Dear folks who wish you owned your own home

T

toppick08

Guest
vraiblonde said:
By and large, and that's what those types of loans are for. But there are a handful of dorksteins who got an ARM or interest-only because they wanted more house than they could afford, and this would give them a lower payment. They didn't think about the future, just wanted what they wanted NOW whether they could pay for it or not. These are the dummies that Patch and Renter keep finding stories about.

I fear for this country when someone's personal financial irresponsibility turns into a need for government intervention.
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Amen.
 
beerlover

beerlover

New Member
vraiblonde said:
...There's a 5 BR, 3 BA right up the street from me that is a creampuff - great condition, hardwood floors, brick fireplace, family room, nice lot, fabulous neighborhood (if I do say so myself) for only $299,900. Mortgage payment of $1600 a month.....

And NOW is the time.
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Don't forget to add the PMI and Insurance, taxes, etc. My mortgage for $275K at 6.875% comes out to just over $2300/month total.

I think rates will be cut again and I also think housing prices have a ways to fall yet and opportunities will get better for buyers in the coming months but it IS a great time to buy. I wish I could have bought now rather than 2 years ago at the peak of the bubble... DOH! :doh:
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
beerlover said:
I wish I could have bought now rather than 2 years ago at the peak of the bubble... DOH!
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Tell me about it - I bought a year ago, right before the bubble burst. :lol:

But what the heck. I love my house, I can afford it, and I'm pretty happy here.
 
kwillia

kwillia

n/a
vraiblonde said:
Tell me about it - I bought a year ago, right before the bubble burst. :lol:

But what the heck. I love my house, I can afford it, and I'm pretty happy here.
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My sis just bought her first house in January and she is thrilled. She can afford it, got a house that was perfect for her, and plans to be there for decades. Prior to buying, she was renting an apartment... she certainly is much better off now.
 
Lugnut

Lugnut

I'm Rick James #####!
vraiblonde said:
Prices are low and you're STUPID if you don't buy now. Why the hell would you wait until the market picks up and homes cost more?

You wouldn't. Unless you're stupid.

Buy low. Sell high. Duh.

Prices are low so NOW is the time to buy.

If you have decent credit and can actually afford to buy a home, NOW IS THE TIME!

Don't be stupid and let this buyer's market opportunity pass you by.

So STOP that renting!!! Renting is for losers! The American dream is to OWN a home, not friggin rent one. :rolleyes:

And NOW is the time.
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SOMEBODY just got her Real Estate license!! :lmao:
 
W

Warron

Member
Sorry, but your quoted morgages are pure bs. If you want to compare to the cost of renting, you need to include things like pmi, insurance, taxes, hoa fees, and maintenance costs. Not too mention that you make no statement about down payments or closing costs.

Since most renters don't currently have a property to sell to cover the costs of a large down payment (up to $60k on that 300k property), they would end up paying a much higher monthly morgage. The real cost of your $300k house is well over the $2300 a month stated by beerlover. Or about double what a decent 2 bedroom townhouse rents for right now.
 
Agee

Agee

Well-Known Member
somdrenter said:
More government intervention may be needed, too, if the free market system doesn't work quick enough.

"The housing value crisis is spreading and deepening," said David Abromowitz, a senior fellow at the Center for American Progress. "It has gone way beyond subprime borrowers stretched too far with bad loans and now has clearly extended into the housing markets more broadly."
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The government interviened alright. They lowered the prime rate, thus giving the large banks an opportunity to acquire money at a lower rate. This was suppose to ease credit burden and kick-start spending.

Guess what, the same banks that made less than desireable loans are now putting the clamps on the money they just purchased at the lower rates. It has becoame harder and harder for people, even with good credit ratings to secure loans. So, again the governmnet steps in to help the "average joe" and who benifits, the big banks, go figure!
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
Warron said:
Sorry, but your quoted morgages are pure bs. If you want to compare to the cost of renting, you need to include things like pmi, insurance, taxes, hoa fees, and maintenance costs. Not too mention that you make no statement about down payments or closing costs.

Since most renters don't currently have a property to sell to cover the costs of a large down payment (up to $60k on that 300k property), they would end up paying a much higher monthly morgage. The real cost of your $300k house is well over the $2300 a month stated by beerlover. Or about double what a decent 2 bedroom townhouse rents for right now.
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Well, I think I know what I'm paying every month, Warron. I got a 100% loan for my $299,900 house, paid $6k in closing, no HOA, and my monthly mortgage is $2300 PITI.

Sure, I could have rented some townhouse for less, and gotten a little junky apartment for even less than that, but it wasn't even a consideration. Putting up with landlords, strangers sharing the walls of my house, gotta keep the noise down or they complain, no parking when you want to have guests over, can't so much as plant flowers without permission, no pets, no room, etc, etc, etc.

Some people aren't interested in owning a home for whatever reason. That's fine and their business. But most people DO want to own a home because of the reasons mentioned above, plus they are actually purchasing something instead of just renting it. In 12 or 13 years, if all goes the same, I will own my house outright while others are still paying rent.

:dance:
 
beerlover

beerlover

New Member
somdrenter said:
So, you see some advantage of not buying at the peak of the bubble? That’s more than most are willing to admit.
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Yep. Everyone kept droning on and on about throwing my money away by renting and that I needed to get into the housing market so I could start growing some wealth and housing always goes up, up, up, etc., etc., etc. So I jumped in and scraped up everything I could to buy just about the cheapest house I could find that I would allow my family to live in (it was a fixer-upper) and it is too much for me. The way things are today, I could rent a very similar house for almost $1,000 less than I'm paying to "own".

I miss renting. If I lived in an area besides the DC metro, where I could get a decent house for a realistic price, I would love to own. This area is just crazy anywhere within about 100 mile radius of DC.
 
MMDad

MMDad

Lem Putt
vraiblonde said:
Putting up with landlords, strangers sharing the walls of my house, gotta keep the noise down or they complain, no parking when you want to have guests over, can't so much as plant flowers without permission, no pets, no room, etc, etc, etc.
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Don't forget no smoking in your own apartment. It's coming soon to The Socialist Republic of Maryland.
 
beerlover

beerlover

New Member
Having just said all that, I have to add that people who bought before the bubble and then sold during the bubble made out like bandits and benefitted in ways that they never could have if they had rented. And if the housing prices keep falling and interest rates stay so low, this will be a great year for buying a house if you can find one that you can afford. If the numbers work, owning a house is great. I just bit off more than I could realistically chew, but all that was available was huge mouthfulls, if that makes sense.
 
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