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SVTPerformance's Chain of Restaurants
Road Side Pub
My turn: 1st time home buyer and want to see what advice you guys have
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<blockquote data-quote="Torch10th" data-source="post: 15572034" data-attributes="member: 15703"><p>The loan calculator gives you the gross mortgage cost. In your home payment each month you will have that along with your escrow payments which cover PMI, property taxes, homeowners insurance, possible HOA fees etc. Although the principle and interest cost on a 230K home will be around 1200 per month, your total payment due each month is going to be significantly higher based on the additions in your escrow.</p><p></p><p>You're a first time home buyer and there's just some ignorance to how it works and what the true costs are. That's okay and you learn by asking of course. The first thing you have to do here is to not make assumptions. Talk to people that have gone through it and meet with lenders that will explain the process and terminology. You need to hear the hard truth about your situation, but in a manner that's not insulting.</p><p></p><p>That truth is that right now you simply don't make enough money and don't have enough saved to afford what you're looking at. I'm not a lender, but based on the information you provided and some basic number crunching, I would peg your affordability limit at around $125,000 and that will deplete 100% of your savings.</p><p></p><p>You like your car and I would never tell you to sell it, but you should realize it's greatly limiting your purchasing power. The sooner your sell it or pay it off, the sooner you'll be able to afford a house.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 15572034, member: 15703"] The loan calculator gives you the gross mortgage cost. In your home payment each month you will have that along with your escrow payments which cover PMI, property taxes, homeowners insurance, possible HOA fees etc. Although the principle and interest cost on a 230K home will be around 1200 per month, your total payment due each month is going to be significantly higher based on the additions in your escrow. You're a first time home buyer and there's just some ignorance to how it works and what the true costs are. That's okay and you learn by asking of course. The first thing you have to do here is to not make assumptions. Talk to people that have gone through it and meet with lenders that will explain the process and terminology. You need to hear the hard truth about your situation, but in a manner that's not insulting. That truth is that right now you simply don't make enough money and don't have enough saved to afford what you're looking at. I'm not a lender, but based on the information you provided and some basic number crunching, I would peg your affordability limit at around $125,000 and that will deplete 100% of your savings. You like your car and I would never tell you to sell it, but you should realize it's greatly limiting your purchasing power. The sooner your sell it or pay it off, the sooner you'll be able to afford a house. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
My turn: 1st time home buyer and want to see what advice you guys have
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