Home Owners Question

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  • Sosa
    In Tushy Land
    • Oct 2002
    • 40149
    #1

    Home Owners Question

    Been thinking about looking into buying a house soon. Something around $150,000 or so. What would be a good way to figure up a good estimate on what I should be expecting to pay per month on a loan for that much? Maintaining the home and mortage payment/insurance/tax etc?

    Just trying to find out some info before I actually go look at a few of the houses.

    Any certain questions I should ask? I'm a newb
    Tags: None
    • Sly_RJ
      Live Hard - Die Hard
      • Feb 2002
      • 17042
      #2
      Some days I really want to move back to the mid-west. It drives me crazy knowing that for just $150k you can have a nice house for a family, yard, garage, etc. Arg!
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        • MichaelP
          Registered User
          • Aug 2003
          • 7123
          #3
          I don.t know in the USA,

          but here in Canada for a 150K home, expect something like 2K/month (mortgage, power, phone, insurances, taxes, etc...)

          I hope this helps you

          This is the best move you will do in your life

            Comment

            • ItBurnsWhenIpee
              Confirmed User
              • Jan 2003
              • 1288
              #4
              Originally posted by Sly_RJ
              Some days I really want to move back to the mid-west. It drives me crazy knowing that for just $150k you can have a nice house for a family, yard, garage, etc. Arg!
              Where do you live now?

                Comment

                • Sly_RJ
                  Live Hard - Die Hard
                  • Feb 2002
                  • 17042
                  #5
                  Originally posted by ItBurnsWhenIpee
                  Where do you live now?
                  San Diego. I can't get a place in the ghetto for $150k here, haha. But you live here too, right?
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                    Comment

                    • Sosa
                      In Tushy Land
                      • Oct 2002
                      • 40149
                      #6
                      Originally posted by Sly_RJ
                      Some days I really want to move back to the mid-west. It drives me crazy knowing that for just $150k you can have a nice house for a family, yard, garage, etc. Arg!
                      For sure man, you can get a pretty nice place for 100-150k.
                      I've thought about buying land and building my own also, but being 22 that can wait a while I think.

                        Comment

                        • Veterans Day
                          Confirmed User
                          • Jul 2003
                          • 8403
                          #7
                          Originally posted by Sosa


                          Any certain questions I should ask? I'm a newb
                          There are a ton of questions, 99.999% of people dont know them. Former broker for 9 years hit me up, I will show you how they fuck you 209598065
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                            • ItBurnsWhenIpee
                              Confirmed User
                              • Jan 2003
                              • 1288
                              #8
                              Originally posted by Sly_RJ
                              San Diego. I can't get a place in the ghetto for $150k here, haha. But you live here too, right?
                              I live in LA county. I couldn't get a $150K house without living in the ghetto also. Sure you could move to the midwest and get one, but then...you're in the midwest! No more beaches and cool scenes...just grass. I think I'll stick with socal

                                Comment

                                • NikKay
                                  Confirmed User
                                  • Aug 2001
                                  • 1642
                                  #9
                                  Do a google search, there are lots of websites that will break down your approximate monthly costs for you. Expect to put down at least 5%. The payment isnt the only cost of home ownership. You have to consider insurance, tax, and maintenance as well. Although there are tax benefits to buying a home, which help and should be considered as well. At $150,000, sounds like youd be better off owning than renting. Here in Key West, you cannot get a 3/2 with 2000 s.f. for less than $800,000.

                                    Comment

                                    • Veterans Day
                                      Confirmed User
                                      • Jul 2003
                                      • 8403
                                      #10
                                      Originally posted by NikKay
                                      Expect to put down at least 5%.
                                      WRONG
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                                        • NikKay
                                          Confirmed User
                                          • Aug 2001
                                          • 1642
                                          #11
                                          Self-employed... income verification a little weak... 5% YES on a home that cheap... I wouldnt expect the value to go up all that much in the first year.

                                            Comment

                                            • Veterans Day
                                              Confirmed User
                                              • Jul 2003
                                              • 8403
                                              #12
                                              Originally posted by NikKay
                                              Self-employed... income verification a little weak... 5% YES on a home that cheap... I wouldnt expect the value to go up all that much in the first year.
                                              FHA 3% and possible seller concessions among many other things
                                              Build a Massive Traffic Network, Hands FREE, Totally Automated

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                                                • Sosa
                                                  In Tushy Land
                                                  • Oct 2002
                                                  • 40149
                                                  #13
                                                  Originally posted by Veterans Day
                                                  There are a ton of questions, 99.999% of people dont know them. Former broker for 9 years hit me up, I will show you how they fuck you 209598065

                                                  Hitting you up now.

