Gotta laugh though!

shewie · 11-23-2009, 11:40 AM

Quote:

Originally Posted by johnison1969

Got divorced, lost job, got mental illness, live in bedsit again!

What's the prognosis on your recovery chances and date thereof?

ArmyStrong · 01-03-2010, 4:37 PM

Quote:

Originally Posted by deadman

I bought the land I am living on now in 1990, 21% for $51,000-00 The recession we had to have, Lived in a caravan for four years on site, Built my house out of cash money as I earned it, The house is still not finished, But it has all the modern cons inside, But I dont care, I own it outright,
Bought a second house for $83,000-00. 15 years ago, Paid it off in 13 years, It now pays me rent.
Second house is now worth $300,000-00
My land is now worth $450,000-00 Plus it now has a house on it as well.
In Melbourne, your struggling to get a shit box for $300,000-00
Prices have gone through the roof.
I was lucky I bought when I did,
Property Values go up at least 100% every ten years without fail.
If you sell before the ten years are up, you will have a mortgage and nothing to show for it, So Keep that in mind.
Cheers,
Brian.

Nice!!

ArmyStrong · 01-03-2010, 4:38 PM

Quote:

Originally Posted by johnison1969

I started out homeless..long story, then 7 years university, in bedsits, then I was married for 18 years, bought our first house for 70,000, now worth 250,000, Got divorced, lost job, got mental illness, live in bedsit again!

Gotta laugh though!

NOT so nice!!

shewie · 01-03-2010, 4:39 PM

Do you own a house yet, Amy?

ArmyStrong · 01-03-2010, 4:41 PM

Looks like I MAY have a winner if the bank accepts my counter, counter-offer! Should know by next week. What a process thus far!! I should be back soon!

shewie · 01-03-2010, 4:42 PM

I'll keep my fingers crossed for you.

ArmyStrong · 01-03-2010, 4:42 PM

Quote:

Originally Posted by shewie

Do you own a house yet, Amy?

No sir. AND that's "Army" to you, miss ter.

shewie · 01-03-2010, 4:44 PM

Now that's the ArmyStrong I remember. You had me worried for a moment.

ArmyStrong · 01-03-2010, 4:46 PM

Ha! Be back soon!

08-25-2009, 12:32 AM	#2
jclaude Rules are meant to be broken Join Date: Oct 27 2008 Location: Sydney, The land down under Age: 33 Posts: 2,837	re: Was feelin guilty--Got a house now! It's not luck that you'll need mate,it's a miracle.Don't really know about mortgages in the US but here in Oz it's almost IMPOSSIBLE to buy a proper house with a 12% rate (give or take) at the moment and the constant rising of interest and the faaaaaaaaaar over valued apartements in Sydney only wealthy people or bankers can afford.I once made an inquiry for a 300 000$AU flat i found out that i had to give 3/4 of my wages for the next 30 years.It's not only here but the whole world seems to go wild,i've got a friend living in Paris, if your not a relative of Bill Gates you just end up sleeping under the bridge,where does the world go? BTW don't worry we won't kick you out you're my only rampart against shewie and lois Keep us posted on your "quest" __________________ (\__/) (='.'=) (")_(") It takes more love to share the saddle that it takes to share the bed http://www.sydneyriders.com/forum/index.php

08-25-2009, 12:49 AM	#3
ArmyStrong Administrator Join Date: Mar 02 2008 Location: Atlanta, GA via Bronx, NY Age: 41 Posts: 4,516	re: Was feelin guilty--Got a house now! Seems to be the opposite here in most places. I'll never understand some international monetary workings! Seems like bloody murder at times! Seems like you get so little for so much! __________________ Murphys 6th law of combat operations: If it's stupid but it works, it ain't stupid.

08-25-2009, 1:01 AM	#4
Uglystick Administrator Join Date: Oct 08 2007 Location: Australia Age: 49 Posts: 2,157	re: Was feelin guilty--Got a house now! Jclaude Im not sure where your banking at the moment but the norm should be around 6% or a variable interest mortgage and starting from 7% for a fixed.. __________________ Laying in bed and crying "Oh God!" does not Constitute going to church

08-25-2009, 1:38 AM	#5
lois Join Date: Nov 06 2006 Location: Red Deer Age: 47 Posts: 4,667	re: Was feelin guilty--Got a house now! Good luck L __________________ Call me "Captain Mudbucket".

08-25-2009, 8:11 AM	#7
Poundstretcher A Rainbird Warrior Join Date: Oct 15 2008 Location: Tasmania Posts: 4,584	re: Was feelin guilty--Got a house now! Tell you guy's, do it early. I am now mortgage & debt free and it is Friggin awesome

08-25-2009, 8:46 AM	#8
Uglystick Administrator Join Date: Oct 08 2007 Location: Australia Age: 49 Posts: 2,157	re: Was feelin guilty--Got a house now! about another 7 years and I am hoping that the property I am buying now will have inceased in value enough for me to sell it and downsize with the profits,, __________________ Laying in bed and crying "Oh God!" does not Constitute going to church

08-25-2009, 9:28 AM	#10
MotoRacerGabe Join Date: Apr 29 2007 Location: El Paso, Tx Age: 23 Posts: 490	re: Was feelin guilty--Got a house now! just bought my first home about 2 months ago. like Poundstrecher said, doin' it early i actually spend more time on e46fanatics.com forums for 99-06 BMW 3-series

08-25-2009, 10:15 AM	#11
2000bluebird Join Date: Apr 17 2009 Location: Red deer, AB, Canada Posts: 205	re: Was feelin guilty--Got a house now! Rates in canada are at an all time low. 2.85% on variable rates. 5% down required. average house cost anywhere around $275,000 cdn. i'd hate to pay 12%. jeebez. __________________ The Blackbird takes off "like a cat shot in the ass" just hear it howl.

