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The Water Cooler
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Buying your first house?
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<blockquote data-quote="mr ed" data-source="post: 1419137" data-attributes="member: 6777"><p>Another route is buy a cheap house. Remodel it a little as you live there.</p><p>After a few years trade up to a nicer one.</p><p>The last thing you want is to get in over your head in a mortgage.</p><p>Everybody seems to think they have to have a $200k house.</p><p>When in fact a $75k would be just fine and then you will have lots of spending money for guns,ammo,vacations etc.</p><p>Also realize that when computing the mortgage payment it doesn't contain </p><p>property taxes and insurance. These are added on later and can be as much as half the mortgage payment.</p><p>Also theres a nasty thing called pmi insurance which is a total ripoff.</p><p>It is charged if you don't have a big downpayment(10+%) and is about 5% of the loan payment and is tacked on later at closing.</p><p></p><p>Another thing to look for is who is servicing the loan.</p><p>Some banks and mortgage companies service their own. This means who you make the payment to. Some bundle the mortgages and sell them. This is what caused the credit crunch for the past few years. It can get you in trouble as they sell it several times and you don't know who to send the payment to next month and they start telling you that you missed a payment and are calling the loan.</p></blockquote><p></p>
[QUOTE="mr ed, post: 1419137, member: 6777"] Another route is buy a cheap house. Remodel it a little as you live there. After a few years trade up to a nicer one. The last thing you want is to get in over your head in a mortgage. Everybody seems to think they have to have a $200k house. When in fact a $75k would be just fine and then you will have lots of spending money for guns,ammo,vacations etc. Also realize that when computing the mortgage payment it doesn't contain property taxes and insurance. These are added on later and can be as much as half the mortgage payment. Also theres a nasty thing called pmi insurance which is a total ripoff. It is charged if you don't have a big downpayment(10+%) and is about 5% of the loan payment and is tacked on later at closing. Another thing to look for is who is servicing the loan. Some banks and mortgage companies service their own. This means who you make the payment to. Some bundle the mortgages and sell them. This is what caused the credit crunch for the past few years. It can get you in trouble as they sell it several times and you don't know who to send the payment to next month and they start telling you that you missed a payment and are calling the loan. [/QUOTE]
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