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Replies: 76
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All-In [46825]
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Serious question is serious
Apr 14, 2016, 10:15 AM
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What percentage did you put down on your house?
Looking at purchasing a house in the next couple of years. My hope is to put down 20%. It will be our first mortgage so I know there are programs where we don't have to put anything down but I do not want to pay mortgage insurance.
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Hall of Famer [21258]
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At least 20%***
Apr 14, 2016, 10:17 AM
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All-In [26968]
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Found a pic of FBCoachSC
Apr 14, 2016, 10:17 AM
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All-In [46825]
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I have bigger teddies than that.***
Apr 14, 2016, 10:20 AM
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All-In [30192]
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$1000 - Hooray for getting a mortgage in 2006***
Apr 14, 2016, 10:18 AM
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CU Medallion [54758]
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#sadface***
Apr 14, 2016, 10:34 AM
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CU Medallion [54011]
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My box was free. I just had to dig it out of the trash can.***
Apr 14, 2016, 10:18 AM
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Legend [17753]
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5 or 10%, can't recall.
Apr 14, 2016, 10:21 AM
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Not all lenders require PMI to same equity level. Also, you should be able to drop PMI as soon as you reach that level, it's not for life of the loan.
Put down enough to get the rate you want/need. I wouldn't wait to buy just cause of possible PMI. IMO. HTH. TIA.
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Oculus Spirit [75719]
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More than 3% if you can. 20% seems nearly impossible to get
Apr 14, 2016, 10:27 AM
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to. That must be some archaic number dreamed up before housing went insane.
Somethings to consider:
You are going for your Masters, correct? Is your raise automatic when you get it, or will you have to go to another school/wait for a spot to come open? How long will it take to get said masters?
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All-In [46825]
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Automatic. 2 years.***
Apr 14, 2016, 10:31 AM
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Edit: The automatic part is only 4g more per year. If I want to get to the 60-90 G as I said yesterday in a post, I may have to move to another school or wait for that job to come open.
Message was edited by: FBCoachSC®
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Oculus Spirit [75719]
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In this case, I suppose it is smart to
Apr 14, 2016, 10:36 AM
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look to buy. This assume you like the school you are in and your wife doesn't have some job that could send her away. Just make sure you are content in the work life portion of things before going to buy a house. Things seem to be getting a little wacky with prices again and banks wanting to home equity lending again. Buying at the top of a bubble, with little down payment then having/really wanting to move could get ugly.
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All-In [46825]
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We are pretty happy with our current jobs
Apr 14, 2016, 10:39 AM
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The good thing about where we live is we are within a 40 minute drive to Florence, Conway, and Georgetown if we choose to work in one of those places.
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Oculus Spirit [75719]
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The mistake I made was buying a house when I hated
Apr 14, 2016, 10:48 AM
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my job. At least I've gotten rid of that house. I was underwater for a long time though and it took nearly a year to sell.
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All-In [46825]
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I understand that
Apr 14, 2016, 10:51 AM
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One thing about my career is a lot of times you have to move around. My hope is to buy the house. Work on increasing our equity and use that to help move into another house should we need to.
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Oculus Spirit [75719]
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The other thing I'd do is have serious talks about
Apr 14, 2016, 10:54 AM
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how much bigger the family could get and buy a big enough house to start with. That isn't always possible of course.
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All-In [46825]
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She wants 4 bedrooms
Apr 14, 2016, 10:58 AM
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If this next one is a boy I'm done.
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Legend [17753]
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I wouldn't buy if you don't think you will be there 5 yrs.
Apr 14, 2016, 10:55 AM
[ in reply to I understand that ] |
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Any less and you are likely be underwater on the deal unless home prices climb steadily.
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Oculus Spirit [85334]
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My first house in 2008 I financed 100%
Apr 14, 2016, 10:30 AM
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paid no PMI, and mortgage rate was national avg at the time (did not incur higher rate for 0 down).
First time home buyer program through BOA. I don't know if banks still have this.
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CU Medallion [54758]
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kinda what I did, except did 5% down, BOA, 2008 etc...
Apr 14, 2016, 10:38 AM
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no PMI
granted, I've only got 14% equity, 8 years later
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CU Medallion [73569]
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32%***
Apr 14, 2016, 10:31 AM
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Oculus Spirit [93668]
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Good gracious.
Apr 14, 2016, 2:15 PM
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You been savin up for a while, huh?
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All-In [47750]
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100% down.....
Apr 14, 2016, 10:32 AM
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Bonus - No mortgage payments!
HTH
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CU Medallion [73569]
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Re: 100% down.....
