I think I'm going to buy a house. - GoFuckYourself.com

Brad Xtremepay · 02-13-2004, 10:33 PM

But I have never done anything like this before.
I know you need 5% down, but what are the steps involved. Are there any really good online resources?

I'd go to the bank but they waste my time... because I'm too newb to know what they are talking about.

Any help is mucho appreciated..
Thanks

SoundMan · 02-13-2004, 10:36 PM

well more money down is the best!!!!!!!!!

you avoid crap like pmi and other stuff..

if i were to do it over i would have paid 20-40 % down.

Brad Xtremepay · 02-13-2004, 10:37 PM

Well obviously the more down is the better.
But for a young first time house buyer I don't have a lot to throw down. 5% on a 200k house or something will spend me pretty good for a bit ;)

myjah · 02-13-2004, 10:58 PM

well i recommend that you find a realtor you can trust. you'll have to pay them but that will be added into the cost. if you already have a house in mind, do the homework on it. If it's on the market there should be plenty of documentation that you wanna look at like how old it is, how many insurance claims have been filed, up to date termite and bug inspections (or any damage they may have done), etc... A realtor should handle all that for you so that you don't overlook anything. They want you to be happy with the house you buy so you will refer them and come back to them.
its a very strenous process and one of the least enjoyable things i've ever done. makes me totally put off ever buying again just because of all the bs involved. but a good investment is sooo worth it in the end. Best of luck to you!

J$tyle$ · 02-13-2004, 11:13 PM

Fuck putting anything down!

O DOWN!

... or as little as possible!

Do a 5/25 interest only loan for the first 5 years and you can sell or refinance before the term is up!

Most people only keep a house 5 - 7 years anyway!

If you're young then put your money to work for you in other areas! You'll also make some bank as the property appreciates!

4 - 5 years from now when you have REAL money, then think about putting down a big chunk!

In the mean time, put your money to work for you in other investments or businesses

pr0 · 02-13-2004, 11:14 PM

Congrats on thinking about getting a new house, i don't suppose you could afford to make a small donation to my medical fund.

Heather Hamptons · 02-13-2004, 11:16 PM

Quote:

Originally posted by Brad Xtremepay
But I have never done anything like this before.
I know you need 5% down, but what are the steps involved. Are there any really good online resources?

I'd go to the bank but they waste my time... because I'm too newb to know what they are talking about.

Any help is mucho appreciated..
Thanks

5%? what type of loan are you going for?

I recommend an FHA loan. Its for first time home buyers. Its only 3% down, and usually you dont even have to pay that 3%. you can write it into your loan, plus you can get the seller to cover the closing costs.

Brad Xtremepay · 02-13-2004, 11:19 PM

I'm in Canada too... not sure if we have different rules and stuff.
I talked to my dad quite a bit about it. Wondering about building a new house maybe, or getting into a condo... or what makes sense.
He said a good idea would be to buy a place and rent it out... for a few reasons. Taxes... someone else paying your loan etc.

Not sure tho, I guess I should research options and decide what I really want to do.

See he got into house buying when he bought a house for 30k in Mission and sold it for 75. Then bought another for 40 and sold it 5 years later for 105k

thekebie · 02-13-2004, 11:29 PM

You may be screwed on the 5% because you run your own business basicaly don't you? You usually need to 3-5 years of accounting or some crap to get a proper loan.

If you get screwed, beg your parents to put their name on the loan.

I bought a place in Burquitlam 2 years ago for $65k and now it is worth about $89k. Basically paid for all my schooling

02-13-2004, 11:32 PM

If you're in Canada I think you'll need minimum 5% down. You'll have to get mortgage insurance with that small of a down payment too.

If you can scrounge up 25% you don't need mortgage insurance.

Just get together the last 3 years income tax returns and head to a bank and get preapproved. They'll tell you exactly how big a mortgage they'll allow you to have. There's online calculators that do the same thing, but they don't take into effect other things like your credit rating, etc.

