KennyTheKangaroo wrote:kenny the kangaroo does not want to put any undue strain on kenny the kangaroos financial well being
newarenanow wrote:Do whatever you feel comfortable with.
Tomas wrote:I took a majority of my savings to satisfy the 20% down + initial house improvements (HW floors,...). I had left ~ 4 months worth of (modest) living expenses.
KennyTheKangaroo wrote:newarenanow wrote:Do whatever you feel comfortable with.
Therein lies the problem, it's all relative. Kenny the kangaroo's parents are the type that paid their mortgage off early, never got into CC debt, and spent very frugally. So when it comes to a big decision like buying a house, it messes with kenny the kangaroos comfort zone. There are probably a lot of people that would be comfortable if they were in a comparable financial situation, but kenny the kangaroo leans on the conservative side. But this is probably a situation where it might be better to take a more agressive approach.
count2infinity wrote:My fiancee just asked me to think about buying a house while we're still in grad school as it'll be cheaper than rent. I understand where she's coming from... with what we pay in rent we could easily afford a mortgage on a $150,000 home... BUT we don't have the money saved for a down payment. All the money we are saving is going towards our wedding. We're going to be leaving the area in about 3 years. I don't really understand her want to look for a house, but we're going to look at our options and see what we can come up with.
KennyTheKangaroo wrote:Tomas wrote:I took a majority of my savings to satisfy the 20% down + initial house improvements (HW floors,...). I had left ~ 4 months worth of (modest) living expenses.
thats a great way to look at it, and it would be about 6 months of living expenses for this gentleman. of course, a lot of that money would be tied up in an IRA and retirement fund.
Loaf31 wrote:1) My wife and I did not put a down payment on our house. We did a first time homeowners program (I don't think it is around anymore). We had max seller assist, I actually left the closing with more $ than I walked in with.
2) My mortgage is actually cheaper than the rent that we used to pay.
KennyTheKangaroo wrote:1.) When you made your down payment, did you feel like you pushed your self to the limits to make that down payment? Were you comfortable with the amount that you had left over in savings and such after you made the payment? In terms of total assets, how much did you spend on your down payments?
2.) In terms of paying rent vs paying a mortgage, how much did your monthly mortgage payment differ from your rent payment
Shyster wrote:3. You should be as debt-free as possible before you buy. For example, if you have credit-card balances, then pay those off first. If there are monster student loans out there, you may want to keep renting and pay them off as much as you can. It’s not a good idea to pile debt on top of debt.