Apr 14, 2016, 10:35 AM
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All-TigerNet [11860]
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I put down 0% and pay just min payment
Apr 14, 2016, 10:35 AM
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b/c I don't plan to be there longer than 4-5 yrs
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Oculus Spirit [83121]
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11%***
Apr 14, 2016, 10:36 AM
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Walk-On [134]
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0%. No PMI.
Apr 14, 2016, 10:51 AM
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Because I'm a patriot and I served my country. What the hell were you doing?
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All-TigerNet [11860]
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eating a ####
Apr 14, 2016, 10:54 AM
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duh
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All-In [46825]
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Not that
Apr 14, 2016, 10:55 AM
[ in reply to 0%. No PMI. ] |
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I respect and admire people who served (have many family members who did) but that was not my calling.
Had the recruiter at my high school hound me for 2 years. Finally got him to stop when I told him I am NOT going somewhere were somebody is shooting at me.
But I am very thankful for those who did.
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Lot o points [155913]
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If you can't buy it with cash, you can't buy it.
Apr 14, 2016, 10:52 AM
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Dave Ramsey
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All-In [46825]
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So you're saying I shouldn't use my credit card for mortgage***
Apr 14, 2016, 10:56 AM
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CU Medallion [54758]
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well.....this changes everything***
Apr 14, 2016, 10:57 AM
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Oculus Spirit [75719]
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IMAGINE THE SKY MILES!***
Apr 14, 2016, 11:00 AM
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Oculus Spirit [75719]
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Man, I was in CostCo the other day having lunch and there
Apr 14, 2016, 10:59 AM
[ in reply to If you can't buy it with cash, you can't buy it. ] |
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was this cat in there that was just a little off. He was carrying on about Regan and Cruz and lord knows what all else. The older couple he was chatting with mentioned something about their grand kids being in college. Of course this got him to talking about debt. How he purposely avoided college so he wouldn't have all that debit. Then,he got all dramatic, speaking as though he had the answer to these folks' grandkids problems. He said "I found this great book, amazing. Everybody should read it. Total Money Makeover by Dave Ramsey."
To hear this fool talk, you'd think he found the Fountain of Youth or some ####.
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CU Medallion [54758]
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pizza or hot dog??
Apr 14, 2016, 11:00 AM
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'cuz I KNOW you didn't go w/ that chicken wrap thing
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Oculus Spirit [75719]
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It was pizza this time.
Apr 14, 2016, 11:04 AM
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I'd had a chili dog the day before.
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All-TigerNet [11860]
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Oculus Spirit [75719]
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I tried, but it was stained with
Apr 14, 2016, 11:05 AM
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grease and dander.
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All-In [31896]
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Oculus Spirit [81061]
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I wonder how Dave buys homeowner or car insurance
Apr 14, 2016, 12:50 PM
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or rents a car, you know since he doesn't have a credit score or a credit card.
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All-In [46825]
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He doesn't need CC's. The man is making a killing
Apr 14, 2016, 12:54 PM
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by telling other people not to do stuff he doesn't have to do.
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Oculus Spirit [81061]
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I guess if never rents a car.
Apr 14, 2016, 12:56 PM
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Seems not having a credit score would be throwing money away on homeowners insurance just for the spite reason of "not praying to the God of FICO"
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All-In [31896]
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Oculus Spirit [75719]
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I have heard his show. My issue is that he
Apr 14, 2016, 2:08 PM
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charges for his seminar and books that tell people how to not spend money. IF his methods have worked so well, then he shouldn't need much money, thus all that stuff could be free.
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All-In [46825]
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I use a lot of Joe Sangl (sp?)
Apr 14, 2016, 2:11 PM
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resources especially when teaching budgeting for economics classes. Bad part: he's a Newspring guy. Good part: Every resource I have found and used has been free.
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All-In [31896]
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He doesn't teach people not to spend money....
Apr 14, 2016, 2:22 PM
[ in reply to I have heard his show. My issue is that he ] |
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he teaches them not to spend money they don't have. There's a big difference.
He's got a gift for speaking and writing and has turned it into a business. I've got no problem with that. Financial Peace University is something like $100/person for a 16 week course and many churches offer it for free/reduced.
I never took the class, but I'm guessing for folks heavily in debt, it's the best $100 they ever spent.
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All-In [46825]
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I use to listen to and read his blog all of the time.
Apr 14, 2016, 2:10 PM
[ in reply to Doesn't he tell people to do stuff that he did to get.... ] |
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as well as secondary sources who would quote him.
Realized quickly that he is talking to these idiots who have no fiscal discipline.
Kind of a shoot for the stars to land in the middle.
A lot of our comments are tongue in cheek for the people who hang on his every single word and then attack the people who get a credit card like they are committing a sin.
