How many of you rent?

FIREfish148
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FIREfish148
Edited Date/Time 9/20/2014 9:30am
I've been renting for a few years now and been trying to get into a house w/ minimal money down. Which I found pretty much impossible to do since I live in such a high cost area and pay so much for rent. Right now I pay $1,112.00 for a 1 bedroom apartment in a fairly nice complex and I just got a letter in the mail saying they are going to raise my rent to $1,208.00. Which makes it pretty much impossible for me to save on a regular pay check.

Anyone have some advice for getting into a house? All the banks care about is how much money you have down. Shits infuriating...
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Huevos
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Huevos 9/16/2014 8:30pm
9/16/2014 8:30pm
Where I live it's cheaper to buy than rent. Rent for a POS 650 sq. ft. Apartment is over $1000 a month while my wife and I are paying about that same amount on mortgage for a newly remodeled 1350 sq ft house. We payed about 12 grand down and made some serious sacrifices to do so but it was so worth it.
Huevos
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Huevos 9/16/2014 8:31pm
9/16/2014 8:31pm
I believe there are some government programs that help with that sort if thing though.
APLMAN99
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APLMAN99 9/16/2014 8:39pm
9/16/2014 8:39pm
FIREfish148 wrote:
I've been renting for a few years now and been trying to get into a house w/ minimal money down. Which I found pretty much impossible...
I've been renting for a few years now and been trying to get into a house w/ minimal money down. Which I found pretty much impossible to do since I live in such a high cost area and pay so much for rent. Right now I pay $1,112.00 for a 1 bedroom apartment in a fairly nice complex and I just got a letter in the mail saying they are going to raise my rent to $1,208.00. Which makes it pretty much impossible for me to save on a regular pay check.

Anyone have some advice for getting into a house? All the banks care about is how much money you have down. Shits infuriating...
Buy in Kent/Auburn and bus to work! Or get into a condo up near Lynnwood, then rent it out when it's time to upgrade.
Rooster
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Rooster 9/16/2014 9:27pm
9/16/2014 9:27pm
Start with a condo.

A house requires all sorts of maintenance and if you haven't got the extra cash in your budget it will only get run down and hurt your investment in it.

Start small and work your way up. Build equity and the banks see that as being as good as cash. You'll be better off being a position where you can dump an extra grand on your mortgage than finding yourself needing that extra grand for a new hot water tank, or even more for say a roof repair job. Don't become mortgage poor and have less of a life simply because you wanted a house you couldn't quite afford.

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FIREfish148
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FIREfish148 9/16/2014 9:32pm
9/16/2014 9:32pm
Thanks for the advice guys. Wasn't really looking at condos at all. I wanted to get at least enough room to build a pump track in the yard.Cheerful
UpTiTe
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UpTiTe 9/16/2014 9:50pm
9/16/2014 9:50pm
Go to all your local savings and loans, they will work with you on your down payment if your credit is good. Local savings and lians havd a lot less hoops to jump through. I've helped clients with good credit get loans for as little as 5%.

Like I say though, make sure its local and make sure they won't sell it and I'd bet if your credit is hood they'll work witj you.
APLMAN99
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APLMAN99 9/16/2014 11:10pm
9/16/2014 11:10pm
FIREfish148 wrote:
Thanks for the advice guys. Wasn't really looking at condos at all. I wanted to get at least enough room to build a pump track in...
Thanks for the advice guys. Wasn't really looking at condos at all. I wanted to get at least enough room to build a pump track in the yard.Cheerful
In all seriousness, with 740+ score and a 4.25% loan from BECU, you're probably looking at just slightly over $200K for a max home price to keep your mortgage, taxes, and insurance just about equal to what you now pay. The question becomes what do you do for a living and how would commuting with public transit fit into your work schedule. I can't imagine finding anything that'd be "livable" in Kirkland, Redmond, Bellevue, Issaquah, or really even Renton for that coin.

