sell the hatch and buy a house?

[Chinky]

ok so i been saving some funds and with the money i could get from selling my hatch i would have enough to buy and house with a comfortable mortage payment...

house owns everything imo. car<house

so what u guys think. i am 20, do u think i should wait till i become a lil more financially responsable and hold off, or fuck it... house is an investment.

discuss...:clap:

[rushbuster70]

house man fo sho...then you can get another car later...i will be trying to get one myself later on this year.

[jägermeister]

Have you talked with anyone in regards to the purchase of a home?

I recommend doing that first. Preferably a bank, that way you get a better idea of what is to be expected from the bank(s). There are a lot of programs for first time home buyers that make it a bit easier for you without having to make drastic changes/sacrifices.

[Chiodos]

both! buy a house and keep your sick hatch, how much would you sell it for?

[Chinky]

lol i'm a douche more than once... will a mod please fix "by" to "buy" lol

house man fo sho...then you can get another car later...i will be trying to get one myself later on this year.
my thoughts exactly...
Have you talked with anyone in regards to the purchase of a home?

I recommend doing that first. Preferably a bank, that way you get a better idea of what is to be expected from the bank(s). There are a lot of programs for first time home buyers that make it a bit easier for you without having to make drastic changes/sacrifices.

well yea the first time buyer programs is something that i have been looking into a lot. they give you decent interest rates with the sacrifice of lower to no down payment at all. i have about eight and a half grand but i wanna put down as much possible. if u put down atleast 25% of the home ur home owners insurance is drastically reduced!

my girl works for wells fargo and we've talked to personallt bankers a few times and know some real estate brokers too. so i have looked into just not all the way to the point where i have gone out and seen homes and actually saw what my payments would be for a certain amount.

[DJ NeX]

Don't buy a house until you're old enough to drink.

[AZDC2]

buy a house, the market is slower and more affordable, you can always buy yourself another hatch down the road. think of the equity you can make on a home as opposed to a car. invest in something that appreciates rather than keeping something that depreciates. just my opinion dude, do what you want.

[Chinky]

both! buy a house and keep your sick hatch, how much would you sell it for?

idk has a built and boosted single cam going in when i get back from cali... has ac + ps still and will keep ac and ps after the swap. so idk, i guess i gotta see what it does on the dyno and the track...

[AZDC2]

if your girl works for WF and you guys are buying a home together, WF has a employee discount for it Team Members, i would try contacting WF Home Mortgage if your looking into buying a house. my sis also works for WF and she got a 5% interest rate for 30 years.

[Importech Performance]

Man I was so confused when I read the title of this thread...haha

This isn't even a good topic of discussion, you should BUY a home or even a condo anything really. Set yourself up good for life and leave the unnecessary things for later. Set your priorities straight homey!

if your girl works for WF and you guys are buying a home together, WF has a employee discount for it Team Members, i would try contacting WF Home Mortgage if your looking into buying a house. my sis also works for WF and she got a 5% interest rate for 30 years.

5% is a sick rate!

[Chinky]

Don't buy a house until you're old enough to drink.
hahahaha ok so buy a house in 14 days!?
buy a house, the market is slower and more affordable, you can always buy yourself another hatch down the road. think of the equity you can make on a home as opposed to a car. invest in something that appreciates rather than keeping something that depreciates. just my opinion dude, do what you want.
yea see that my thoughts too. house is way more valuable and will continue to be... but the thing that holds me back is a house is a huge commitment. idk if i am ready

[Chinky]

if your girl works for WF and you guys are buying a home together, WF has a employee discount for it Team Members, i would try contacting WF Home Mortgage if your looking into buying a house. my sis also works for WF and she got a 5% interest rate for 30 years.
didn't know that
Man I was so confused when I read the title of this thread...haha

This isn't even a good topic of discussion, you should BUY a home or even a condo anything really. Set yourself up good for life and leave the unnecessary things for later. Set your priorities straight homey!

lol i'm a douche more than once... will a mod please fix "by" to "buy" lol

^^^^ lol i know

yea car is something i like don't necessarily need. i mean i need one, but i don't need recaros, wheels shit like that. just something to get me from here to there and ac.

