$14k ........gone!!! :(

[kulit17]

TB bro's and sis's. Just dropped $14k to get closer to acquiring a house and boy does it hurt!!!! Albeit about $3.7k was suppose to go towards my dream bass, thus changing coz of underwriters, but mannnnnn?!!!!!!

(someone buy my bass in classifieds so I can get my bass!!!!!)

Oh well when I add my "bass/jam room" it'll all be worth it!!!!

Just wanted to vent and say how much it hurts to drop that kind of liquid funds at the same time.

****first time home buyer anxiety is all****
It's gonna be great I know! This is a good investment and being a two family house, an even better on.

[hover]

Just think, you really didn't waste it.

Best of luck, congrats on the home.

[MatticusMania]

It wouldnt hurt me to drop $20k if it were going towards an awesome house. Id be happy to part with the money.

[L-A]

I'd rather drop it immediately, than drop 180% of it over two decades

[fenderhutz]

Are you a first time homebuyer? Our state has programs where you can put down next to nothing on your first home. 14k seems a little steep in this market when banks are hurting for loans.

[ugly_bassplayer]

You have the $$ to buy a house.

Poor you.

[MEKer]

You should have given those funds to me.
Cruel, cruel, cruel...thoughtlessly cruel...

[kulit17]

Originally Posted by fenderhutz

Are you a first time homebuyer? Our state has programs where you can put down next to nothing on your first home. 14k seems a little steep in this market when banks are hurting for loans.

Ya doing 3% which shouldve been $10k, the other 4k was because of underwriters scrutinizing the application. So had to lower the debt ratio thus pay off other debts i.e. school loan

Ya it's all good.... Just being a first time homebuyer, I've never dropped money like this before in my life at the same time so it does feel weird.

Thanks guys!

[EricF]

Our house purchase a a little over a year ago included writing a check for over $100k. Thankfully, equity from the condo we had just sold covered most of it.

[fourstringdrums]

Wow, only $14,000? How much is the house? I put down $17,000 on a 200k house 7 years ago and unfortunately lost it in a divorce. At this point I'm not sure what I should be looking at for a down payment in the future for a 200-220k home in the next 5 years.

A lot can change in that time but it's nice to have a number to shoot for in savings.

I think I'd be eligible for a first time buyer program by then. I think you have to have not had a mortgage on your credit for about 3 years.

I agree with the sentiment that I'd rather be dropping the money on a house rather than an instrument. I hated having to move to an apartment.

[SoonerMatt]

Don't look at it like you're buying something perishable, because you aren't. Home buying is an investment that will definitely pay off in the long run </most of my family works in real estate>

[kulit17]

Originally Posted by fourstringdrums

Wow, only $14,000? How much is the house? I put down $17,000 on a 200k house 7 years ago and unfortunately lost it in a divorce. At this point I'm not sure what I should be looking at for a down payment in the future for a 200-220k home in the next 5 years.

A lot can change in that time but it's nice to have a number to shoot for in savings.

Nowadays minimum you need to put down is 3%. Depending on your state and town, there are programs that assist you to either negate PMI or pay it for you. FHA has a website that has all that info and also provides classes which are also mandatory if you plan on getting these type of assistances.

Originally Posted by fourstringdrums

I think I'd be eligible for a first time buyer program by then. I think you have to have not had a mortgage on your credit for about 3 years.

This statement I do believe is correct.

[chuck norriss]

No pics, no house.
14 is good. What's the footprint if you don't mind?
And it's not gone, it's 14 in.

[kulit17]

Originally Posted by chuck norriss

No pics, no house.
14 is good. What's the footprint if you don't mind?
And it's not gone, it's 14 in.

Lol my bad here's a pic I had in my phone.

[parsons]

No house is ever a good investment until you go to sell it and actually SEE a real profit. Meanwhile, you're pissing away money while you pay the mortgage, property tax, interest and insurance. Most people barely make back the interest they paid over 10 years. You do get some tax benefits that help financially but still.... If you live in a house for 8 years, pay 34k in prop taxes, 18k in insurance and 60k in interest on a standard 30yr fixed loan only to sell it for 40k more than what you paid for it, how's that an investment? I didn't even factor home improvement costs.

[hover]

Originally Posted by parsons

No house is ever a good investment until you go to sell it and actually SEE a real profit. Meanwhile, you're pissing away money while you pay the mortgage, property tax, interest and insurance. Most people barely make back the interest they paid over 10 years. You do get some tax benefits that help financially but still.... If you live in a house for 8 years, pay 34k in prop taxes, 18k in insurance and 60k in interest on a standard 30yr fixed loan only to sell it for 40k more than what you paid for it, how's that an investment? I didn't even factor home improvement costs.

Yes. And in the market of the past 3-4 years, you wouldn't even make back what you paid. As an investment tool it's almost as bad as 401K plans.

edit: that all said, I agree with mohawk below me about it beating renting, as it obviously does.

[i_got_a_mohawk]

Originally Posted by parsons

No house is ever a good investment until you go to sell it and actually SEE a real profit. Meanwhile, you're pissing away money while you pay the mortgage, property tax, interest and insurance. Most people barely make back the interest they paid over 10 years. You do get some tax benefits that help financially but still.... If you live in a house for 8 years, pay 34k in prop taxes, 18k in insurance and 60k in interest on a standard 30yr fixed loan only to sell it for 40k more than what you paid for it, how's that an investment? I didn't even factor home improvement costs.

Still beats renting!


OP, that's a nice house! I hope housing over here drops a bit more, but atm it's generally about a 10% deposit you need and housing is just stupidly expensive.

[niels125]

Originally Posted by kulit17

Lol my bad here's a pic I had in my phone.

Damn houses are HUGE in the US compared to Europe

[Roscoe East]

Originally Posted by kulit17

Just dropped $14k to get closer to acquiring a house

Oh, is that all? I thought this was gonna be one of those "My 401k just tanked!" threads.

When my wife & I bought our first apartment I had to take $15,000 out of my own personal one-day-I-will-get-an-Alembic savings. Ouch. Talk about butthurt. Pretty sure I will now never get an Alembic.

...but I've got real estate! I've got equity! In the time it took between our placing the downpayment and all the closing shenanigans, our apartment increased in value $75,000! (Of course, this was several years before the economy turned to poo; "past performance does not guarantee future results")

U done good. Relax and enjoy the security of being a homeowner.

[6jase5]

Don't listen to the "You should never buy a house" crowd. If you look at buying a house for the ATM card that they were used for during 2003-2006, well, no sympathy to you and it won't happen. If you look to make a wise long term investment in a home that you can enjoy, which many of us have done quite happily, congrats.

I might even know some real idiots that own 10 homes/condos, rent em to well screened folks and make $10K+ per month above the mortgages doing nothing but collecting checks and the occasional repair. How stupid, right?

Enjoy your home.