I'm finally building my dream house this year, a log home on 8 acres in the country this year. I can't fucking wait.

Brad Xtremepay · 02-13-2004, 11:37 PM

Quote:

Originally posted by evildick
I'm finally building my dream house this year, a log home on 8 acres in the country this year. I can't fucking wait.

Wow... that sounds nice already. Beauties!

laura99 · 02-13-2004, 11:37 PM

Whatever you do, don't go in over your head. Decide what kind of payment you can make monthly without killing yourself and then you can figure out how much of a house you can buy. If the mountains of paperwork you have to sign to get it doesn't kill ya, the upkeep might. We bought a house built in 1925 and it always has shit going wrong with it. I suggest a home warranty, we spend the $500 a year on getting one incase something big happens. Our AC went out last year and it covered it.

I picked a realtor that was a friend of a family member, they tend to be more honest ;) If you have a realtor in your family that would be best. They'll get their chunk no matter what.

SleazyDream · 02-13-2004, 11:38 PM

Quote:

Originally posted by Heather Hamptons

5%? what type of loan are you going for?

I recommend an FHA loan. Its for first time home buyers. Its only 3% down, and usually you dont even have to pay that 3%. you can write it into your loan, plus you can get the seller to cover the closing costs.

in canada it's 5

feN · 02-13-2004, 11:39 PM

wyldblyss · 02-13-2004, 11:51 PM

Brad, In Canada things get a little more complicated. Here, in order to put down only 5% you have to first get approved with...forget the name...but it is a mortgage insurance fund (like a gov't department or something). If they approve you, you can get a loan at banks etc. with only 5% down. If they don't then you have to put at least 25% down and go with a company that will deal with you without the mortgage insurance..and that means no banks etc.

The insurance doesn't appear to like on-line business income very much and your "self-employed" income has to go back at least 3 years with income tax so they can check on your income.

Some of the companies that do deal in mortgages without the insurance require even more than 10% down, and won't cover your entire mortgage, so you end up with a second mortgage, and both are usually at higher interest rates than a standard bank loan.

Hopefully you qualify for the mortgage insurancce which greatly increases your choices of lending institutions and interest rates. Although we had several companies that would give us a mortgage no problem, the mortgage insurance would not approve us so those companies, as much as they wanted to couldn't lend us the money and we had to get it elsewhere.

Heather Hamptons · 02-13-2004, 11:53 PM

Quote:

Originally posted by SleazyDream

in canada it's 5

ahh ok.........noted.

didnt realize it was Canada....i retract my previous statement.

SoundMan · 02-13-2004, 11:53 PM

Quote:

Originally posted by wyldblyss
Brad, In Canada things get a little more complicated. Here, in order to put down only 5% you have to first get approved with...forget the name...but it is a mortgage insurance fund (like a gov't department or something). If they approve you, you can get a loan at banks etc. with only 5% down. If they don't then you have to put at least 25% down and go with a company that will deal with you without the mortgage insurance..and that means no banks etc.

The insurance doesn't appear to like on-line business income very much and your "self-employed" income has to go back at least 3 years with income tax so they can check on your income.

Some of the companies that do deal in mortgages without the insurance require even more than 10% down, and won't cover your entire mortgage, so you end up with a second mortgage, and both are usually at higher interest rates than a standard bank loan.

Hopefully you qualify for the mortgage insurancce which greatly increases your choices of lending institutions and interest rates. Although we had several companies that would give us a mortgage no problem, the mortgage insurance would not approve us so those companies, as much as they wanted to couldn't lend us the money and we had to get it elsewhere.

Think this guy has the best reply..

Tala · 02-13-2004, 11:57 PM

I can't help you, but I can hope for you! How's that?

Congrats and I hope you get a great deal on your house.

