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

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!

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MichaelP

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

ItBurnsWhenIpee

Where do you live now?

Sly_RJ

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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Sosa

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.

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

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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

NikKay

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.

Veterans Day

WRONG

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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.

Veterans Day

FHA 3% and possible seller concessions among many other things

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Sosa

Hitting you up now.

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

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Veterans Day

That makes absolutely no sense, but Ok

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bringer

150k here would get you a 5bd 4bth on a huge lot
im buying all i can while its still cheap

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Tom_PMs

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.

Sosa

Nice, this place I want to check out is similar. Not quite as big though.

bringer

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

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DrGuile

please tell me why,

contrary to most people here, Im quite willing to admit and learn from my errors.

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KRosh

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.

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

It's called a Stated Income loan. THe better your score the better the rate. As opposed to Full Docs.

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

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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.

Veterans Day

Im in the midwest right here in chicago

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Sosa

LOL! I like the midwest.

twistyneck

Good, then you know exactly what I'm talking about.

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.

DrGuile

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.

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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.

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

Veterans Day

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

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

I doubt it. I kind of like not having to lock my doors at night.

gregtx

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

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thumbsUP

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.

beemk

150k home in metro detroit = about $1300-1500 a month after taxes and insurance and mortgage

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Sosa

Thanks for all the replies so far.