Aren't you a fireman? If so, you could probably really expand your area to look. I know several guys who work up in Lake Stevens but actually live over here in Wenatchee. The rotation schedule makes it work out really well.
vanillaice782 9/17/2014 5:16am
9/17/2014 5:16am
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down but I had to pay an extra $100 per month for mortgage insurance which was pretty much the same as throwing that money in the trash every month. That's my only experience with home loans though.
71Fish
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71Fish 9/17/2014 5:38am
9/17/2014 5:38am
If you don't have at least a 20% down payment, consider an 80/20 loan. There are pros and cons as with everything so do some reasearch. I did an 80/20 on my current house. In hindsight I wish I would not have, but every situation is different. It is at least something to look into.
IWreckALot
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IWreckALot 9/17/2014 6:07am
9/17/2014 6:07am
vanillaice782 wrote:
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down...
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down but I had to pay an extra $100 per month for mortgage insurance which was pretty much the same as throwing that money in the trash every month. That's my only experience with home loans though.
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does suck paying the PMI though. That goes away when you have 20% paid off right?

Owning is a little more work but definitely worth it.
newmann
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newmann 9/17/2014 6:23am
9/17/2014 6:23am
Are you a firefighter as in 24 on, 48 off?
newmann
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newmann 9/17/2014 6:29am
9/17/2014 6:29am
First thing is to get out of paying rent and into something that will build some equity. Don't jump into something over your head or something that will require an extensive remodeling to be livable. What price range are you looking at? In a stand alone home, you will be responsible for all maintenance, inside and out as well as taxes, insurance and all utilities. Since you are looking for something with a yard to build a BMX track I'm guessing there will be no HOA fees.
newmann
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newmann 9/17/2014 6:36am
9/17/2014 6:36am
vanillaice782 wrote:
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down...
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down but I had to pay an extra $100 per month for mortgage insurance which was pretty much the same as throwing that money in the trash every month. That's my only experience with home loans though.
IWreckALot wrote:
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does...
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does suck paying the PMI though. That goes away when you have 20% paid off right?

Owning is a little more work but definitely worth it.
If your house is financed with Bank of America, don't count on that PMI to disappear after 20% without a fight. My wife along with her brother and sister jointly own a home that her parents live in. The mortgage was taken over by BOA and what a clusterphuck it has been dealing with those idiots. I have on many occasions offered to pay out our portion in full but the others aren't willing to do that. Money has been spent to do a refi and BoA didn't follow through citing issues with multiple people on the deed. PMI issues were a pain.
huck
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huck 9/17/2014 7:01am
9/17/2014 7:01am
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500 a month or more.....
IWreckALot
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IWreckALot 9/17/2014 7:36am
9/17/2014 7:36am
vanillaice782 wrote:
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down...
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down but I had to pay an extra $100 per month for mortgage insurance which was pretty much the same as throwing that money in the trash every month. That's my only experience with home loans though.
IWreckALot wrote:
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does...
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does suck paying the PMI though. That goes away when you have 20% paid off right?

Owning is a little more work but definitely worth it.
newmann wrote:
If your house is financed with Bank of America, don't count on that PMI to disappear after 20% without a fight. My wife along with her...
If your house is financed with Bank of America, don't count on that PMI to disappear after 20% without a fight. My wife along with her brother and sister jointly own a home that her parents live in. The mortgage was taken over by BOA and what a clusterphuck it has been dealing with those idiots. I have on many occasions offered to pay out our portion in full but the others aren't willing to do that. Money has been spent to do a refi and BoA didn't follow through citing issues with multiple people on the deed. PMI issues were a pain.
I'm with Wells Fargo. I imagine that it'll be a pain in the ass with them also but I don't think we're going to be in this house much longer. Not long enough to get to 20% down.
IWreckALot
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IWreckALot 9/17/2014 7:38am
9/17/2014 7:38am Edited Date/Time 9/17/2014 7:41am
huck wrote:
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500...
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500 a month or more.....
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles with escrow and I'd prefer my taxes be rolled into escrow than have to worry about paying the whole lump sum at the end of the year. They consider taxes and insurance when they weigh what your debt to income can handle. Granted, they still let you get in further than you can comfortably live. When they told me what size of house I could "afford", I went with a house that was about 65% of what they suggested.

