NJ B.S. Thread

Yeah the down payment is going to be the hardest for me as well. Got some cash stashed away that I refused to touch for the wedding, and then after the wedding is fully paid for all spare cash will go towards the house. I get more excited the closer it gets. 20% and a 15 year loan are my goals.

 

Yep. My wife got a job out there so we're moving during July 4 weekend to be closer to our families. One problem is we're moving to a small town so there aren't a lot of good properties out there, but what is out there is really cheap considering the size (4bdrm/3 bath for $200k what!?). Fortunately her relocation/signing bonus is really generous so a lot of that can be put toward a house. I'll still be out here occasionally for work-related visits though.

 

I'd like to get close to that 20% but I think I'll be between 16-18% and I'd just like to be below $1200 a month mortgage payment

 

better see you in moab next year buddy!

if you put 20% down you don't have to pay PMI, so if you aren't in a rush and can afford to wait till you have enough, you're better off that way.

I'm no good at saving so I only put 10% down, but for example I looked at what my payments would be if I put 3.5% down, and I would've had to pay a couple hundred more each month that way.

 

I'll be there if you will!

 

Yeah I figure if I put 40 down on a 215 house that its close enough to the 20% that it wont hurt me too much

Although 20% of 215 is only an addition 3 grand..

 

Now I get it... still not amused with the comparison you SOB

Yea, a little birdy sent me a PM telling me who it was a few minutes ago.

Dam man...just met you and your already on the way out the door. CO > NJ anyday so good for you!

 

Which in that case wouldn't it be better to get that extra three grand to not have to pay the PMI on top of your mortgage as well? It's hard for me to get a solid idea of what I actually will be paying in the end even with the online calculators because of all the additional costs of inspections, closing costs, etc.

 

Yeah I have no idea about all that but that is my goal.. In this case yes it would just be smarter to get the additional $3,000

 

I'm not knocking you Corey, I'm just trying to figure all this shit out myself. We've been looking around here and there but have no intentions to put in offers until around Feb/March next year.

 

Closing costs can be negotiated in the offer contract. If the seller is wanting to get rid of the house quickly then they may state that they will pay closing costs or split them with the buyer. If the house is a good one and the seller knows it (due to lots of interest or having several offers already) then there may not be as much leeway there.

 

Yeah man I honestly have no clue. I'm just getting started but I figure that the sooner I start the better. I'm trying to be in a house by January 2017.

 

I have family out there, I hoping to make a trip soon.

No PMI is the way to go, I didn't have to pay a PMI on either one of my houses.

If you don't like it then GTFO.

 

*than

 

**then

 

So can you guys explain these terms to me?

$1,167 /mo
2.75% APR, 2.75% Rate , $-991 Fees
-1.39 pt, 30 day lock, 15 Year Fixed

I understand that my payment is $1167 per month, my apr is 2.75% and I'm paying for 15 years but what do the other terms mean?

 

He had me thinking for a minute.

What bank is that? They are cheap rates for a 15 year fixed, most mortgages are a 30 year fixed, but I could be wrong it's been a while since I was last shopping for a mortgage.

 

Mortgage Lenders of America

 

That's not a bad deal. My guess is you are looking to buy soon, if you are it's always good to get pre approved.

 

3 years