TweetyBird · 02-14-2004, 12:00 AM

yeah, I wish you 'good luck'

JunkyardDog · 02-14-2004, 12:37 AM

I would try and save up more then 5% if I were you. I believe you only get the first time buyer allowence once, so depending on the price of the home your looking for I would consider holding off on it.

If the house is expensive then maybe the 5% is what your looking to use it for.

02-13-2004, 10:33 PM	#1
Brad Xtremepay So Fucking Banned Join Date: Dec 2003 Location: Canada Posts: 2,000	I think I'm going to buy a house. But I have never done anything like this before. I know you need 5% down, but what are the steps involved. Are there any really good online resources? I'd go to the bank but they waste my time... because I'm too newb to know what they are talking about. Any help is mucho appreciated.. Thanks

02-13-2004, 10:58 PM	#4
myjah Back in the harbor Industry Role: Join Date: Sep 2003 Posts: 11,482	well i recommend that you find a realtor you can trust. you'll have to pay them but that will be added into the cost. if you already have a house in mind, do the homework on it. If it's on the market there should be plenty of documentation that you wanna look at like how old it is, how many insurance claims have been filed, up to date termite and bug inspections (or any damage they may have done), etc... A realtor should handle all that for you so that you don't overlook anything. They want you to be happy with the house you buy so you will refer them and come back to them. its a very strenous process and one of the least enjoyable things i've ever done. makes me totally put off ever buying again just because of all the bs involved. but a good investment is sooo worth it in the end. Best of luck to you! __________________ VP of Marketing AVN Media Network Skype: AVNJill [email protected]

02-13-2004, 11:14 PM	#6
pr0 rockin tha trailerpark Industry Role: Join Date: May 2001 Location: ~Coastal~ Posts: 23,088	Congrats on thinking about getting a new house, i don't suppose you could afford to make a small donation to my medical fund. __________________ __________ Loadedca$h - get sum! - Revengebucks - mmm rebills! - webair (gotz sErVrz)

02-13-2004, 11:37 PM	#12
laura99 Confirmed User Join Date: Aug 2002 Location: indianapolis Posts: 877	Whatever you do, don't go in over your head. Decide what kind of payment you can make monthly without killing yourself and then you can figure out how much of a house you can buy. If the mountains of paperwork you have to sign to get it doesn't kill ya, the upkeep might. We bought a house built in 1925 and it always has shit going wrong with it. I suggest a home warranty, we spend the $500 a year on getting one incase something big happens. Our AC went out last year and it covered it. I picked a realtor that was a friend of a family member, they tend to be more honest ;) If you have a realtor in your family that would be best. They'll get their chunk no matter what. __________________

02-13-2004, 11:39 PM	#14
feN Confirmed User Join Date: Aug 2003 Location: ger Posts: 2,547	__________________

02-13-2004, 10:36 PM	#2
SoundMan So Fucking Banned Join Date: Nov 2003 Location: MidWest Posts: 3,471	well more money down is the best!!!!!!!!! you avoid crap like pmi and other stuff.. if i were to do it over i would have paid 20-40 % down.

02-13-2004, 10:37 PM	#3
Brad Xtremepay So Fucking Banned Join Date: Dec 2003 Location: Canada Posts: 2,000	Well obviously the more down is the better. But for a young first time house buyer I don't have a lot to throw down. 5% on a 200k house or something will spend me pretty good for a bit ;)

02-13-2004, 11:13 PM	#5
J$tyle$ Too lazy to set a custom title Industry Role: Join Date: Apr 2003 Location: Sunny San Diego Posts: 11,500	Fuck putting anything down! O DOWN! ... or as little as possible! Do a 5/25 interest only loan for the first 5 years and you can sell or refinance before the term is up! Most people only keep a house 5 - 7 years anyway! If you're young then put your money to work for you in other areas! You'll also make some bank as the property appreciates! 4 - 5 years from now when you have REAL money, then think about putting down a big chunk! In the mean time, put your money to work for you in other investments or businesses