08-25-2009, 1:26 PM	#12
heisti composite carbon constructions Join Date: Feb 22 2008 Location: Enns, Austria Age: 39 Posts: 6,115	re: Was feelin guilty--Got a house now! i wish you good luck - but it´s more running from one to the next home that is for selling - had to do it last year. __________________ have a nice trip video: youtube \| project: carbon \| chat: here

08-25-2009, 1:58 PM	#13
X1rider The Air Razor Join Date: Nov 24 2006 Location: Metro Atlanta GA. Age: 53 Posts: 2,273	re: Was feelin guilty--Got a house now! Still living in my first home, a cottage ArmyStrong has been to several times. 6 years to go on the mortgage, numerous repairs and upgrades, remodels and maint. has convinced me to stay put, even though I would like a little larger place. Don't want to be making payments into my 80s We refied 3 times over the last 2 decades and knocked off a few years and a lot of interest. 4.9% was the final refinanced figure. Lucky to get that. When I had a "real" job.

08-25-2009, 8:14 PM	#15
PJNXX Moderator Join Date: Nov 12 2006 Location: Medford, NY Age: 40 Posts: 2,067	re: Was feelin guilty--Got a house now! I hope it works out for you Russ . It is a buyer's market now so you should be able to give a low ball offer on a listing price. One bit of advice I must give you is to scrimp and save any way you can to save up enough money to put at least 20% down payment. This is to avoid paying PMI (private mortgage insurance). When My wife and I bought our house in 2002, if we put less than 20% down we would have needed to pay $95.00 per month for PMI. Thankfully we were able to put 21% down thus avoiding PMI. __________________ -Paul

10-10-2009, 11:44 PM	#17
ArmyStrong Administrator Join Date: Mar 02 2008 Location: Atlanta, GA via Bronx, NY Age: 41 Posts: 4,516	re: Was feelin guilty--Got a house now! My time away has been spent well, resulted so far, in a hundred point increase in my credit score and a pre-approval! Now the fun begins... __________________ Murphys 6th law of combat operations: If it's stupid but it works, it ain't stupid.

11-23-2009, 3:43 AM	#20
deadman Join Date: Aug 16 2008 Location: Lilydale Melb Australia Age: 62 Posts: 2,943	re: Was feelin guilty--Got a house now! I bought the land I am living on now in 1990, 21% for $51,000-00 The recession we had to have, Lived in a caravan for four years on site, Built my house out of cash money as I earned it, The house is still not finished, But it has all the modern cons inside, But I dont care, I own it outright, Bought a second house for $83,000-00. 15 years ago, Paid it off in 13 years, It now pays me rent. Second house is now worth $300,000-00 My land is now worth $450,000-00 Plus it now has a house on it as well. In Melbourne, your struggling to get a shit box for $300,000-00 Prices have gone through the roof. I was lucky I bought when I did, Property Values go up at least 100% every ten years without fail. If you sell before the ten years are up, you will have a mortgage and nothing to show for it, So Keep that in mind. Cheers, Brian. __________________ If ya not boppin, Ya in ya coffin. Rock and roll will soothe your soul. Mods, 6mm Shim, 12 inch risers, Double bubble Windsceen, Homemade Ventura type packrack, Expandable to 82 litre, Rjays rack bag, Lowered rear end frame by 3 inches. Suspension is still stock, home made Cans, awesome.

11-23-2009, 10:24 AM	#21
johnison1969 birds on the wing fly free Join Date: Nov 01 2009 Location: uk lancashire Age: 41 Posts: 437	re: Was feelin guilty--Got a house now! I started out homeless..long story, then 7 years university, in bedsits, then I was married for 18 years, bought our first house for 70,000, now worth 250,000, Got divorced, lost job, got mental illness, live in bedsit again! Gotta laugh though! __________________ life is like a box of frogs..its rediculous but fun especially if your a bird...

01-03-2010, 4:39 PM	#25
shewie Resident Eh?hole. Join Date: Oct 26 2008 Location: Ontario, Canada Age: 43 Posts: 7,140	re: Was feelin guilty--Got a house now! Do you own a house yet, Amy? __________________ If you don't like the way I ride then stay off the sidewalk.

01-03-2010, 4:41 PM	#26
ArmyStrong Administrator Join Date: Mar 02 2008 Location: Atlanta, GA via Bronx, NY Age: 41 Posts: 4,516	re: Was feelin guilty--Got a house now! Looks like I MAY have a winner if the bank accepts my counter, counter-offer! Should know by next week. What a process thus far!! I should be back soon! __________________ Murphys 6th law of combat operations: If it's stupid but it works, it ain't stupid.

01-03-2010, 4:42 PM	#27
shewie Resident Eh?hole. Join Date: Oct 26 2008 Location: Ontario, Canada Age: 43 Posts: 7,140	re: Was feelin guilty--Got a house now! I'll keep my fingers crossed for you. __________________ If you don't like the way I ride then stay off the sidewalk.

01-03-2010, 4:44 PM	#29
shewie Resident Eh?hole. Join Date: Oct 26 2008 Location: Ontario, Canada Age: 43 Posts: 7,140	re: Was feelin guilty--Got a house now! Now that's the ArmyStrong I remember. You had me worried for a moment. __________________ If you don't like the way I ride then stay off the sidewalk.

01-03-2010, 4:46 PM	#30
ArmyStrong Administrator Join Date: Mar 02 2008 Location: Atlanta, GA via Bronx, NY Age: 41 Posts: 4,516	re: Was feelin guilty--Got a house now! Ha! Be back soon! __________________ Murphys 6th law of combat operations: If it's stupid but it works, it ain't stupid.

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