Do u have 6 months of your mortgage payment saved in the bank?

[Qurious]

"they" say....

If you don't have 6 months of your mortgage payment saved up in the bank at the time of closing then you have no business trying to buy a house because you are not financially ready.

Thoughts, comments?

 

[Toxick]

"they" say....

If you don't have 6 months of your mortgage payment saved up in the bank at the time of closing then you have no business trying to buy a house because you are not financially ready.

Thoughts, comments?

Who's they?


Cause they sound like a bunch of arrogant ####s.

 

[rdkarob]

Who's they?


Cause they sound like a bunch of arrogant ####s.

You don't know who they is....come on - Qurious wrote the post!

 

[rdkarob]

If I wrote the post or Richard or Andy....Qurious would tell us it was racial...if we said they.

 

[Qurious]

Who's they?


Cause they sound like a bunch of arrogant ####s.

"mortgage lenders"

 

[kwillia]

"they" say....

If you don't have 6 months of your mortgage payment saved up in the bank at the time of closing then you have no business trying to buy a house because you are not financially ready.

Thoughts, comments?

I thought "they" always said 3 months...

 

[Qurious]

I thought "they" always said 3 months...

went to a first time homebuyer seminar and the guest speaker who was from Countrywide said 6 months...

I dont think a lot of people have that after closing costs and moving expenses...if they do good for them but the foreclosure rate right now is ridiculous....how is this happening if people have this money put away in the bank for 1/2 the year when things go downhill financially in their lives?

 

[DoWhat]

"they" say....

If you don't have 6 months of your mortgage payment saved up in the bank at the time of closing then you have no business trying to buy a house because you are not financially ready.

Thoughts, comments?

You should never have that amount of money in a savings or checking account.

Invest it, dumbass.

 

[kwillia]

went to a first time homebuyer seminar and the guest speaker who was from Countrywide said 6 months...

I dont think a lot of people have that after closing costs and moving expenses...if they do good for them but the foreclosure rate right now is ridiculous....how is this happening if people have this money put away in the bank for 1/2 the year when things go downhill financially in their lives?

When we bought our first house, we only had enough in savings for 1 month. I don't know many if any folks that are buying a first home that have 6 months of mortgage in savings. Especially if they bought the house with a loan that requires a down payment.

 

[Ponytail]

went to a first time homebuyer seminar and the guest speaker who was from Countrywide said 6 months...

I dont think a lot of people have that after closing costs and moving expenses...if they do good for them but the foreclosure rate right now is ridiculous....how is this happening if people have this money put away in the bank for 1/2 the year when things go downhill financially in their lives?

Depends on the type of loan that they got...ARM's, Balloons...all are VERY hard to pay once they mature. That 6 months of Mortgage doesn't last long when your initial mortgage payment doubles. I have Countrywide as my lender.

 

[Ponytail]

You should never have that amount of money in a savings or checking account.

Invest it, dumbass.

if you can show that the investments are liquid, even better.

 

[Vince]

went to a first time homebuyer seminar and the guest speaker who was from Countrywide said 6 months...

I dont think a lot of people have that after closing costs and moving expenses...if they do good for them but the foreclosure rate right now is ridiculous....how is this happening if people have this money put away in the bank for 1/2 the year when things go downhill financially in their lives?

People are spending beyond their means. That's how most get into financial trouble. :shrug:

 

[Nickel]

When we bought our first house, we only had enough in savings for 1 month. I don't know many if any folks that are buying a first home that have 6 months of mortgage in savings. Especially if they bought the house with a loan that requires a down payment.

We did, but we also used Dustin's VA loan benefits to finance 100% so that we could keep that money in savings.

 

[DoWhat]

keep that money in savings.

I sure hope that money is in his/family TSP.

 

[Nickel]

I sure hope that money is in his/family TSP.

It's in a jar buried in the backyard.

 

[BadGirl]

"They" have got to be joking. Who - realistically - can do six months of mortgage payments in savings? Three months is much more reasonable for the everyday person.

 

[DoWhat]

It's in a jar buried in the backyard.

You would be surprised how many people out there don't know how to save/invest.

Tell your Husband "Thank You", from me, for his service.

 

[Cowgirl]

I thought Dr. Phil was the one suggesting this.......and where's the option for "no, but we're saving as much as we can?"

 

[DoWhat]

"They" have got to be joking. Who - realistically - can do six months of mortgage payments in savings? Three months is much more reasonable for the everyday person.

If anybody keeps more than $10K in savings and or checking, they are not very smart.

 

[Ponytail]

I thought Dr. Phil was the one suggesting this.......and where's the option for "no, but we're saving as much as we can?"

Because lenders don't like to hear, "No, but we're paying as much as we can."