Fortunately I haven't had ANY problems with the house to speak. I have made some upgrades and kept on top of maintenance but nothing that has cost me an arm and a leg.
jndmx
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jndmx 9/17/2014 7:45am
9/17/2014 7:45am
Rent...

$910 a month for a 2 bedroom townhouse style including heat, off-street parking and a basement and I am adjacent to a big old stand of trees on one side and farm on the other.
hvaughn88
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hvaughn88 9/17/2014 7:45am
9/17/2014 7:45am
vanillaice782 wrote:
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down...
I would try to save for a down payment as much as you can. My first home loan was a fha with not a lot down but I had to pay an extra $100 per month for mortgage insurance which was pretty much the same as throwing that money in the trash every month. That's my only experience with home loans though.
IWreckALot wrote:
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does...
FHA only requires 3.5% down. That's how my wife and I got our house. I think we put down about $5,000 on our house. It does suck paying the PMI though. That goes away when you have 20% paid off right?

Owning is a little more work but definitely worth it.
To my knowledge, depending on when you got your FHA loan, the PMI may not go away even after you get to 20%. I think currently it is for the life of the loan, however it's supposed to be revisited every year and could change (probably not though). I will say, though, the FHA loan is a good option for locking up these low interest rates.

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huck
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huck 9/17/2014 7:53am
9/17/2014 7:53am
huck wrote:
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500...
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500 a month or more.....
IWreckALot wrote:
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles...
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles with escrow and I'd prefer my taxes be rolled into escrow than have to worry about paying the whole lump sum at the end of the year. They consider taxes and insurance when they weigh what your debt to income can handle. Granted, they still let you get in further than you can comfortably live. When they told me what size of house I could "afford", I went with a house that was about 65% of what they suggested.

Fortunately I haven't had ANY problems with the house to speak. I have made some upgrades and kept on top of maintenance but nothing that has cost me an arm and a leg.
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money?

And you did the smart thing.. I'm sure many many people go off of what the bank says they can 'afford'..then in a year they are struggling to make the payments. It's the American way!
Old-Man
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Old-Man 9/17/2014 8:23am
9/17/2014 8:23am
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15 year fixed but your payment doubles and being in a new home (To you) you may need the cash for fixes and upgrades. If you see where you are finally getting extra cash just put it toward the principle when you make your payment. Rates are creeping up but still at a very good rate. ( Around 2.75% to 3.75%)

Right now is a very good time to buy lenders are looking hard for folks like you and have many options to fit your needs.
Just try one, what can it hurt? at least you will know what to expect.

I'm in a 15 year fixed but I refinanced after 7 years to a lower rate and after I made sure everything in the house was upgraded so that I wasn't worried something was going to break and cost me more than I could afford.

I will be debt free at the age of 53....YAY!
APLMAN99
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APLMAN99 9/17/2014 8:27am
9/17/2014 8:27am
huck wrote:
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500...
Just remember when you own...you get to pay taxes, more insurance, upkeep, maintenance costs, and what not... Depending on your area, your taxes could be $500 a month or more.....
IWreckALot wrote:
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles...
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles with escrow and I'd prefer my taxes be rolled into escrow than have to worry about paying the whole lump sum at the end of the year. They consider taxes and insurance when they weigh what your debt to income can handle. Granted, they still let you get in further than you can comfortably live. When they told me what size of house I could "afford", I went with a house that was about 65% of what they suggested.

Fortunately I haven't had ANY problems with the house to speak. I have made some upgrades and kept on top of maintenance but nothing that has cost me an arm and a leg.
huck wrote:
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money? And you did the smart thing.. I'm sure...
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money?

And you did the smart thing.. I'm sure many many people go off of what the bank says they can 'afford'..then in a year they are struggling to make the payments. It's the American way!
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs so little to have it handled that it's worth it to me. $20 to make sure that 3 critical payments are made accurately and on time? I'll pay that. That's only one trip through the McDonalds drive thru for 3 people that I have to skip once a year......
APLMAN99
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APLMAN99 9/17/2014 8:30am
9/17/2014 8:30am
Old-Man wrote:
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15...
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15 year fixed but your payment doubles and being in a new home (To you) you may need the cash for fixes and upgrades. If you see where you are finally getting extra cash just put it toward the principle when you make your payment. Rates are creeping up but still at a very good rate. ( Around 2.75% to 3.75%)

Right now is a very good time to buy lenders are looking hard for folks like you and have many options to fit your needs.
Just try one, what can it hurt? at least you will know what to expect.

