- Apr 28, 2010
- 10,322
- 2,557
awesome thanks for the advice. Definitely gonna be doing more research into every option possible. I still have some time until then
.Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
awesome thanks for the advice. Definitely gonna be doing more research into every option possible. I still have some time until then
.
- Nov 16, 2001
- 3,949
- 1,197
FYI for all you buyers considering an FHA loan. Mortgage insurance premiums are dropping by $900/yr.
Still not my preferred loan to recommend to people, but this is a LOT better than what it has been.
http://www.inman.com/2015/01/07/fha-slashing-annual-mortgage-insurance-premiums-by-900-a-year/
Still not my preferred loan to recommend to people, but this is a LOT better than what it has been.
http://www.inman.com/2015/01/07/fha-slashing-annual-mortgage-insurance-premiums-by-900-a-year/
- Nov 6, 2012
- 4,758
- 1,409
What loan would you prefer for first home owners? Or what type of loans would you recommend?
- Oct 3, 2007
- 21,724
- 12,815
Crc deals in all cash bro
- May 31, 2011
- 2,742
- 147
Reading through this tonight. I've been hearing a lot about something going on in ATL dealing with housing grants or something. Idk but $$$ is involved.
- Nov 16, 2001
- 3,949
- 1,197
FHA loan fees & costs are typically more than a conventional fixed loan. If possible, that is definitely the way to go. FHA loans are typically marketed to people who don't want to, or can't put down a substantial amount when they buy a home (Typically more than 5%). The more you put down when buying a home, the less it will cost you over the life of ownership.
With interest rates still trending back towards historic lows, I wouldn't even consider an ARM at this point since rates are almost guaranteed to go up in the next 5-7 years.
Last edited:
- Nov 6, 2012
- 4,758
- 1,409
@crcballer55 okay thats what I was thinking, so how much do you think you should put down on the home? Between 10% to 20% or atleast 20% or more?
- Nov 16, 2001
- 3,949
- 1,197
Ideally as much as possible. But at least 20% to avoid MI. After 10%, the MI goes down significantly from what our lender told me.
What most people either won't say, or haven't thought about with Real Estate (personal residences specifically) is that the return isn't that great when compared to other investment vehicles. I think one article I checked said the average return is only about 5%/yr. compared to 10-12% for equities. However, the real value is once it's paid for. Imagine how much more you could invest/enjoy not throwing that amount of money into your house each month?
- Jan 17, 2013
- 7,988
- 6,861
Will you still b paying MI with a conventional fixed where you put down less than 20%? Or can you even get a conventional fixed with less than 20%??
- Nov 16, 2001
- 3,949
- 1,197
Yes & Yes. You'll still pay MI, but FHA loans have typically been A LOT higher than conventional loans.
- Apr 4, 2004
- 5,983
- 533
Some pics of the home I am considering. 7 bed 6.5 bath
I can get a 3.99% fixed doctors loan which is very tempting vs waiting and saving up the 20% down
I can get a 3.99% fixed doctors loan which is very tempting vs waiting and saving up the 20% down
Last edited:
- Apr 27, 2006
- 403
- 61
Haven't been on NT in a minute and didn't even know this thread existed. A lot of useful info from going through the last couple of pages.
Yes. I've been a licensed agent for over 8 years and did loans for 3 years while finishing up college. If you are going to be part time in this industry only working weekends it will be tough to breakthrough. Real Estate requires never ending education along with countless hours of dedication. Only working weekends will limit yourself when you have clients due to the fact that majority of the time you have to base your appointments around yours clients schedule. For example, if your client works weekends who will be showing them houses during the week? You must realize majority of buyers in today's market are tech savvy and all the information regarding houses can be found on the internet. So once they receive information regarding a new listing majority of the time want to see it on their next availability. Majority of the listing agents in the Bay Area give a dead line for offers to be submitted so in some cases time is of the essence to get your offer into the agent. Housing inventory out here is still fairly low because its the still early in the year and move in ready houses are still fairly selling quickly usually also receiving multiple offers.
If you do decide to do this part time just know you will face a lot of rejection in the beginning because you are not proven in this business but remember its a numbers game in Real Estate and don't take it personal. Just keep it pushing until someone gives you the opportunity to assist them in either buying or selling and prove to them you can close the deal while providing them a service no other agent can.
- Apr 27, 2006
- 403
- 61
With the doctors loan will you be putting any type of down payment or will you be using the 0% down?
Last edited:
- Apr 4, 2004
- 5,983
- 533
Yea will be putting something down somwhere around 5-10%. Cant do a 100% loan because the mortgage would be over 650k. I will probably just wait and build up the full 20%.
Last edited:
- Jan 25, 2008
- 2,868
- 724
Buying a home now for cash and seller wants to stay in possession for five days after closing so he can use the money from it to move. I told him not a chance. Supposedly this is not wildly uncommon, as you can draft up post-closing possession agreements, work with insurance providers, etc. but I'm not with it. Now it's becoming such a big deal that I might lose the house and it's not easily replaceable.
Thoughts?
Thoughts?
- Dec 19, 2013
- 10,478
- 9,125
I just thought I'd let you know that I hate you.
Just kidding. House is gorgeous...where is the location?
- Apr 4, 2004
- 5,983
- 533
I just thought I'd let you know that I hate you.
Just kidding. House is gorgeous...where is the location?
Preciate it not still a debate as to when it will be. Its located in da cut.
- Dec 19, 2013
- 10,478
- 9,125
I couldn't afford that unless I sold both my properties and still would need a good job to pay the taxes and insurance on something like that.
GORGEOUS. I have similar colored cabinets in my home and will keep that look forever now.
Great taste.
- Apr 4, 2004
- 5,983
- 533
Yea my wife and I loved the look. Probably too much space though.
- Dec 19, 2013
- 10,478
- 9,125
We're planning kids this year so we're (well I should I am) looking for something with a converted garage or with a room away from the main living area for when her mom comes to visit.
Being a parentless, married Leo, makes me miss being alone. I could get lost in that home and wouldn't care.
- Dec 19, 2008
- 8,806
- 2,938
I'm looking to do a small place no more than 1000 square feet. Small bachelor pad. Pops friend builds these small homes in 90 days.
Heres one I really like. It's only 400 sqft but as a Navy veteran I'm used to storing my worldly possessions in a space the size of a coffin.
Heres one I really like. It's only 400 sqft but as a Navy veteran I'm used to storing my worldly possessions in a space the size of a coffin.
- Apr 4, 2004
- 5,983
- 533
We're planning kids this year so we're (well I should I am) looking for something with a converted garage or with a room away from the main living area for when her mom comes to visit.
Being a parentless, married Leo, makes me miss being alone. I could get lost in that home and wouldn't care.
Yea kids are probably in my near future and we need nannys quarters and also room for all the family to stay when they come in town
- Apr 4, 2004
- 5,983
- 533
Dope thats probably a mansion for what you are used too. Thanks for your service
- Dec 19, 2008
- 8,806
- 2,938
Yeah it is, I think I may bump it up to 650 or 750.
- Dec 19, 2013
- 10,478
- 9,125