                                                    Comment

                                                    • DrGuile
                                                      Confirmed User
                                                      • Jan 2002
                                                      • 2025
                                                      #14
                                                      I put down 15% and I really dont recommend buying if you cant afford at least 10%

                                                      thats only my personal preference regarding personal debt
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                                                        • Veterans Day
                                                          Confirmed User
                                                          • Jul 2003
                                                          • 8403
                                                          #15
                                                          Originally posted by DrGuile
                                                          I put down 15% and I really dont recommend buying if you cant afford at least 10%

                                                          thats only my personal preference regarding personal debt
                                                          That makes absolutely no sense, but Ok
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                                                            • bringer
                                                              i have man boobies
                                                              • Jul 2003
                                                              • 13082
                                                              #16
                                                              150k here would get you a 5bd 4bth on a huge lot
                                                              im buying all i can while its still cheap
                                                              333-765-551

                                                                Comment

                                                                • Tom_PMs
                                                                  Confirmed User
                                                                  • Jun 2004
                                                                  • 2049
                                                                  #17
                                                                  If your FICO score is over 620, you can get a no-doc mortgage (at least where I live). So even with no proof of income you can get a loan, just a bit higher rate.
                                                                  Just call a realtor and ask, they'll be happy as fuck to get a question like that. Plus they'll bend over backward to meet YOUR requirements. Your paying their bills.

                                                                  You've read it, you can't unread it.

                                                                    Comment

                                                                    • Sosa
                                                                      In Tushy Land
                                                                      • Oct 2002
                                                                      • 40149
                                                                      #18
                                                                      Originally posted by bringer
                                                                      150k here would get you a 5bd 4bth on a huge lot
                                                                      im buying all i can while its still cheap
                                                                      Nice, this place I want to check out is similar. Not quite as big though.

                                                                        Comment

                                                                        • bringer
                                                                          i have man boobies
                                                                          • Jul 2003
                                                                          • 13082
                                                                          #19
                                                                          Originally posted by Sosa
                                                                          Nice, this place I want to check out is similar. Not quite as big though.
                                                                          yeah, i dont mind the area at all
                                                                          right in the center of california
                                                                          1 1/2 to pismo, 4 hours to sf and la
                                                                          333-765-551

                                                                            Comment

                                                                            • DrGuile
                                                                              Confirmed User
                                                                              • Jan 2002
                                                                              • 2025
                                                                              #20
                                                                              Originally posted by Veterans Day
                                                                              That makes absolutely no sense, but Ok
                                                                              please tell me why,

                                                                              contrary to most people here, Im quite willing to admit and learn from my errors.
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                                                                                • KRosh
                                                                                  So Fucking Outlawed
                                                                                  • Nov 2001
                                                                                  • 5114
                                                                                  #21
                                                                                  Originally posted by DrGuile
                                                                                  please tell me why,

                                                                                  contrary to most people here, Im quite willing to admit and learn from my errors.
                                                                                  there are many loans out there that allow you to put very little down.
                                                                                  It does not mean that if you do not have 15% to put down you should not buy.

                                                                                  You can do 80%-10%-10%

                                                                                  or just an 80-10
                                                                                  or like Veterans Day said FHA loans... many many ways.

                                                                                  ---------------

                                                                                  If your FICO score is over 620, you can get a no-doc mortgage (at least where I live). So even with no proof of income you can get a loan, just a bit higher rate.
                                                                                  It's called a Stated Income loan. THe better your score the better the rate. As opposed to Full Docs.




                                                                                  ICQ 115433750

                                                                                    Comment

                                                                                    • Veterans Day
                                                                                      Confirmed User
                                                                                      • Jul 2003
                                                                                      • 8403
                                                                                      #22
                                                                                      Originally posted by DrGuile
                                                                                      please tell me why,

                                                                                      contrary to most people here, Im quite willing to admit and learn from my errors.
                                                                                      For someone like the gentleman that started this thread looking at 150k house, he can easily slide in at 3% fha being a first time homeowner. He may not like it, he may like a condo atmosphere. Your more than welcome to pay off more principal anytime you like. But telling yourself you need 10-15% before considering purchasing is nonsense. There are many more reasons and factors involved but limiting your purchasing power till you have atleast 10-15% down money is crazy
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                                                                                        • twistyneck
                                                                                          So Fucking Banned
                                                                                          • Jan 2002
                                                                                          • 4660
                                                                                          #23
                                                                                          Originally posted by ItBurnsWhenIpee
                                                                                          I live in LA county. I couldn't get a $150K house without living in the ghetto also. Sure you could move to the midwest and get one, but then...you're in the midwest! No more beaches and cool scenes...just grass. I think I'll stick with socal
                                                                                          The best part about the midwest is that there aren't any arrogant west coast cock suckers that think the midwest is nothing but grass. Eat a cock, fuckface.