[Importech Performance]

hahahaha ok so buy a house in 14 days!?

yea see that my thoughts too. house is way more valuable and will continue to be... but the thing that holds me back is a house is a huge commitment. idk if i am ready

Sit down and review the money comming in vs money comming out.


Yes its probably the most expensive thing you will buy in your life but, if you can afford it and live comfortably then do it. You WILL NOT regret it. If you dont do it then you'll be hitting yourself in the head later down the road when you see just how much money you could have made in equity.

[RhdRicheeee]

Fuck cars

Get a house

[Chiodos]

fixed title

[AZDC2]

hahahaha ok so buy a house in 14 days!?

yea see that my thoughts too. house is way more valuable and will continue to be... but the thing that holds me back is a house is a huge commitment. idk if i am ready

look bro a house is everyone's biggest investment, every 1st time buyer goes thru it, hell the 1st night me and my wife bought are home we were lying in bed thinking what the hell did we just do. we all go thru dont be scarred, it is the best thing you can do for yourself, i wouldn't recommend using all your money you have to put the down payment, i would save some just for security reasons, that way you can get used to your payment.

Only do this if you feel you can afford it, dont feel pressured into doing it. you know what you can afford. But if you can afford it i would highly recommend buying a house.

[HEADSHOT]

if you can not afford a fixed rate for 30+ years. dont do it. id wait till you have at least 10 percent to put down on the house. if not you will have to pay for mortgage insurance.




DO NOT GET and adjustable rate

i just came from the mortgage industry and have seen a lot of people get really fucked over cause they didnt think long term


personally i would wait on buying a house. you can rent one for way cheaper then buying one.

to be perfectly honest. i doubt you have enough credit to get a really good rate. are you still in school? are you in the career that you went to school for? do you plan to stay in az?

buying a house is something that you do when you plan to stay somewhere for the next 20 years or so. cause the longer you wait the more options will open up for you. assuming you keep a steady savings and credit score up.

[jamn214]

dude house is the best thing you can invest your money on. im on my way to getting my third house in less than 5 years and it well worth it. cars are the worst investment ever!! go get yourself a house and worry about the damn cars later. its the best feeling when you know you own your house...

[HEADSHOT]

Sit down and review the money comming in vs money comming out.


Yes its probably the most expensive thing you will buy in your life but, if you can afford it and live comfortably then do it. You WILL NOT regret it. If you dont do it then you'll be hitting yourself in the head later down the road when you see just how much money you could have made in equity.

do not buy a house with the idea that you will make money on equity. the truth is that it is likely that your house will appreciate. and yes there are some people that have made a lot of money just buying and selling their homes....... but there are a lot of people that have foreclosed because they tried to get rich quick. and now they have no home and still owe money on a loan for a house they dont have.

you dont buy a civic because you think its value will increase do you?you buy one cause you need it and you love that car. same with a house. you buy a house cause you need it. now it is also smart not to buy a house that is clearly going to depreciate. but just dont get into the mind set that the house is gonna make you money, like many of the people of arizona have currently become accustom to. now its different for rich people that can buy like ten houses and make money off of them. you are buying a house cause you need a place to live... you get one shot at it. unless you are mr. money bags.

i have litteraly seen thousands of people that have had to refinance within the fist 5 years. and the way the rates have been going up many of these people were not able to afford the new erms of their loans and we had to forclose on them.

[Chinky]

look bro a house is everyone's biggest investment, every 1st time buyer goes thru it, hell the 1st night me and my wife bought are home we were lying in bed thinking what the hell did we just do. we all go thru dont be scarred, it is the best thing you can do for yourself, i wouldn't recommend using all your money you have to put the down payment, i would save some just for security reasons, that way you can get used to your payment.

