Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
Who gave you a 360K mortgage with an income of 60 - 70K?
What's your monthly mortgage payment?
Originally posted by: Riprorin
Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
Who gave you a 360K mortgage with an income of 60 - 70K?
What's your monthly mortgage payment?
He said 2k and his gf also pays part of it
What city do you work in? You're gonna need to start looking at some maps to find inventive ways to get to places with that morning traffic. The 60 and 10 are pretty much crap from 7am till 2pm once you hit the 57.
Also, how are you pulling off a $2000 a month payment?
And, congrats and good luck.
Also, how are you pulling off a $2000 a month payment?
And, congrats and good luck.
Originally posted by: Landroval
Originally posted by: Riprorin
Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
Who gave you a 360K mortgage with an income of 60 - 70K?
What's your monthly mortgage payment?
He said 2k and his gf also pays part of it
That doesn't answer the question of who loaned him that kind of money on his salary.
It's seems nutty to give someone with a 60 - 70K income 360K.
It doesn't make any sense to me, but then again I'm not from CA.
if you follow the current RE craziness you will come ot realize that a lot of it does not make sense (especially in the bubble prone areas). there has even been talk of gov intervention since the loaners are being too lax (not saying that is the case here) which will lead to some great hurting if the bubble burstsOriginally posted by: Riprorin
Originally posted by: Landroval
Originally posted by: Riprorin
Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
Who gave you a 360K mortgage with an income of 60 - 70K?
What's your monthly mortgage payment?
He said 2k and his gf also pays part of it
That doesn't answer the question of who loaned him that kind of money on his salary.
It's seems nutty to give someone with a 60 - 70K income 360K.
It doesn't make any sense to me, but then again I'm not from CA.
Originally posted by: Plasdom
if you follow the current RE craziness you will come ot realize that a lot of it does not make sense (especially in the bubble prone areas). there has even been talk of gov intervention since the loaners are being too lax (not saying that is the case here) which will lead to some great hurting if the bubble burstsOriginally posted by: Riprorin
Originally posted by: Landroval
Originally posted by: Riprorin
Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
Who gave you a 360K mortgage with an income of 60 - 70K?
What's your monthly mortgage payment?
He said 2k and his gf also pays part of it
That doesn't answer the question of who loaned him that kind of money on his salary.
It's seems nutty to give someone with a 60 - 70K income 360K.
It doesn't make any sense to me, but then again I'm not from CA.
His mortgage alone, not counting taxes, utilites, insurance, garbage, debt, etc. is about 35% of his income.
Ouch!
That's some pretty lax banking if they give him 360K.
Hmm...very interesting thread, indeed!
I would not call Pittsburgh a sh!thole. It has its problems, but I suppose it could be manageable to live there. LA is definitely diverse, but I'm not a fan of the climate or the crowdedness. I could see staying if you were born there, of course, that is the case anywhere, but choosing to move there without a pressing reason, eh, I certainly never would. Fun to visit, though.
Where I live, you could get a 1000 sq. ft. home EASILY for under $100k. $200k would get you a pretty large relatively new home.
The problem I see for myself is, I'm studying engineering and I know how crappy the job market is in western PA. There is a very good chance when I graduate the good offers will be coming from California, Texas, or Florida. Moving that far on your own right out of school would suck, but it might be what I would have to do. But man, I really can't picture earning enough RIGHT out of college with a BS in EE to pay for that kind of real estate.
I would not call Pittsburgh a sh!thole. It has its problems, but I suppose it could be manageable to live there. LA is definitely diverse, but I'm not a fan of the climate or the crowdedness. I could see staying if you were born there, of course, that is the case anywhere, but choosing to move there without a pressing reason, eh, I certainly never would. Fun to visit, though.
Where I live, you could get a 1000 sq. ft. home EASILY for under $100k. $200k would get you a pretty large relatively new home.