Absolutely if you racked up huge amounts of debt or spend way more than you make per month then you don't need to be anywhere near a freaking credit card.
But for us normal folks who are fiscally disciplined, a credit card is a useful tool.
P.S. I think they were called podcasts or something. Don't remember it's been a long time ago.
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All-In [31896]
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I don't disagree with that...see my comments below***
Apr 14, 2016, 2:19 PM
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All-In [31896]
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You don't need a credit card to buy insurance...
Apr 14, 2016, 1:51 PM
[ in reply to I wonder how Dave buys homeowner or car insurance ] |
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and there are plenty of places that will rate you for insurance without a credit score.
You can also rent a car with a debit card.
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Oculus Spirit [81061]
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Never said you needed a credit card to buy insurance.
Apr 14, 2016, 2:01 PM
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What is the premium for not having a credit score to buy home insurance?
I did a quick google, and only found articles that stated how much more bad credit would jackup your home insurance rates. Where can one buy homeowners insurance with no credit score at comparable prices to insurance sold to someone with a good credit score?
Another quick google shows that Budget will allow rental cars with a debit card, but will freeze the full amount of the rental plus $100. Its says that Alamo and Hertz do not.
Further reading makes it appear to be a pretty big hassle to rent a card with a debit card:
http://www.creditcards.com/credit-card-news/tips-rent-car-debit-credit-card-1268.php
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All-In [31896]
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No idea...you'd have to do your own research...
Apr 14, 2016, 2:05 PM
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I do know that Dave Ramsey has local recommended insurance companies that work with folks without credit score.
My experience renting car with debit card is limited to someone I sent on a trip for our company that didn't have a personal credit card and he didn't have a company credit card. He rented a car with his debit card and the total rental charge was held on the card upfront. Didn't seem like a big deal for him to do it. Can't remember the company...maybe Budget.
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Oculus Spirit [81061]
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I'm certain it all can be done. and with enough money,
Apr 14, 2016, 2:08 PM
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you don't really even need any insurance.
By why go through all the hoops? With him it almost seems to be more on principal than practicality for most people.
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All-In [31896]
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A lot of people do it (I know more than a few)....
Apr 14, 2016, 2:17 PM
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We're currently debt-free other than mortgage.
I don't/didn't follow his program exactly, but listening to him and reading his books some years ago inspired us to get debt free. Mainly was paying off car, stop financing stupid stuff, and live within our means.
I have a credit card, but I get where he's coming from about not having them. Clearly. many people can't manage their finances and credit cards are too tempting/difficult for them.
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All-In [46825]
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Re: A lot of people do it (I know more than a few)....
Apr 14, 2016, 2:22 PM
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Mainly was paying off
> car, stop financing stupid stuff, and live within our
> means.
You mean common sense?
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All-In [31896]
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Sure, but it's not very common....
Apr 14, 2016, 2:24 PM
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look at all of the people that finance/lease new cars.
Like I said...listening to him inspired/motivates us to make a change. Wasn't a huge change for us like it is for a lot of folks...just a re prioritizing.
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All-In [46825]
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I guess we get motivation from different places
Apr 14, 2016, 2:26 PM
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My motivation to live within my means and not get into debt comes from looking at my measly paycheck.
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All-In [31896]
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Yeah, but you're in the minority....
Apr 14, 2016, 2:27 PM
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just look at the avg debt level in our country...it's scary.
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Oculus Spirit [81061]
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Well lots of people do it, but its a bad move.
Apr 14, 2016, 2:26 PM
[ in reply to Sure, but it's not very common.... ] |
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Financially anyway. Buying a new car is pretty stupid, really.
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All-In [46825]
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And only poors
Apr 14, 2016, 2:27 PM
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lease cars.
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Oculus Spirit [81061]
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I don't know about that
Apr 14, 2016, 2:28 PM
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But I wouldn't do it.
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All-In [46825]
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They may not be poor at the moment
Apr 14, 2016, 2:32 PM
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but with bad decisions like that they could very well become poor soon.
Think about it.. I'm going to pay 200+ a month to a company and never own that car. Yeah yeah depreciation, but why am I going to make somebody else rich while I'm stuck in a never-ending car payment without ever actually owning the car?
What's even worse than that is renting.
I'm going to give them all of this money on something that actually APPRECIATES with time and once again, I will never own it or be able to sell it for myself.
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All-In [31896]
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Oculus Spirit [81061]
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I've gotten where I really hate even owning a car.
Apr 14, 2016, 2:30 PM
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The whole thing is a waste of money.
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Legend [15216]
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I purchased a few months ago. Used a local bank. 15% down
Apr 14, 2016, 10:59 AM
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and got virtually the same rate. No PMI or anything like that.
