ugh wtf my house buying experience

[acemcmac]

Unless you qualify for alternative minimum tax.... I wonder how many people here know that interest on the primary residence's morgage is tax deductable? isn't it? A morgage is GOOD debt.

 

[Apathetic]

Originally posted by: Jaihahih

Originally posted by: zixxer
people talk about how buying a house is soooo stressful. The stressful part ISN'T looking, buying, etc.... it's the mortgage. Bend over and prepare to be buttraped over the crap they need. 7 years worth of w-2's... WTF I was 14 7 years ago... so then, after giving them ALL the crap they need, you are never "approved". pre-approved yes... but the approval is at closing. So, you're stressed out beyond belief until you sign the f-ing paper.

THEN... you think home depot/lowes was for screws and crap? Hell no. I might as well go ahead and open a credit card there... I've spent easily $1000 there, and another $1000 at costco. I still need to buy a grill, a decent cordless drill (I burnt mine out today) and a circular saw. I'm eyeing the 18v dewalt cordless drill/circ saw set at costco. $350 for it... bleh... a hose.. and WTF knows what else.



And.. paint. Seems cheap right? WTFever. sherwinn williams has me by the balls. I've spent ~$150 on paint easily.


bleh. I still need to buy an extra intellicode genie door opener.

I'm broke. I DID however get 4.5% fixed for 30 years yay.


cliffs:
zixxer is in his house. a house is expensive, and he got a good loan. dealing with the mortgage crap sucks. He has bought a ton of crap from home depot and lowes

Your mistake. You took out a 30 year mortgage. Live at your mom's, work a few years, and take out a 10 year mortgage after 5.

Maybe not, as long as he pays extra every month he get's the best of both worlds.

Dave

 

[waggy]

Originally posted by: acemcmac
Unless you qualify for alternative minimum tax.... I wonder how many people here know that interest on the primary residence's morgage is tax deductable? isn't it? A morgage is GOOD debt.

I got a buddy that makes $100k a year. he is living at home saving to pay off a house in FULL! he figures he needs $250k-300k. Last time i talked to him he had 275k in the bank. oh he just turned 29 this month!

he gets on me becasue i do have a 30 yr motgage. but i been living on my own since i was 18l

 

[brtspears2]

Wow 4.5%, congrats. In November, I got my loan at 6.625% 30 yr fixed. I hope for the days of 4-5% interest rates again for the masses.

 

[snowdogg187]

Originally posted by: LolaWiz

Originally posted by: Jaihahih

Originally posted by: zixxer
people talk about how buying a house is soooo stressful. The stressful part ISN'T looking, buying, etc.... it's the mortgage. Bend over and prepare to be buttraped over the crap they need. 7 years worth of w-2's... WTF I was 14 7 years ago... so then, after giving them ALL the crap they need, you are never "approved". pre-approved yes... but the approval is at closing. So, you're stressed out beyond belief until you sign the f-ing paper.

THEN... you think home depot/lowes was for screws and crap? Hell no. I might as well go ahead and open a credit card there... I've spent easily $1000 there, and another $1000 at costco. I still need to buy a grill, a decent cordless drill (I burnt mine out today) and a circular saw. I'm eyeing the 18v dewalt cordless drill/circ saw set at costco. $350 for it... bleh... a hose.. and WTF knows what else.



And.. paint. Seems cheap right? WTFever. sherwinn williams has me by the balls. I've spent ~$150 on paint easily.


bleh. I still need to buy an extra intellicode genie door opener.

I'm broke. I DID however get 4.5% fixed for 30 years yay.


cliffs:
zixxer is in his house. a house is expensive, and he got a good loan. dealing with the mortgage crap sucks. He has bought a ton of crap from home depot and lowes

Your mistake. You took out a 30 year mortgage. Live at your mom's, work a few years, and take out a 10 year mortgage after 5.

I hate when people say that....some people want freedom and independence. We moved out at 18, had a house by 22 and are happy. I can understand wanting to save some money, but not everyone wants to live with mommy and daddy.

I agree, why mooch off your parents when you can own your own home at 21? Especially with this mortgage deal, as long as he didn't pay too many points this is a great deal.

