whats your bottom dollar ?
09-21-2010, 09:12 PM
#41
And about mortgages, i think 30yr loans are ripoffs!! 15 or 20 year loans are the way to go.... and a house is about the best investment anyone can do... i have a 15yr loan and it will be paid off in 8yrs, just got to put yourself on a budget and it will be rewarding in the future
09-21-2010, 09:15 PM
#42
30yr mortgages aren't rip offs. Options are out there for everyone and each fits each individuals needs. For example I'm a 27 year old full time student, full time employed, and single with a 30 year mortgage. In California houses aren't cheap and cost of living is through the roof. I couldn't afford a 15/yr half a mil mortgage on my own and still have money left over for hobbies, toys, expenses etc. My payment would be $4500 a month for a 15yr mortgage!!! That's not including large property taxes, HOA dues, etc.. I chose a 30yr, pay more every month and plan to have it paid off before 30 years. This gives me the option when months are tighter to scale back on my payment if I have to in case of emergency, I lose my job etc. If had a 15yr I'd be stuck to that extra high payment. Obviously I have savings, but I never want to be in that situation where I'm strapped to a large mortgage payment. A 30 year suits me perfect. Now if I lived in a state like Texas for example where houses are cheaper a $150k/15yr mortgage payment would be peanuts at around $1250 a month. I could see a 15yr a good choice. anyways enough rambling...
09-21-2010, 09:31 PM
#43
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Again, thatz just my opinion, but it will be alot smarter as a first time buyer to just get something alot.cheaper where the mortgage would be paid off alot sooner and save a ton on interest, cause i would say 90%+ of the people nowdays dont stay at their first home forever, it and that itself could be a big downpayment on maybe your future/retirment home. Again thats just my opinion and its just something seemed to work for me...... when i bought my first home i was 21, then 6yrs later i sold it and had half of my mortgage paid, that equaled a huge downpayment on my new house, which i never thought i could afford if i would of bought it back when i was 21.... ofcourse everyone has different goals in life, im married with a family of two and am always thinking ahead for my little.ones..
09-22-2010, 10:37 AM
#45
Check out an amoratized mortgage table, if you want some motivationt o quit spending money on the truck that will do it for you. Its absolutely rediculous how much you pay in interest on a mortgage. 50 bucks extra month on a 30yr mortgage can knock off 5 years. Double the payment and youre only in it for 8 years compared to 30. Obviously those are "loose" numbers since interest rate and actual note amount change it a little but theyre pretty close.
Im looking to buy some land here in Austin soon so the toys will come to an end once again. I keep telling myself it will be worth it in the end
Im looking to buy some land here in Austin soon so the toys will come to an end once again. I keep telling myself it will be worth it in the end
09-22-2010, 11:31 AM
#46
Perfect examply of why I laugh at half of the people on this site. They spend thousands of dollars on a truck that isnt even theirs. Pay the note off first then mod, so if tough times hit then you dont have a truck payment to deal with instead of a nice modded truck that you have to sll because you were stupid and dumped 10 grand into a truck you still owed mor than it was worth. Not to mention the rediculous amount of interest you save, people spending money like that is a big reason why the economy is in the state it is. Buy now, pay later eventually catches up with you.
Im just too big of a pansy, I hate having debt. I got it all paid off about a year ago and Im keeping it that way. Both of our vehicles are paid for and we've got some savings in the bank, personally that makes me feel much better than having a fast truck. I laid out of playing with my vehicles for quite a while to get in a better financial position and now that I have a little expendable income Im adding things here and there. Everyone has their way of doing things but me personally I just dont feel comofortable spending a lot of money on something that isnt mine regardless of how much money I make.
09-22-2010, 11:44 AM
#47
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When i purchased my first home i also did a 30yr loan and refinanced to a 15yr after two years when i saw i had only knocked off 2-3k off my principal, know that sux!!! I thought like you scared i might lose my job and be in a bind, but i told myself if it ever happened to me i would just refinance again to a 30 yr to have the lower payments and wont be in a bind but atleast i know i knocked down quite a bit of principal while it lasted, ofcourse this was back when refinancing was free, now adays it will cost you some to refinance.... but i would say its something to look into, there is always options out there
09-22-2010, 12:06 PM
#48
Pretty much...lol..Texas is the only other con. state I would consider...Me and my wife bought our first house (built in 56' 2000 sq')in 2005 for $485k our mortgage was $3800....We (she)short saled the house for $300k in 2008...In 2009 we (I) bought a short sale Condo(built 82' 1200 sq') in Downtown for $285k...I know I would make $15 an hour less in Tx, and my Wife would make $20+ less....Soo I would have to weigh it out...Hot weather, affordable house, no state tax,Lots of Fast cars/trucks lol, lower wages,Patriotic Conservitive's -or- 75* every day, avg house $400k, TONS of state tax, Tons of Hondas/lifted trucks, Higher wages,Very liberal...
09-22-2010, 12:07 PM
#49
Exactly. Sorry about that layoff, that would have sucked ha.
09-22-2010, 02:30 PM
#50
When i purchased my first home i also did a 30yr loan and refinanced to a 15yr after two years when i saw i had only knocked off 2-3k off my principal, know that sux!!! I thought like you scared i might lose my job and be in a bind, but i told myself if it ever happened to me i would just refinance again to a 30 yr to have the lower payments and wont be in a bind but atleast i know i knocked down quite a bit of principal while it lasted, ofcourse this was back when refinancing was free, now adays it will cost you some to refinance.... but i would say its something to look into, there is always options out there
Pretty much...lol..Texas is the only other con. state I would consider...Me and my wife bought our first house (built in 56' 2000 sq')in 2005 for $485k our mortgage was $3800....We (she)short saled the house for $300k in 2008...In 2009 we (I) bought a short sale Condo(built 82' 1200 sq') in Downtown for $285k...I know I would make $15 an hour less in Tx, and my Wife would make $20+ less....Soo I would have to weigh it out...Hot weather, affordable house, no state tax,Lots of Fast cars/trucks lol, lower wages,Patriotic Conservitive's -or- 75* every day, avg house $400k, TONS of state tax, Tons of Hondas/lifted trucks, Higher wages,Very liberal...
Ive been quite a few places in the US and while obviously Im biased since I grew up here, there isnt a place better than Texas. The heat doesnt bother me, I like it much better than the cold. While our wages are lower than some other states our cost of living is WAAAYYY lower than Cali and as you said no state tax. Youd be surprised how close the wages actually are after everything is taken into consideration. A friend of mine was a union painter in Cali then moved to Texas(I converted him
) and after it was all said and done he figures he took a 2-3$ pay cut moving here but he is more than happy.For gear heads, Texas is the mecca of the performance industry. THere are a lot of manufacturers in Cali for performance parts but we can actually play with those parts here in Texas without being hassled