I'm in a 15 year fixed but I refinanced after 7 years to a lower rate and after I made sure everything in the house was upgraded so that I wasn't worried something was going to break and cost me more than I could afford.

I will be debt free at the age of 53....YAY!
Double for a 15yr? Someone must have jacked with your loan somehow. Maybe 40% more, but surely not double......
huck
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huck 9/17/2014 8:32am
9/17/2014 8:32am
IWreckALot wrote:
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles...
Going with an FHA, it all rolls into escrow. The escrow can really screw you if the taxes jump. So far, I haven't hit any hurdles with escrow and I'd prefer my taxes be rolled into escrow than have to worry about paying the whole lump sum at the end of the year. They consider taxes and insurance when they weigh what your debt to income can handle. Granted, they still let you get in further than you can comfortably live. When they told me what size of house I could "afford", I went with a house that was about 65% of what they suggested.

Fortunately I haven't had ANY problems with the house to speak. I have made some upgrades and kept on top of maintenance but nothing that has cost me an arm and a leg.
huck wrote:
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money? And you did the smart thing.. I'm sure...
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money?

And you did the smart thing.. I'm sure many many people go off of what the bank says they can 'afford'..then in a year they are struggling to make the payments. It's the American way!
APLMAN99 wrote:
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs...
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs so little to have it handled that it's worth it to me. $20 to make sure that 3 critical payments are made accurately and on time? I'll pay that. That's only one trip through the McDonalds drive thru for 3 people that I have to skip once a year......
To each his own...I'd rather pay taxes at the end of the year, than get them back as well....

If I can save $20, in 100 different scenarios a year....I'll take that.

It's really not hard to pay your taxes...they are due by 10/15 every year...and insurance companies send these handy notices every year with a return coupon and envelope. It could be tricky for some...but I seem to manage.

huck
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huck 9/17/2014 8:33am
9/17/2014 8:33am
Old-Man wrote:
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15...
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15 year fixed but your payment doubles and being in a new home (To you) you may need the cash for fixes and upgrades. If you see where you are finally getting extra cash just put it toward the principle when you make your payment. Rates are creeping up but still at a very good rate. ( Around 2.75% to 3.75%)

Right now is a very good time to buy lenders are looking hard for folks like you and have many options to fit your needs.
Just try one, what can it hurt? at least you will know what to expect.

I'm in a 15 year fixed but I refinanced after 7 years to a lower rate and after I made sure everything in the house was upgraded so that I wasn't worried something was going to break and cost me more than I could afford.

I will be debt free at the age of 53....YAY!
Your math is off....





APLMAN99
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APLMAN99 9/17/2014 8:42am
9/17/2014 8:42am
huck wrote:
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money? And you did the smart thing.. I'm sure...
I'd always pay my taxes and insurance myself. Why let the bank/lending company make interest on your money?

And you did the smart thing.. I'm sure many many people go off of what the bank says they can 'afford'..then in a year they are struggling to make the payments. It's the American way!
APLMAN99 wrote:
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs...
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs so little to have it handled that it's worth it to me. $20 to make sure that 3 critical payments are made accurately and on time? I'll pay that. That's only one trip through the McDonalds drive thru for 3 people that I have to skip once a year......
huck wrote:
To each his own...I'd rather pay taxes at the end of the year, than get them back as well.... If I can save $20, in 100...
To each his own...I'd rather pay taxes at the end of the year, than get them back as well....

If I can save $20, in 100 different scenarios a year....I'll take that.

It's really not hard to pay your taxes...they are due by 10/15 every year...and insurance companies send these handy notices every year with a return coupon and envelope. It could be tricky for some...but I seem to manage.