Only do this if you feel you can afford it, dont feel pressured into doing it. you know what you can afford. But if you can afford it i would highly recommend buying a house.
werd... kinda like sex for the 1st time lol
if you can not afford a fixed rate for 30+ years. dont do it. id wait till you have at least 10 percent to put down on the house. if not you will have to pay for mortgage insurance.




DO NOT GET and adjustable rate

i just came from the mortgage industry and have seen a lot of people get really fucked over cause they didnt think long term


personally i would wait on buying a house. you can rent one for way cheaper then buying one.

to be perfectly honest. i doubt you have enough credit to get a really good rate. are you still in school? are you in the career that you went to school for? do you plan to stay in az?

buying a house is something that you do when you plan to stay somewhere for the next 20 years or so. cause the longer you wait the more options will open up for you. assuming you keep a steady savings and credit score up.
for my age my credit is banging! when i was 19 they lent me money twice for a total of probly 12 grand... all paid off. i'm very mindful of that shit + i'm asian (not that race has anything to do with that, but we are fuckin penny pinchers) yea but i had a buddy go through that adjustable rate thing he had to start working at sonic just to make his mortage payments :cry:
dude house is the best thing you can invest your money on. im on my way to getting my third house in less than 5 years and it well worth it. cars are the worst investment ever!! go get yourself a house and worry about the damn cars later. its the best feeling when you know you own your house...
werd homes are for lifers

[HEADSHOT]

werd... kinda like sex for the 1st time lol

for my age my credit is banging! when i was 19 they lent me money twice for a total of probly 12 grand... all paid off. i'm very mindful of that shit + i'm asian (not that race has anything to do with that, but we are fuckin penny pinchers) yea but i had a buddy go through that adjustable rate thing he had to start working at sonic just to make his mortage payments :cry:

werd homes are for lifers

i hear you fool. i just dont want you to get all big headed thinking about how much equity you will make and shit when your home value goes up and shiz. cause thats not the reason you buy a house. cause i got news for you. home value's are not going anywhere right now. if there's any movement in most places its down.

[Chinky]

i hear you fool. i just dont want you to get all big headed thinking about how much equity you will make and shit when your home value goes up and shiz. cause thats not the reason you buy a house. cause i got news for you. home value's are not going anywhere right now. if there's any movement in most places its down.

yea... if i buy a house i really don't look at it as a money thing... well money i am making. i want it because i want a place to call my own. a place where if the room is white i can't paint it red if i want. or if put up a fence for the yard no worries about my doggies. more space and just a place to chill and not have to worry about anything else. kick back with the boys on the bbq swimming in the pool kickin back some boose... u know, i want a house not an apartment basically

[AZDC2]

i hear you fool. i just dont want you to get all big headed thinking about how much equity you will make and shit when your home value goes up and shiz. cause thats not the reason you buy a house. cause i got news for you. home value's are not going anywhere right now. if there's any movement in most places its down.

the market isnt what it used to be, so no you are not going to get equity right away, well you may if you do alot of improvements to the house, but a home is a long term investment not a short term investment. it would better suit this cat to get a home right now that the market is slower, i kicked myself in the ass 5 to 6 years ago for not buying a home, the market hadn't even boomed yet, i strongly recommend buying a home now if you can. just trying to help you out playa.

[Jstarda9]

dude chinky
forget what anyone says
BUY A HOUSE that is the best thing i have ever done
right now is the time to buy
i bought my house at 21 dude tell me how many 21 year olds own a house?
and BTW hit me up for any details you need in buying a house ill hook u up man i work at countrywide home loans

[Chinky]

dude chinky
forget what anyone says
BUY A HOUSE that is the best thing i have ever done
right now is the time to buy
i bought my house at 21 dude tell me how many 21 year olds own a house?
and BTW hit me up for any details you need in buying a house ill hook u up man i work at countrywide home loans

not many... and i turn 21 in two weeks :0

thanks i'll let u know

[Daddy_Digital]

buy the house. u can always pick up another car

[HEADSHOT]

if you have enough to put down. not sure if its 10 or 20 percent needed to waive mortgage insurance id say go for it. just mind loan product

[hector200]

house for sure man, you can get a good deal as far as price goes right now, but i work in the mortgage industry and its hard to get a loan funded for a first time home buyer.

