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A Wedding, a wife, a house oh my!!!

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Old 02-13-2012, 05:09 PM   #1
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A Wedding, a wife, a house oh my!!!

So im quickly approaching my wedding date in May and have been looking into buying a house. With the amount of money that we have been putting into the wedding it has pretty much drained most of our savings accounts. I was just wondering if it was better to pay off my fiancees debt or save the money for the house. What looks better to a bank/lender, having no debt or having no savings?
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Old 02-13-2012, 05:33 PM   #2
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Re: A Wedding, a wife, a house oh my!!!

Maybe it's just me, but debt is my first priority. Basically you think about the interest rate you are getting charged versus the money you're making in savings. I bet you it's way higher interest for your debt.

Congratulations by the way.
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Old 02-13-2012, 05:49 PM   #3
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Re: A Wedding, a wife, a house oh my!!!

Just what TMC said. Chances are your debt is costing you more in interest payments than your savings is accruing, so I'd say get that debt paid down first.

What kind of debt does she have? If we're talking past due credit cards/collections accounts, you absolutely want to wipe those out immediately to minimize the impact on your credit score. If you're just talking student loans, a car payment, or credit cards that aren't past due, just keep paying it down on time (pay more than the monthly minimum whenever possible) and hang on to your savings in case of emergencies.
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Old 02-13-2012, 05:55 PM   #4
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Re: A Wedding, a wife, a house oh my!!!

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Just what TMC said. Chances are your debt is costing you more in interest payments than your savings is accruing, so I'd say get that debt paid down first.

What kind of debt does she have? If we're talking past due credit cards/collections accounts, you absolutely want to wipe those out immediately to minimize the impact on your credit score. If you're just talking student loans, a car payment, or credit cards that aren't past due, just keep paying it down on time (pay more than the monthly minimum whenever possible) and hang on to your savings in case of emergencies.
Nothing past due. Just credit card debt. Someone told me it was better to have no debt then no savings. I was just checking to see if it was the correct advice
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Old 02-13-2012, 06:03 PM   #5
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Re: A Wedding, a wife, a house oh my!!!

They are 100% right. My wife had a state retirement plan for one year from working at VT right after college. We ended up cashing that out to pay down some debt.

Now, I wouldn't recommend cashing out years of 401k to do that, but in this instance it just made more sense to make sure you have no debt.
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Old 02-13-2012, 06:05 PM   #6
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Re: A Wedding, a wife, a house oh my!!!

Eliminating debt is always the top priority. Always.
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Old 02-13-2012, 06:18 PM   #7
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Re: A Wedding, a wife, a house oh my!!!

Balance debt payment and savings. Its amazing how much 1000 dollars today where you reinvest all the dividends can be worth in 30 years. They say always to pay yourself first. Take a small amount of money off the top -- and put it into an IRA or into the stock market. My boss is great at giving me stocks that have a very consistent performance.

That said, it depends on the debt. Student Loans? Low interest car payment? Mortgage? -- do some saving. Credit cards? PAY PAY PAY!
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Old 02-15-2012, 10:10 AM   #8
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Re: A Wedding, a wife, a house oh my!!!

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Well paying of dept is fine but if its not out of line it should not hurt you too much. You cannot buy a home without a down payment so I would think saving for the down payment is also an issue. You may want to rent for the first year or so your married and get all your financies in line then think about buying a home. With that said I would also keep an eye on the market and if you see home values going back up buy before they go up too much.

Another good idea is to go to your banker and have them pull your credit and qualify you fo a loan. They then can make recommendations to help you when your ready to buy.

You can get no down payment mortgages.

Your rate will be higher but you can do it.

https://www.navyfederal.org/products...gage-rates.php
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Old 02-15-2012, 10:14 AM   #9
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Re: A Wedding, a wife, a house oh my!!!

If you have no debit and or never paid down any debit that is going to hurt you as well in getting a mortgage. You need to build a credit history.
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Old 02-15-2012, 03:40 PM   #10
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Re: A Wedding, a wife, a house oh my!!!

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Well paying of dept is fine but if its not out of line it should not hurt you too much. You cannot buy a home without a down payment so I would think saving for the down payment is also an issue. You may want to rent for the first year or so your married and get all your financies in line then think about buying a home. With that said I would also keep an eye on the market and if you see home values going back up buy before they go up too much.