Our property tax is twice a year, insurance once. I'm a convenience guy. I don't mind saving money, of course, but that is a pretty minor amount for that sort of convenience.
APLMAN99
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APLMAN99 9/17/2014 8:43am
9/17/2014 8:43am
Old-Man wrote:
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15...
If you do find a Loan that fits you make sure it's 30 year fixed and not an ARM (adjustable rate Mortgage). You can go 15 year fixed but your payment doubles and being in a new home (To you) you may need the cash for fixes and upgrades. If you see where you are finally getting extra cash just put it toward the principle when you make your payment. Rates are creeping up but still at a very good rate. ( Around 2.75% to 3.75%)

Right now is a very good time to buy lenders are looking hard for folks like you and have many options to fit your needs.
Just try one, what can it hurt? at least you will know what to expect.

I'm in a 15 year fixed but I refinanced after 7 years to a lower rate and after I made sure everything in the house was upgraded so that I wasn't worried something was going to break and cost me more than I could afford.

I will be debt free at the age of 53....YAY!
huck wrote:
Your math is off.... [img]https://p.vitalmx.com/photos/forums/2014/09/17/65436/s1200_Screen_Shot_2014_09_17_at_10.32.54_AM.jpg[/img] [img]https://p.vitalmx.com/photos/forums/2014/09/17/65437/s1200_Screen_Shot_2014_09_17_at_10.33.05_AM.jpg[/img]
Your math is off....





Your math is a little off also. Should have a higher interest rate for 30yr than 15yr.......
Old-Man
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Old-Man 9/17/2014 8:51am
9/17/2014 8:51am
Never said what my interest rate WAS Sorry if I wrote it in a way that you assumed it was around 3.00%.

When I bought this place in Colorado my interest rate was 5.34% back in 99'

Well almost double...hows that?
Old-Man
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Old-Man 9/17/2014 8:54am
9/17/2014 8:54am
Shit..I read it wrong too..sorry
Old-Man
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Old-Man 9/17/2014 8:59am
9/17/2014 8:59am
FIREfish148 wrote:
I've been renting for a few years now and been trying to get into a house w/ minimal money down. Which I found pretty much impossible...
I've been renting for a few years now and been trying to get into a house w/ minimal money down. Which I found pretty much impossible to do since I live in such a high cost area and pay so much for rent. Right now I pay $1,112.00 for a 1 bedroom apartment in a fairly nice complex and I just got a letter in the mail saying they are going to raise my rent to $1,208.00. Which makes it pretty much impossible for me to save on a regular pay check.

Anyone have some advice for getting into a house? All the banks care about is how much money you have down. Shits infuriating...
Does that include any utilities? Don't forget when you own you have the addition of all the utilities plus yard maintenance, Garbage pick up ect..
IWreckALot
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IWreckALot 9/17/2014 8:59am
9/17/2014 8:59am
APLMAN99 wrote:
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs...
We thought about ditching the escrow, but with total taxes and insurance being less than $2500 and savings rates being 1% or under, it really costs so little to have it handled that it's worth it to me. $20 to make sure that 3 critical payments are made accurately and on time? I'll pay that. That's only one trip through the McDonalds drive thru for 3 people that I have to skip once a year......
huck wrote:
To each his own...I'd rather pay taxes at the end of the year, than get them back as well.... If I can save $20, in 100...
To each his own...I'd rather pay taxes at the end of the year, than get them back as well....

If I can save $20, in 100 different scenarios a year....I'll take that.

It's really not hard to pay your taxes...they are due by 10/15 every year...and insurance companies send these handy notices every year with a return coupon and envelope. It could be tricky for some...but I seem to manage.

APLMAN99 wrote:
Our property tax is twice a year, insurance once. I'm a convenience guy. I don't mind saving money, of course, but that is a pretty minor...
Our property tax is twice a year, insurance once. I'm a convenience guy. I don't mind saving money, of course, but that is a pretty minor amount for that sort of convenience.
This is exactly where I'm at. I'm bad at putting money aside (although better in recent years) so I'd rather have it all loaded into my mortgage payment. The small amount it "costs" to do that is worth it to me also. I waste money doing other things that I could cut back on and save more than what the lost interest does.

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