Home
What's new
Latest activity
Authors
Store
Latest reviews
Search products
Forums
New posts
Search forums
What's new
New posts
New listings
New products
New profile posts
Latest activity
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
Cart
Cart
Loading…
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Search titles only
By:
Menu
Log in
Register
Navigation
Install the app
Install
More options
Change style
Contact us
Close Menu
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
Credit and home buying wizards please enter
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Torch10th" data-source="post: 15417825" data-attributes="member: 15703"><p>First, understand that there are different types of credit. The score you pull when going to an auto dealer for instance will be wildly different that the score that is pulled if you're attempting to buy a house. In most cases, you can expect your score to be 30-50 points less in this situation.</p><p></p><p>It doesn't hurt to go see, you just get a hard pull on your credit history, but that shouldn't be an issue unless you've been shopping a lot of other loans and have multiple hard inquiries. That'll tell you where your credit is really standing and you should get a pre-approval on what the banks "say" you can afford.</p><p></p><p>It's going to be a bit different for everyone, but in general I hear 3x annual income as your purchase threshhold. In some areas of the county, that's not realistic. The point is you don't want to make yourself house poor anymore than you want to make yourself car poor.</p><p></p><p>When you're budgeting for this, there's a lot of expenses you don't think about as a non-home owner. Things like maintenance, decor, furnishing, yard etc. When my wife and I built our house in 2014, on top of closing costs and down payment we had an additional 15,000 just to get the house furnished, curtains, decorated and put the yard in. We have about $1500.00 in upkeep costs each year on top of that, but we have a new home, so I would expect that to grow as it ages.</p><p></p><p>If you can do the house and the car payment at the same time without being strapped, I would not pay off the car. You're going to need that extra liquid cash to get yourself setup and have a safety net.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 15417825, member: 15703"] First, understand that there are different types of credit. The score you pull when going to an auto dealer for instance will be wildly different that the score that is pulled if you're attempting to buy a house. In most cases, you can expect your score to be 30-50 points less in this situation. It doesn't hurt to go see, you just get a hard pull on your credit history, but that shouldn't be an issue unless you've been shopping a lot of other loans and have multiple hard inquiries. That'll tell you where your credit is really standing and you should get a pre-approval on what the banks "say" you can afford. It's going to be a bit different for everyone, but in general I hear 3x annual income as your purchase threshhold. In some areas of the county, that's not realistic. The point is you don't want to make yourself house poor anymore than you want to make yourself car poor. When you're budgeting for this, there's a lot of expenses you don't think about as a non-home owner. Things like maintenance, decor, furnishing, yard etc. When my wife and I built our house in 2014, on top of closing costs and down payment we had an additional 15,000 just to get the house furnished, curtains, decorated and put the yard in. We have about $1500.00 in upkeep costs each year on top of that, but we have a new home, so I would expect that to grow as it ages. If you can do the house and the car payment at the same time without being strapped, I would not pay off the car. You're going to need that extra liquid cash to get yourself setup and have a safety net. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
Credit and home buying wizards please enter
Top