[Jstarda9]

if you have enough to put down. not sure if its 10 or 20 percent needed to waive mortgage insurance id say go for it. just mind loan product
no need to put anything down......just get an 80/20 loan which if your a first time buyer you pretty much have to get that anyways...

house for sure man, you can get a good deal as far as price goes right now, but i work in the mortgage industry and its hard to get a loan funded for a first time home buyer.

not true.
it has never been easier to get a house being a first time buyer
as long as you have some assets to cover your first 2 months and at least a 630 fico and no derago's or b.k.'s your are fine

[Chinky]

i plan on putting down hopefully about 15 grand... i have nearly 10 saved now.

even if i don't have to i would like to put atleast something down

[Jstarda9]

^^^^ dude dont put anything down its not worth it...most places have awesome incentives right now...for instance they will give you 15g's in closing costs which you can use to pay your closings cost and the rest use to buy down your rate....

[Jstarda9]

^^^^ lower rate=lower payment

just keep your 10-15g's in the bank to pay your earnest money and to show as assets and also to keep just in case you fall short one month in your mortgage.....and whatever you do do not be late for more than 1 month on your mortgage payment...it will kill you

[Chinky]

^^^^ lower rate=lower payment

just keep your 10-15g's in the bank to pay your earnest money and to show as assets and also to keep just in case you fall short one month in your mortgage.....and whatever you do do not be late for more than 1 month on your mortgage payment...it will kill you

i wouldn't even let myself be late one day :thumbup:

[Jstarda9]

^^^ hahaha you get a 15 day grace period

[HEADSHOT]

no need to put anything down......just get an 80/20 loan which if your a first time buyer you pretty much have to get that anyways...



not true.
it has never been easier to get a house being a first time buyer
as long as you have some assets to cover your first 2 months and at least a 630 fico and no derago's or b.k.'s your are fine

the government is restricting the 80/20 basically you cant hardley get them any more.

[Chinky]

^^^ hahaha you get a 15 day grace period

ok i wouldn;t let myself be 16 days late...

[HEADSHOT]

^^^^ lower rate=lower payment

just keep your 10-15g's in the bank to pay your earnest money and to show as assets and also to keep just in case you fall short one month in your mortgage.....and whatever you do do not be late for more than 1 month on your mortgage payment...it will kill you

incentives are just ploys to get people that dont have any bussiness buying a house into a mortgage...

dont be fooled by incentives. a lot of mortgage companies wont even touch a loan that has certain incentives.

[Jstarda9]

^^^^^hahaha classic
im actually working on a 80/20 purchase as i speak

i cant remember the last time i worked on a single loan purchase maybe year and a half ago.....

[Jstarda9]

the government is restricting the 80/20 basically you cant hardley get them any more.

you are thinking of FHA loans

[HEADSHOT]

ok . well i was just layed off cause the government is restricting 80/20 mortgages, so i guess i know nothing.

[HEADSHOT]

you are thinking of FHA loans

no im not. dude. i know what im talking about.an affiliate of ours went out of bussiness over a weekend and we were forced to try to fund the 80/20 's and 100 percent financing..... needless to say many people didnt get there houses.

[Jstarda9]

^^^where did you work at?

we do prime and subprime deals so my job is pretty secure

[HEADSHOT]

^^^where did you work at?

we do prime and subprime deals so my job is pretty secure

your job is secure???? hahahahahahahahahaa


no offense but get your resume ready.

