Any realtors or mortgage loan people here?

[Jumpem]

Originally posted by: CChaos
I'd really advocate for researching on your own before sitting down with someone who's going to potentially be making money off you. That's just my opinion though.

Hence, why I am asking questions. 🙂

 

[alkemyst]

Originally posted by: Yax
Just go to a mortgage broker or agent and ask him/her what you can afford to buy. Then let him/her ask you all the questions and give you the results. That way you don't need to do the calculating yourself.

That's really not a good way. You are assuming the agent is not out for their own padding.

In home and mortgage shopping it pays to become informed and not rely on 'experts'

I have been in the loan industry half my life now. I primarily dealt in unloading loans where people got into things over their head, a lot of times due to being sold a mortgage they'd never afford even though they were told it'd be smooth sailing.

Being that the Original Poster can only afford 120k on a $85k annual income with $1k in monthly debt means something is awry. However, without knowing what he is estimating for an interest rate, insurance and taxes....and even housing fees it could be right. He may be selecting a shorter than 30 year term as well.

With $7083 a month income, $1k in debt, $5k in insurance/taxes a year on a 30 year loan at 6.5% I come up with $180k as the affordable home with a $1100 payment needed.

That is a safe bet...however your best best is to really figure out the exact details. Then see if what's left over let's you live to your expectations.

 

I'm a real estate appraiser in the central ny area.
If you want to look at some listings or want information about the market in the area, feel free to PM me at anytime.

 

[Jumpem]

Originally posted by: SampSon
I'm a real estate appraiser in the central ny area.
If you want to look at some listings or want information about the market in the area, feel free to PM me at anytime.

What can you tell me about the Camillus area? Next spring I'll be looking to buy in a nice area around Syracuse. I'm not interested in anything that's in the city. I'd prefer something with 3-5 acres of land so I can have some privacy.

Would I hire someone like you to appraise a house I was interested in? What exactly do you do?

 

[tuongo]

What's the deal with 80/20, or 80/15/5 like anti and labgeek mentioned. it SOUNDS like a great idea, but there must be a catch there. Is the key paying off the second one as fast as possible?

 

Originally posted by: Jumpem

Originally posted by: SampSon
I'm a real estate appraiser in the central ny area.
If you want to look at some listings or want information about the market in the area, feel free to PM me at anytime.

What can you tell me about the Camillus area? Next spring I'll be looking to buy in a nice area around Syracuse. I'm not interested in anything that's in the city. I'd prefer something with 3-5 acres of land so I can have some privacy.

Would I hire someone like you to appraise a house I was interested in? What exactly do you do?

Camillus is one of the hotter areas in the syracuse area right now. Definatly appreciating in value. The most popular part are the subdivisions that surround west genesee street. In thoes areas expect to pay around 80-450K for a house. The average price is up near 120-130.
There are more rural areas of camillus, you would probably be able to find a decent house with some acerage out there for a good price. Generally the rurals are less expensive than the subdivsion type areas.

You may want to look at the surrounding towns on the west side of the area if you're interested in a more rural setting. Thoes towns include marcellus, elbridge, van buren, onondaga, skaneateles and lysander.

When you buy a house typically the bank hires the appraiser to do the appraisal inspection and write the report. You can personally hire me to do an appraisal on any property you want and the inspection and report type will vary due to the amount of access you have to the property.

When I do an appraisal typically I go outside and inside the house. I measure the outside dimensions and take external pictures and inspect for needed repairs and general conditions. On the inside I walk through and check out what materials the house has for flooring, trim, appliances, walls, how many bedrooms, bathrooms, other rooms, amenities and I also draw a blueprint of the building as I walk through it.
Generally the value of a house is determined by comparing it to other houses that have sold within the past year in the direct area. The whole idea of an appraisal is to come up with a defendable opinion of the worth of the house if it was sold on the market the day of the inspection.