Jaihahih did you know that most of the interest you pay comes right back to you at the end of the year?

I didnt' think so.

 

[Taggart]

I'm 26 and live in an apartment. I'll buy a house eventually, but quite happy right now

 

[rh71]

Originally posted by: snowdogg187

Originally posted by: LolaWiz

Originally posted by: Jaihahih

Originally posted by: zixxer
people talk about how buying a house is soooo stressful. The stressful part ISN'T looking, buying, etc.... it's the mortgage. Bend over and prepare to be buttraped over the crap they need. 7 years worth of w-2's... WTF I was 14 7 years ago... so then, after giving them ALL the crap they need, you are never "approved". pre-approved yes... but the approval is at closing. So, you're stressed out beyond belief until you sign the f-ing paper.

THEN... you think home depot/lowes was for screws and crap? Hell no. I might as well go ahead and open a credit card there... I've spent easily $1000 there, and another $1000 at costco. I still need to buy a grill, a decent cordless drill (I burnt mine out today) and a circular saw. I'm eyeing the 18v dewalt cordless drill/circ saw set at costco. $350 for it... bleh... a hose.. and WTF knows what else.



And.. paint. Seems cheap right? WTFever. sherwinn williams has me by the balls. I've spent ~$150 on paint easily.


bleh. I still need to buy an extra intellicode genie door opener.

I'm broke. I DID however get 4.5% fixed for 30 years yay.


cliffs:
zixxer is in his house. a house is expensive, and he got a good loan. dealing with the mortgage crap sucks. He has bought a ton of crap from home depot and lowes

Your mistake. You took out a 30 year mortgage. Live at your mom's, work a few years, and take out a 10 year mortgage after 5.

I hate when people say that....some people want freedom and independence. We moved out at 18, had a house by 22 and are happy. I can understand wanting to save some money, but not everyone wants to live with mommy and daddy.

I agree, why mooch off your parents when you can own your own home at 21? Especially with this mortgage deal, as long as he didn't pay too many points this is a great deal.

Jaihahih did you know that most of the interest you pay comes right back to you at the end of the year?

I didnt' think so.

I have a problem with people who move out JUST because they want freedom and independence and have no idea what they're doing financially. Many move out with a part-time job at best and pay rent month to month with little savings.

That's a bad idea... (unless you're still financially supported even after you move out). If you've got a solid plan and savings, by all means... move out at 18... have at it. As long as you're fine with the idea that you could've saved even more for a better house had you stayed home... it's give and take.

About the interest ... someone here in a previous thread stated that's a "tax hole" and it's supposed to be closed...

 

[Fritzo]

I'm going through the same thing

One thing I did find: Serman Williams is WAAAYYY too overpriced. Nearly $40/gallon for paint!!! I discovered that Lowe's American paint uses Benjamin Moore's formuala, and their top of the line premium paint is only $23/gallon. They can perfectly color match anything from Sherman Williams too (that's what we did- saved nearly $300!)

 

[zixxer]

Originally posted by: Reel

Originally posted by: Vic

Originally posted by: waggy

Originally posted by: markgm
Having just closed on my house, I really don't see how it is possible to get a fixed rate at 4.5%.

UNLESS he went though special programs. My sister has one through USDA and she has a 2% mortgage (usda picks up other 4%) with no points, no downpayment etc.

heck a buddy of mine lives in Napervill, IL (well to do area) and has nearly perfect credit and just got a first house and got a 5.8% (i belive or 5.6) with 20% down on a 150k house and he makes $150k a year (25yrs old).

USDA doesn't pick up the other 4%, they subsidize. When/if she sells or refinances, USDA will recapture a portion of that subsidy, up to 50% of the equity in the house.

I'm EXTREMELY skeptical of this rate, even if it was a portfolio deal through a local bank. Current 30 fixed rates are going in the low 6% range.

I just closed yesterday with a 6% rate in a 5/1 ARM. The other mortgage brokers I had couldn't come close to that rate. I had great credit. 4.5% would have been great but it definitely seems unbelievably low. Those are the rates that the online brokers pretend to have to get you to give them your information and then they come back with 6.5%.

this was through a local bank - not an online place.