                                                                                            Comment

                                                                                            • Veterans Day
                                                                                              Confirmed User
                                                                                              • Jul 2003
                                                                                              • 8403
                                                                                              #24
                                                                                              Originally posted by twistyneck
                                                                                              The best part about the midwest is that there aren't any arrogant west coast cock suckers that think the midwest is nothing but grass. Eat a cock, fuckface.
                                                                                              Im in the midwest right here in chicago
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                                                                                                • Sosa
                                                                                                  In Tushy Land
                                                                                                  • Oct 2002
                                                                                                  • 40149
                                                                                                  #25
                                                                                                  Originally posted by twistyneck
                                                                                                  The best part about the midwest is that there aren't any arrogant west coast cock suckers that think the midwest is nothing but grass. Eat a cock, fuckface.

                                                                                                  LOL! I like the midwest.

                                                                                                    Comment

                                                                                                    • twistyneck
                                                                                                      So Fucking Banned
                                                                                                      • Jan 2002
                                                                                                      • 4660
                                                                                                      #26
                                                                                                      Originally posted by Veterans Day
                                                                                                      Im in the midwest right here in chicago
                                                                                                      Good, then you know exactly what I'm talking about.

                                                                                                        Comment

                                                                                                        • The Truth Hurts
                                                                                                          Zph7YXfjMhg
                                                                                                          • Nov 2002
                                                                                                          • 15782
                                                                                                          #27
                                                                                                          I didn't put a dime down cause at the time I'd only been self employed for four years and they wanted 5 years.. so i did the FHA/HUD or whatever the hell it was loan.. no down payment.. had a 30 year fixed... came to about $1200 a month... after a couple refinances I went from 8.something% on the 30 year fixed to 5.4something% on a 15 year fixed at just under $1300 a month.

                                                                                                            Comment

                                                                                                            • DrGuile
                                                                                                              Confirmed User
                                                                                                              • Jan 2002
                                                                                                              • 2025
                                                                                                              #28
                                                                                                              Originally posted by Veterans Day
                                                                                                              For someone like the gentleman that started this thread looking at 150k house, he can easily slide in at 3% fha being a first time homeowner. He may not like it, he may like a condo atmosphere. Your more than welcome to pay off more principal anytime you like. But telling yourself you need 10-15% before considering purchasing is nonsense. There are many more reasons and factors involved but limiting your purchasing power till you have atleast 10-15% down money is crazy
                                                                                                              call me crazy than ;)

                                                                                                              3% on a 150k home means a 145,500$ mortgage.

                                                                                                              15% means a 127,500$ mortage...

                                                                                                              the interest difference between the two is just nuts, and here in Canada any loan under 25% has to be insured. Meaning anywhere between 1.5 and 3.25% added to your mortgage. (3.25% in the case of 5% and 2.25% in the case of 15%)

                                                                                                              All of this adds up to alot of money I just dont want to give to a bank.

                                                                                                              Of course, if you really only have 5%, than yuo might still want to go for it. But if it's 5% and a benz or 15% and a Jetta, I know what I would do.
                                                                                                              Last edited by DrGuile; 06-18-2004, 12:24 PM.
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                                                                                                                • twistyneck
                                                                                                                  So Fucking Banned
                                                                                                                  • Jan 2002
                                                                                                                  • 4660
                                                                                                                  #29
                                                                                                                  Originally posted by Sosa
                                                                                                                  LOL! I like the midwest.
                                                                                                                  Me too and I'll defend it to the death if necessary. Fuck these assholes and their $250,000 shitbox houses, you could get a giant mansion and 100 acres out here for that. I hope they all choke to death on their mortgage payments.