Basically, I had good credit, etc so they were comfortable with me only putting 15% down. Honestly, I probably could have just put 10% down.
So I would highly recommend doing business, or at least consider, with your local bank. Big banks didn't seem to have the wiggle room.
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CU Medallion [54758]
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small banks will answer your email before you hit "send"
Apr 14, 2016, 11:01 AM
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credit union, perhaps??
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All-In [46825]
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All-TigerNet [11860]
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R4L
Apr 14, 2016, 11:10 AM
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rent for liiiiife
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Oculus Spirit [79429]
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Yeah, just refinanced my boat with a credit union
Apr 14, 2016, 12:35 PM
[ in reply to I purchased a few months ago. Used a local bank. 15% down ] |
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I couldn't believe the customer service, I guess I had just been conditioned to expect to be treated like #####. If it wasn't so much of a pain to switch everything from Wells Fargo, I would.
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110%er [5887]
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Re: Yeah, just refinanced my boat with a credit union
Apr 14, 2016, 12:43 PM
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Do it.
The best vendor switch I've ever made was walking into Wells Fargo, telling them I was doing a mortgage with another bank and asking them to close my checking accounts so that I could, going forward, do business with only 1 entity. If you've got other accounts/loans with them it may make it more difficult. But just not dealing with their checking account fees has been allsome.
I'm the guy who, out of the principle of the thing, used to call and give some lifeless support rep shit about the $5.00 service charge EVERY SINGLE MONTH.
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Oculus Spirit [79429]
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i came close to closing everything with them when they
Apr 14, 2016, 12:56 PM
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Tried to charge me like $10 for a certified bank check when I was closing on my house. I also went to go buy an orange Bronco one time and they'd only let me withdrawal $300 from the ATM which pissed me off. Was probably for the better in that instance, but still.
I've got a credit card with them, and that's really the only string that keeps us connected. I don't do autodraft for anything, so that's really not an issue. I haven't seen any checking account fees, but I may need to look a little closer now that you mention it.
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110%er [5887]
TigerPulse: 100%
Posts: 4884
Joined: 10/21/07
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Re: i came close to closing everything with them when they
Apr 14, 2016, 1:01 PM
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The 300 withdrawal limit set their demise with me into motion. That shouldn't really exist unless the person has a very questionable past with overdrafts.
I think I needed some cash and couldn't get more than $300 out one day, and saw a service charge in addition to realizing that my cash deposit on a Friday afternoon wasn't going to be credited until the following Monday.
There have been no issues or miscommunications or weird cutoff times/dates holding me up since I moved to First Citizens (and they're not even that small).
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Oculus Spirit [81061]
TigerPulse: 100%
Posts: 56140
Joined: 9/13/04
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40%
Apr 14, 2016, 11:02 AM
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Would do more but I have to keep a fair amount of money saved in case I get released to the general population and no longer have a source of income
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Heisman Winner [105587]
TigerPulse: 100%
Posts: 65204
Joined: 12/2/02
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ZERO on my first house. 2006 was a glorious time.
Apr 14, 2016, 11:11 AM
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20% this time around because construction loan. That 20% was the land value though, IIRC.
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CU Medallion [50635]
TigerPulse: 100%
Posts: 43019
Joined: 12/3/98
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66%***
Apr 14, 2016, 12:05 PM
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All-TigerNet [14282]
TigerPulse: 100%
Posts: 13859
Joined: 7/10/03
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30%***
Apr 14, 2016, 12:06 PM
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CU Guru [1587]
TigerPulse: 100%
Posts: 956
Joined: 6/28/07
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As a former teacher (serious)
Apr 14, 2016, 12:17 PM
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Look for a program like Palmetto Heroes (http://www.postandcourier.com/article/20140504/PC05/140509842/1013/heroes-can-qualify-for-help-to-buy-a-home).
When I was teaching (pre-housing crisis), we bought a house and they matched our down payment 5:1. I think the match limit was up to $10k, so we put down $2k and they put in 10, for a grand total of $12k. Then, the match was forgiven 20% each year for 5 years, with the stipulation being that if we sold the house, we'd pay back what hadn't been forgiven.
As a teacher, I'm sure there are programs like this that could benefit you.
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Oculus Spirit [93668]
TigerPulse: 100%
Posts: 95419
Joined: 12/25/09
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.066%
Apr 14, 2016, 2:14 PM
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It was all I had.
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All-In [40344]
TigerPulse: 100%
Posts: 23465
Joined: 7/13/12
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GIFT OF EQUITY
Apr 14, 2016, 2:23 PM
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thanks o?b?a?m?a? in laws!!!!
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