02-13-2004, 11:19 PM	#8
Brad Xtremepay So Fucking Banned Join Date: Dec 2003 Location: Canada Posts: 2,000	I'm in Canada too... not sure if we have different rules and stuff. I talked to my dad quite a bit about it. Wondering about building a new house maybe, or getting into a condo... or what makes sense. He said a good idea would be to buy a place and rent it out... for a few reasons. Taxes... someone else paying your loan etc. Not sure tho, I guess I should research options and decide what I really want to do. See he got into house buying when he bought a house for 30k in Mission and sold it for 75. Then bought another for 40 and sold it 5 years later for 105k

02-13-2004, 11:29 PM	#9
thekebie Confirmed User Join Date: Jun 2003 Location: The Hood of Burquitlam, BC Posts: 1,046	You may be screwed on the 5% because you run your own business basicaly don't you? You usually need to 3-5 years of accounting or some crap to get a proper loan. If you get screwed, beg your parents to put their name on the loan. I bought a place in Burquitlam 2 years ago for $65k and now it is worth about $89k. Basically paid for all my schooling

02-13-2004, 11:32 PM	#10
evildick Guest Posts: n/a	If you're in Canada I think you'll need minimum 5% down. You'll have to get mortgage insurance with that small of a down payment too. If you can scrounge up 25% you don't need mortgage insurance. Just get together the last 3 years income tax returns and head to a bank and get preapproved. They'll tell you exactly how big a mortgage they'll allow you to have. There's online calculators that do the same thing, but they don't take into effect other things like your credit rating, etc. I'm finally building my dream house this year, a log home on 8 acres in the country this year. I can't fucking wait.

02-13-2004, 11:51 PM	#15
wyldblyss Confirmed User Join Date: Nov 2003 Location: The Buck Starts Here Posts: 5,779	Brad, In Canada things get a little more complicated. Here, in order to put down only 5% you have to first get approved with...forget the name...but it is a mortgage insurance fund (like a gov't department or something). If they approve you, you can get a loan at banks etc. with only 5% down. If they don't then you have to put at least 25% down and go with a company that will deal with you without the mortgage insurance..and that means no banks etc. The insurance doesn't appear to like on-line business income very much and your "self-employed" income has to go back at least 3 years with income tax so they can check on your income. Some of the companies that do deal in mortgages without the insurance require even more than 10% down, and won't cover your entire mortgage, so you end up with a second mortgage, and both are usually at higher interest rates than a standard bank loan. Hopefully you qualify for the mortgage insurancce which greatly increases your choices of lending institutions and interest rates. Although we had several companies that would give us a mortgage no problem, the mortgage insurance would not approve us so those companies, as much as they wanted to couldn't lend us the money and we had to get it elsewhere.

02-13-2004, 11:57 PM	#18
Tala Fucked if I know Join Date: Dec 2002 Location: Do you have a flag? Posts: 23,368	I can't help you, but I can hope for you! How's that? Congrats and I hope you get a great deal on your house. __________________ ICQ: 11120676 \| Google: mindcrime \| Skype: suitemindcrime\|E-Mail: mindcrime AT gmail.com\|PR girl with great writing skills for hire!!!! Contact me to work for YOU!\|TECHIEMEDIA? 24/7 support from some of the best techs in the biz. Tell Jim that I sent you.

02-14-2004, 12:00 AM	#19
TweetyBird Confirmed User Join Date: Feb 2004 Location: Canadian this !!! Posts: 8,532	yeah, I wish you 'good luck' __________________ sig for sale. ICQ :338213644

02-14-2004, 12:37 AM	#20
JunkyardDog Confirmed User Join Date: May 2001 Location: Swamp Posts: 788	I would try and save up more then 5% if I were you. I believe you only get the first time buyer allowence once, so depending on the price of the home your looking for I would consider holding off on it. If the house is expensive then maybe the 5% is what your looking to use it for.