[Jstarda9]

^^^^ i work for a huge company...which we get more and more loans each month..
plus it helps that i work for the biggest producing branch in the west region so i will keep my resume in the same place its been the last 4 years

you probably just worked for a ma and pa mortgage company sorry you got laid off
maybe you should apply with us
http://www.countrywidecareers.com/

[Neebs]

You know study shows that you need to at least make $50k/yr to maintain on the new house and other utilities.

I never seen anyone at age 20 owned a house yet unless you have bank in the stock market.

[Jstarda9]

^^^chinky will show you how its done

[Neebs]

Word

[Chinky]

Word

x2

i make a decent living and have no real expenses car is paid in full insurance only runs me 76 beans a month. i just choose to do stoopid things with my money...

like for instants last week i went out and bought a 500 blanket, and down comforter with a suade du ve... u have any idea what i could have done with 500 beans :crazy:

plus i have 2 incomes not just one... so i should easily be able to manage

[Jstarda9]

^^^ yes sir
i also have 2 incomes coming in so i live pretty comfortable not paycheck to paycheck


just do it man i promise it will be the best move you will ever make

[Chinky]

^^^ yes sir
i also have 2 incomes coming in so i live pretty comfortable not paycheck to paycheck


just do it man i promise it will be the best move you will ever make

werd... i have to wait till i get back from cali but then i think i am seriously gonna look into it

[Owens]

All depends on income. I say if you have an actual career you depend on, then go for it. Purchasing property was the best investment I've ever made.

[Jstarda9]

^^ hey what part of LA are you going to?
i can tell you some bomb places to eat at coming from a wetback hahahahaha

[Chinky]

^^ hey what part of LA are you going to?
i can tell you some bomb places to eat at coming from a wetback hahahahaha

idk what part i don't really know LA all that good. but coming from another wet back i know some good ass eats up in the bay too

[Downshift]

I read the topic title and first post and thought, "This should be a no-brainer."

House.

[mottrhed]

buy the house. cars are a horrible investment. i bought mine a year ago at 19. it is the best thing you can do for your future. plus its def a buyers market right now, just plan on staying there at least 3yrs. i put 0 down and fixed rate of 5.4. thats the way to do it.

[Chinky]

ok so when pulling a loan is ur income a big thing? cause i was gonna just put one person on the loan but will i not qualify because of the low income??

[blacksihatch]

treads like this are gay and are put out by those with too much time on there hands..make up your own damn mind.....lol

[jägermeister]

ok so when pulling a loan is ur income a big thing? cause i was gonna just put one person on the loan but will i not qualify because of the low income??

banks look at income as a ratio, in and out ratio or before and after. what is your debt-to-income ratio before the loan and what will it be after with the new loan payment. each bank has a different % that they allow. You may qualify into programs for low income applicants but again depends on the banks.

as for the 80/20 or 80/10/10 etc programs. those are still available and are great products to help 1st time buyers. They are going no where. Usually when finance companies stop offering them its because they are being outsourced to other banks or the finance company is being bought out.

[jägermeister]

treads like this are gay and are put out by those with too much time on there hands..make up your own damn mind.....lol

x2.

[Manga_Spawn]

My mom is a real estate agent so if you want help looking or anything hit me up.

[jägermeister]

IMO your best option is to find the bank/finance co. you want to go with, take advantage of their pre-approval programs so you have an idea of what price range you qualify for. that way you know what to shop for.

or, if you're looking to buy brand new, some builders offer huge incentives if you go through their lenders. If you go this route ASK QUESTIONS!!!! I've seen it over and over where customers just sign away without paying attention to the terms of the loan.

[Nott_Sure]

Your own house x93663421

[bmxican]

hahahahaha soooo funny on the 50k a year to maintain a house!!! Sorry dude, that is not true. Whatever you do don't be late on payments for your house. This was a no brainer, and im not even gonna get into buying houses. I wanna buy one next year, fixer upper for a working mexican baby!!!!

[Relix]

Buy a house, your car will only lose value & your house will only gain value...You can't beat free money...

[noVtecHERE]

GL with whatever ur decision...