Another good idea is to go to your banker and have them pull your credit and qualify you fo a loan. They then can make recommendations to help you when your ready to buy.
Not really true...you can buy a home without a down payment, albeit maybe not a $300,000 home, but it's possible as long as you're willing to pay PMI.
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Old 02-15-2012, 03:44 PM   #11
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Re: A Wedding, a wife, a house oh my!!!

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Eliminating debt is always the top priority. Always.

Really the best answer and advice that Dave Ramsey would give to everyone looking to purchase a home. I'm in the same boat right now. I have debt (a bit of credit card debit, student loans, car payment, house payment even though I have found a possible buyer for it,) and have not been able to save for a down payment for trying to pay for a honeymoon and all the trimmings.

We both don't like the idea of renting, especially when renting means spending $800 - $1200 a month. However, we both think it's important to pay off as much debt prior to the purchase of a house as possible. My goal is to at least have the credit card bill and the student loan paid off. I've just purchased my car, so it's going to be awhile before that gets paid off.

We're getting married in October, and I fear I'm going to be completely broke by then...lol!
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Old 02-15-2012, 03:57 PM   #12
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Re: A Wedding, a wife, a house oh my!!!

[quote=firstdown;885642]
Quote:
Originally Posted by mredskins View Post
You can get no down payment mortgages.

Your rate will be higher but you can do it.

https://www.navyfederal.org/products...gage-rates.php[/QUOTE

They are out there but good luck getting that loan.

Really I have been looking for a new home and they cleared me for that and other types of mortgage, no big deal.
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Old 02-15-2012, 04:06 PM   #13
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Re: A Wedding, a wife, a house oh my!!!

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Really the best answer and advice that Dave Ramsey would give to everyone looking to purchase a home. I'm in the same boat right now. I have debt (a bit of credit card debit, student loans, car payment, house payment even though I have found a possible buyer for it,) and have not been able to save for a down payment for trying to pay for a honeymoon and all the trimmings.

We both don't like the idea of renting, especially when renting means spending $800 - $1200 a month. However, we both think it's important to pay off as much debt prior to the purchase of a house as possible. My goal is to at least have the credit card bill and the student loan paid off. I've just purchased my car, so it's going to be awhile before that gets paid off.

We're getting married in October, and I fear I'm going to be completely broke by then...lol!
Honestly renting in this market is not such a bad thing. Especially and I am assuming you are fairly young and don't have kids yet. I am five years into my marriage now and have two kids. We have money saved we know where we want to live and we know what we need size wise. My next house most likely will be my house for the next 20 years. With that said I wish we would have rented the house (we bought when we first married) I own now because it doesn't fit my needs anymore and it has not appreciated one red cent. I will probably keep it and make it a rental property.

Yes back in the day you and your new bride would have bought a "starter" home then after several years of living there you sell and with the appreciation you use that to buy your next house, well that ain't happen now a days. You be better to rent and invest your extra $$$ elsewhere out of the real estate market. Then when you know exactly what you need in a home go buy that house.
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Old 02-15-2012, 04:47 PM   #14
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Re: A Wedding, a wife, a house oh my!!!

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Mredskins thinking is totally different then mine. With all the people loosing homes and loosing jobs the demand for rentals is way up and also increasing the cost to rent. Housing prices are at a low and will probably not dip much if any lower so buying now is a great time. I wish I was not getting ready to build or I would go out and buy several homes as investments.

But you are assuming that the housing market will ever get back to what it used to be. Very few homes are appreciating these days. If you are buying the homes as rental income, yes that makes sense but it sounds like this guy is looking for a place to live and most likely be looking at a starter home. He may find several years down the road when he may need a bigger home that house maybe very well be worth less then he paid for it.

Buying homes today is almost like buying a car, it is no longer a investment.
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Old 02-15-2012, 06:13 PM   #15
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Re: A Wedding, a wife, a house oh my!!!

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But you are assuming that the housing market will ever get back to what it used to be. Very few homes are appreciating these days. If you are buying the homes as rental income, yes that makes sense but it sounds like this guy is looking for a place to live and most likely be looking at a starter home. He may find several years down the road when he may need a bigger home that house maybe very well be worth less then he paid for it.

Buying homes today is almost like buying a car, it is no longer a investment.
We both have seperate apartments that cost over $2000 combined. I have been renting for about 6 years and see no point to renting anymore. At this point I have excellent credit as does she so that wouldnt be an issue.

I know that the housing market is not the greatest right now but i figure if im gonna put 2000 towards housing fee's i'd like to see something for my money
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