                                                                                                                    Comment

                                                                                                                    • angelsofporn
                                                                                                                      Confirmed User
                                                                                                                      • Mar 2002
                                                                                                                      • 3218
                                                                                                                      #30
                                                                                                                      Originally posted by twistyneck
                                                                                                                      Me too and I'll defend it to the death if necessary. Fuck these assholes and their $250,000 shitbox houses, you could get a giant mansion and 100 acres out here for that. I hope they all choke to death on their mortgage payments.
                                                                                                                      come here for a month and tell me that..you'll have all your shit packed and be living here in less than a month

                                                                                                                        Comment

                                                                                                                        • Veterans Day
                                                                                                                          Confirmed User
                                                                                                                          • Jul 2003
                                                                                                                          • 8403
                                                                                                                          #31
                                                                                                                          Originally posted by The Truth Hurts
                                                                                                                          I didn't put a dime down cause at the time I'd only been self employed for four years and they wanted 5 years.. so i did the FHA/HUD or whatever the hell it was loan.. no down payment.. had a 30 year fixed... came to about $1200 a month... after a couple refinances I went from 8.something% on the 30 year fixed to 5.4something% on a 15 year fixed at just under $1300 a month.
                                                                                                                          Exactly there are many programs that fit a ton of different scenarios. Fuck it heres some shameless spam Go here to read about what I do. http://www.insidethebroker.com Its not done but its a peek inside
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                                                                                                                            • Veterans Day
                                                                                                                              Confirmed User
                                                                                                                              • Jul 2003
                                                                                                                              • 8403
                                                                                                                              #32
                                                                                                                              Originally posted by DrGuile


                                                                                                                              All of this adds up to alot of money I just dont want to give to a bank.
                                                                                                                              They take their pick between giving it to the bank on thir investment or giving it to the landlord with no return whatsoever.
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                                                                                                                                • twistyneck
                                                                                                                                  So Fucking Banned
                                                                                                                                  • Jan 2002
                                                                                                                                  • 4660
                                                                                                                                  #33
                                                                                                                                  Originally posted by angelsofporn
                                                                                                                                  come here for a month and tell me that..you'll have all your shit packed and be living here in less than a month
                                                                                                                                  I doubt it. I kind of like not having to lock my doors at night.

                                                                                                                                    Comment

                                                                                                                                    • gregtx
                                                                                                                                      Confirmed User
                                                                                                                                      • Jan 2002
                                                                                                                                      • 1929
                                                                                                                                      #34
                                                                                                                                      mortgage calculator


                                                                                                                                      DrGuille.. here in the states you can actually take a 80/20 loan to avoid PMI... the value of homes steadily increase.. thus the banks are willing to loan more to value on the equity of the home...

                                                                                                                                      you can take that 15% or in this case of a $150k home and invest that same $20k into retirement.. or kids education... and make 10-12% on that money... make that money work for you... vs spending it.. when you can borrow at 5.5%??? plus you get the tax benefits
                                                                                                                                      Last edited by gregtx; 06-18-2004, 12:35 PM.
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                                                                                                                                        • thumbsUP
                                                                                                                                          Confirmed User
                                                                                                                                          • May 2004
                                                                                                                                          • 347
                                                                                                                                          #35
                                                                                                                                          Originally posted by Sosa
                                                                                                                                          Been thinking about looking into buying a house soon. Something around $150,000 or so. What would be a good way to figure up a good estimate on what I should be expecting to pay per month on a loan for that much? Maintaining the home and mortage payment/insurance/tax etc?

                                                                                                                                          Just trying to find out some info before I actually go look at a few of the houses.

                                                                                                                                          Any certain questions I should ask? I'm a newb
                                                                                                                                          Ok when I bought my first home I had no idea what to look into. You need to set up with a bank of your choice or one with great rates and talk it over with them. They can tell you what you can afford or not that way you know you spending range. Also sometime first time home buyers can get a house with little or nothing down. I paid only 500 up front for my home for some deposits. Just talk with a bank thats the first step.
                                                                                                                                          (sig spot) Insert witty/smartass comment or obscure reference to something no one gives a shit about here. You might also choose to promote some program you claim to work for and that pays you fat cash, or cheddar, or whatever it is you wiggers call it these days.

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                                                                                                                                            • beemk
                                                                                                                                              CLICK HERE
                                                                                                                                              • Jan 2002
                                                                                                                                              • 20829
                                                                                                                                              #36
                                                                                                                                              150k home in metro detroit = about $1300-1500 a month after taxes and insurance and mortgage
                                                                                                                                              I host with Vacares

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                                                                                                                                                • Sosa
                                                                                                                                                  In Tushy Land
                                                                                                                                                  • Oct 2002
                                                                                                                                                  • 40149
                                                                                                                                                  #37
                                                                                                                                                  Thanks for all the replies so far.

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