Home buying thread

TheCutlery said:

I put down 3.5%.

I bought a 245k house, my wife and I make 110k a year.

What now? You gonna tell me I can"t afford my loan?

Click to expand...

Are you trolling or that fucking dumb?

Your case is 1 scenario. It doesn"t equal the scenario of the guy who makes 20k a year and puts down 3.5% on 400000.

Also there are high end rental properties. You can rent apartments for 10 000/week. ARe these shitholes? REally, I mean, come on....

God damnit

Do you think we"re arguing that people who can"t afford loans should get them?

If you can afford it IT"S OK to put 3.5% down instead of renting to save money so you can put down 20%.

So its not OK to say "If you"d put down 20% (AS YOU SHOULD HAVE, RETARD)" to someone who put down the minimum and hasn"t missed a payment and knows damn well what they can afford.

Timing can have a lot to do with it in terms of 20% down.

For example, interest rates at 3.75% and housing prices where they are - coupled with a gross annual income of $95,000 (but you just landed the job) minimal debt and 0 to put down. You are in a 250,000 median home area.

You wait two years and risk it being a 275,000 median home area and 5% interest rates, effectively lowering your buying power, or you get in now.

Just saying having 0 down, or minimal down and taking a loan stems from other things besides fiscal irresponsibility or an inability to piece the money together.

Sharmai said:

Renting is fine without kids but with kids I would sure as fuck hate to keep moving and separating my kids from their friends just so I can keep my rent down.

Click to expand...

That"s another reason why we bought when we did, starting a family and have every intention of living in it ~20 years and giving my kids the same opportunity to have the same groups of friends from elementary school through high school that I did.

My wife"s best friends she"s known for 9-10 years... I"ve known many of my friends for 25+.

I grew up in the same place for 13 years then moved while we were in high school to Indiana. At the time I had no idea just how much of an effect that had on me being removed from friends and family I had known for my entire life. I can look back now and see just how massive a change it was and how much I changed because of it.


I will not have that happen to my kids. Many people don"t realize just how important that foundation is as you move through life"s transitions with those people around you.

That"s not so bad. I moved from TX to IN. I was taken out of a new school where the classes when <15 students per teacher to a public school with 30+ per teacher. I remember getting custom homework assignments that I thought was perfectly normal for every student in my previous school because I liked doing stuff early so I didn"t have homework at home. I actually gotten written up in the public school for reading ahead and figuring out that the homework came from end of chapter questions so I did them all early.


But it wasn"t just the school. Other kids didn"t give a shit about learning. I thought the discovery channel was fucking awesome and said it. Guess what my life was like in public school.

TheCutlery said:

I put down 3.5%.

I bought a 245k house, my wife and I make 110k a year.

What now? You gonna tell me I can"t afford my loan?

Click to expand...

Lol, now you want to pull numbers out to justify your purchase. At least I can be thankful you dropped that stupid apartment derail.

I wasn"t arguing whether or not you (personally) could afford it, because until now, you didn"t present any numbers, so only you could know your personal financial situation.

I am still saying that in general, someone putting 3.5% down is still a red flag flag to me.

Go ahead, pay all that extra interest to the bank, again, it"s your money. You"re the one with the combined income of over $100,000 a year who somehow only has $20,000 in the bank, so you"re obviously some sort of financial wizard.

Sharmai said:

I grew up in the same place for 13 years then moved while we were in high school to Indiana. At the time I had no idea just how much of an effect that had on me being removed from friends and family I had known for my entire life. I can look back now and see just how massive a change it was and how much I changed because of it.


I will not have that happen to my kids. Many people don"t realize just how important that foundation is as you move through life"s transitions with those people around you.

Click to expand...

Almost same exact thing happened to me too. I lived in the same home for about 10 years, when I finished elementary school (age 12) my parents upped and moved to a nicer neighborhood, bigger home, etc.......but over 100 miles away. So I had to start junior high knowing zero people, and losing all my old friends. It was a tough few years early on for sure, and I was pissed as hell at my parents for moving.

Looking back now.....it"s hard to say if it was for better or worse, since it made me into the person I am today. Even though I went from being one of the most popular kids in class to a loner, it did make me stronger mentally, and also allowed me to focus more on school. So I"ll never know if I would have been as successful as I am now if I had stayed in my old neighborhood. We did move to a better school district, and I"m still best friends with my sole friend from junior high....going on 30 years now. That being said, I agree with you, I won"t move when my kids are that age, I"ll wait until they enter college.

Izuldan said:

Go ahead, pay all that extra interest to the bank, again, it"s your money. You"re the one with the combined income of over $100,000 a year who somehow only has $20,000 in the bank, so you"re obviously some sort of financial wizard.

Click to expand...

Hahahaha, I was thinking the same thing. Using all that money for some firewood champ?

Well, something smells fishy. Either Cutlery is lying about the numbers, or he"s one of the dumbest motherfuckers out there, financially speaking.

He"s buying a home in a nice neighborhood for 245k. Right then and there I know he lives in Shittown Smallville, USA.

I live in Los Angeles, I used to live in San Diego.....245k buys you a 1 bedroom condo, MAYBE. I"m sure you could buy even less in New York City.

So he lives somewhere like a midwest small city. He makes a combined income of over 100k.....that would make him top 10% in his community I"m sure....and yet he"s living in some sort of crappy apartment building in a shitty neighborhood currently? Seriously? Making over 100k a year, and yet can only save 3.5% on a home valued at only 245k?

So we have a guy who says his family makes over $100,000 a year, who lives in a smaller city where cost of living is lower.....which means his dollar goes farther. He"s not paying over $4 a gallon for gas like I am.

Where the hell did all his money go? And don"t say his children, because there are plenty of families that make $100,000 a year, and most of them aren"t living in crummy apartments, and who can afford to live in homes over 245k AND put 20% down.

Either he"s lying about how much he"s making, or he has about as much financial acumen as Brad2770 in the car thread.

I"ll grant you that Indianapolis is small compared to LA but then so are most cities in the country. That said 245k buys you a pretty fan-fucking-tastic 4000sqft home in Indianapolis.

Fair enough, I guess I"m just jaded living in LA and paying $500/sq ft for a home.

That being said, it"s still retarded to be making over $100,000 a year and being barely able to come up with a decent down payment on a house valued at only $245,000.

What foot?

You"re the one making over $100,000 a year with barely any money in the bank to show for it, lamenting over a small mortgage on a $245,000 home.

It boggles the mind why you even brought it up in this thread. Why are you worried about a re-finance on your home when you should be able to just pay it down over the next 10 years or so? Oh wait, that"s right, you can"t seem to save money. What"s next, you going to ask us if you should buy an Ipad 2 next with no money down?

Also kinda funny all the shit that"s coming out now......Cutlery"s household income has doubled over the past 2 years. Honestly, gratz to him. But like that makes his advice somehow relevant to the other 90% of America that had their incomes stay the same, go down or lost their jobs during the past few years? If his income hadn"t risen, he would be struggling to make ends meet. If his income had gone down, he would be in shit creek and probably in foreclosure. Fortunately he"s come out ahead....unlike most people in the last few years.

Again, no relevance to someone who"s struggling to make ends meet and deciding on whether or not they should buy a house for 3.5% down. They shouldn"t.