Warpath  

Home | Forums | Salary Cap Info | Shop | Donate | Stay Connected




Go Back   Warpath > Off-Topic Discussion > Parking Lot


Rent or Buy?

Parking Lot


Reply
 
LinkBack Thread Tools Display Modes
Old 03-29-2005, 11:55 AM   #31
Assistant Regional Mod
 
EternalEnigma21's Avatar
 
Join Date: Mar 2005
Location: Warrenton VA
Age: 34
Posts: 2,953
Re: Rent or Buy?

Quote:
Originally Posted by Mattyk72
This may have already been answered, but for a first time buyer what kind of cash do I need to have up front? My Dad is always telling me to look at FHA loans, anyone know about these and what they're about??
The amount you come out of pocket depends on how much you spend on a house, the kind of market you are in, and what kind of financing options you decide on. But suppose you put no down payment on a house, and the house costs $200,000. You'd probly look at paying 5-6k in closing costs.

Like I said before, most lenders allow up to 3% back in cash/closing above the appraised price if you go conventional financing.
EternalEnigma21 is offline   Reply With Quote

Advertisements
Old 03-29-2005, 12:27 PM   #32
Playmaker
 
BDBohnzie's Avatar
 
Join Date: Feb 2004
Location: Frederick, MD
Age: 35
Posts: 4,468
Re: Rent or Buy?

when i bought my condo 2 years ago, i was able to secure a 102% loan through the bank because I was a first time home buyer. I ended up putting like $450 down on a 80K condo. My interest rate is locked for the 1st 5 years of the loan, and can only go up a single percentage point from year to year. I make very modest monthly payments (which includes escrow), and am able to make double payments from time to time.

the biggest thing when purchasing is to make sure you are not living beyond your means. i know people not making as much as I am getting loan offers for much more than they can afford.
__________________
Bad Things man, I mean bad things...

“WE TOOK HIM IN THE SIXTH ROUND SO WE'RE NOT SMART EITHER.” - Shanny on what the Skins saw in Alfred Morris
BDBohnzie is offline   Reply With Quote
Old 03-29-2005, 12:33 PM   #33
Robert Griffin III
 
Monksdown's Avatar
 
Join Date: Feb 2005
Location: Leesburg, VA
Age: 33
Posts: 1,495
Smile Re: Rent or Buy?

If anyone needs professional advice away from this site, please private message me. I am a licensed realtor, licensed settlement and title agent, and a marketing rep for a large Settlement company in Northern VA. We have 24 offices. I can answer any question you may have about specifics. And I love to give free advice to fellow skins fans. -eric
__________________
Robert Griffin III
Monksdown is offline   Reply With Quote
Old 03-29-2005, 12:53 PM   #34
RG Glee
 
Schneed10's Avatar
 
Join Date: Feb 2005
Location: Newtown Square, PA
Age: 35
Posts: 8,314
Re: Rent or Buy?

Quote:
Originally Posted by BDBohnzie
the biggest thing when purchasing is to make sure you are not living beyond your means. i know people not making as much as I am getting loan offers for much more than they can afford.
Great point. Rule of thumb that I often hear is that your monthly payment on mortgage or rent should not exceed 35% of your take-home monthly pay. You can certainly go higher than the 35%, but for most people it starts to become a cash crunch when you get up to the 40% range.

Great to know so many mortgage experts are on this site. I know some about the subject, being a financial type guy, but it's great to know we have so many professional mortgage experts here for advice. I might seek you guys out a few years down the road to check into refinancing options. Thanks!
Schneed10 is offline   Reply With Quote
Old 03-29-2005, 01:28 PM   #35
Playmaker
 
BrudLee's Avatar
 
Join Date: Feb 2004
Location: Rehoboth Beach, DE
Posts: 3,494
Re: Rent or Buy?

I don't know if I qualify as a mortgage expert, but I've had few, so that puts me in the right category.

You're right Schneed, this is much better than at a Cowboys forum, where they debate "Chaw or Dip?"
__________________
There's nowhere to go but up. Or down. I guess we could stay where we are, too.
BrudLee is offline   Reply With Quote
Old 03-29-2005, 01:31 PM   #36
I like big (_|_)s.
 
TheMalcolmConnection's Avatar
 
Join Date: Dec 2004
Location: Lexington, Virginia
Age: 32
Posts: 17,548
Re: Rent or Buy?

I like dip and if anyone says chaw is better I'm going to finish kissing my sister, bring my shotgun and my entire trailer park and come and getcha!!!
__________________
Regret nothing. At one time it was exactly what you wanted.
TheMalcolmConnection is offline   Reply With Quote
Old 03-29-2005, 01:31 PM   #37
I like big (_|_)s.
 
TheMalcolmConnection's Avatar
 
Join Date: Dec 2004
Location: Lexington, Virginia
Age: 32
Posts: 17,548
Re: Rent or Buy?

It's great. We have deep political, mortgage and Question 3 discussion...
__________________
Regret nothing. At one time it was exactly what you wanted.
TheMalcolmConnection is offline   Reply With Quote
Old 03-29-2005, 02:34 PM   #38
Playmaker
 
BrudLee's Avatar
 
Join Date: Feb 2004
Location: Rehoboth Beach, DE
Posts: 3,494
Re: Rent or Buy?

Quote:
Originally Posted by TheMalcolmConnection
I like dip and if anyone says chaw is better I'm going to finish kissing my sister, bring my shotgun and my entire trailer park and come and getcha!!!
Well, I say Chaw - and if you don't like it, my uncle, my brother-in-law, and my nephew and I are coming to get you. And the two of us will kick your ass!
__________________
There's nowhere to go but up. Or down. I guess we could stay where we are, too.
BrudLee is offline   Reply With Quote
Old 03-29-2005, 02:38 PM   #39
Uncle Phil
 
SmootSmack's Avatar
 
Join Date: Feb 2004
Posts: 44,741
Re: Rent or Buy?

Quote:
Originally Posted by TheMalcolmConnection
It's great. We have deep political, mortgage and Question 3 discussion...
Don't forget we also discuss who the hottest women out there are!
__________________
You're So Vain...You Probably Think This Sig Is About You
SmootSmack is offline   Reply With Quote
Old 03-29-2005, 02:44 PM   #40
I like big (_|_)s.
 
TheMalcolmConnection's Avatar
 
Join Date: Dec 2004
Location: Lexington, Virginia
Age: 32
Posts: 17,548
Re: Rent or Buy?

Cowboys forums also discuss the hottest women but normally that is limited to their own gene pool.

BrudLee, my uncle/brother can kick your sister/aunt/mother's ass! CHEVY RULES!!!
__________________
Regret nothing. At one time it was exactly what you wanted.
TheMalcolmConnection is offline   Reply With Quote
Old 03-29-2005, 04:06 PM   #41
Living Legend
 
That Guy's Avatar
 
Join Date: Jun 2004
Location: Springfield, VA
Age: 31
Posts: 16,278
Re: Rent or Buy?

Quote:
Originally Posted by TAFKAS
Don't forget we also discuss who the hottest women out there are!
yeah, but without pictorals, its really just a huge waste of time...
__________________
Who says shameless self promotion is stupid? oh yeah, that was me... Click For Tunes!
That Guy is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 01:47 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
This site is not officially affiliated with the Washington Redskins or the NFL.
Page generated in 0.21999 seconds with 9 queries

Search Engine Friendly URLs by vBSEO 3.2.0 RC5

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25