The problem I see for myself is, I'm studying engineering and I know how crappy the job market is in western PA. There is a very good chance when I graduate the good offers will be coming from California, Texas, or Florida. Moving that far on your own right out of school would suck, but it might be what I would have to do. But man, I really can't picture earning enough RIGHT out of college with a BS in EE to pay for that kind of real estate.
I'm waiting for the california super bubble to burst.
Usually, you are able to borrow up to 4x your income no problem so in order to borrow $360k, they must have a combine of $90k. However, in this crazy housing market, especially in california, if you can put down 20%, maybe they'll allow you to borrow the remaining 80%, if you have any indication that you can pay up.
I'll never do Interest-Only even if it's short term, 5-7 years. Anything can happen. What if mortgate rate doubles in 1-2 years? What if market finally crashes, and you are just losing $ left and right? Interest-Only is the bank's best invention to lend $ to people who can't really afford payment normally so they can foreclose on them in the future.
Usually, you are able to borrow up to 4x your income no problem so in order to borrow $360k, they must have a combine of $90k. However, in this crazy housing market, especially in california, if you can put down 20%, maybe they'll allow you to borrow the remaining 80%, if you have any indication that you can pay up.
I'll never do Interest-Only even if it's short term, 5-7 years. Anything can happen. What if mortgate rate doubles in 1-2 years? What if market finally crashes, and you are just losing $ left and right? Interest-Only is the bank's best invention to lend $ to people who can't really afford payment normally so they can foreclose on them in the future.
dr150
Diamond Member
- Sep 18, 2003
- 6,570
- 24
- 81
Originally posted by: MadPeriot
Originally posted by: z0mb13
Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
how much is ur monthly payments? 2500?
Everything added including HOA, mortage, and utilities (not including taxes) it'll come out to be $2000.
To get such low payment structure, you're doing ARMs.
That's crazy as everyone's saying we've reached the nadir of the real estate boom.
If interest rates go North, you're going to be hurting in the coming years. Better start looking for a wife so that she contribute to the mortgage!........
Originally posted by: dr150
Originally posted by: MadPeriot
Originally posted by: z0mb13
Originally posted by: MadPeriot
Originally posted by: z0mb13
maybe he put 50% down?
Actually I put down 20%
how much is ur monthly payments? 2500?
Everything added including HOA, mortage, and utilities (not including taxes) it'll come out to be $2000.
To get such low payment structure, you're doing ARMs.
That's crazy as everyone's saying we've reached the nadir of the real estate boom.
If interest rates go North, you're going to be hurting in the coming years. Better start looking for a wife so that she contribute to the mortgage!........
Mortgage rates for Riverside:
Low Avg. High
30 yr fixed mtg 4.950 5.330 6.070
15 yr fixed mtg 4.530 5.020 5.700
30 yr fixed jumbo mtg 5.230 5.620 6.280
5/1 ARM 5.320 5.640 6.610
5/1 jumbo ARM 5.400 5.660 6.590
3/1 ARM 5.410 5.740 6.860
7/1 ARM 5.230 5.580 6.400
10/1 ARM 5.190 5.550 6.260
5/1 jumbo ARM (interest only) 5.360 5.690 6.100
3/1 jumbo ARM 5.500 5.740 6.880
Link
I'm missing how HOA, utilities and mortgage can be $2000/month. The mortgage alone on 360K should be about $2000/month.
How do you figure the bubble will burst? I know too many people been telling me the same thing and at the same time developers are still developing and more and more people are still buying. My dad is in real estate and been saying that for 2 years now, and look at the market still climbing.
If the mortage rate doubles with a 5 year fix of interest-only how will that be affected? Your interested rate is locked for 5 years no matter if it fluctuates. I can't predict if the market will crash but I can't think of better thing to do but invest on property with my money.
And they have zero for retiring on, thus have to sell their big houses when they retire and live their golden years in roach infested apartment buildings.
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