how in the world is anybody supposed to be able to afford a house?
December 14, 2008 · Print This Article
I’m thinking based on current pricing in most of the US. the new scam is to try and get people to take out 30 year mortgages because I can’t find any decent or even semi…close to decent neighborhoods (townhomes none the less) for less than 200,000 thousand bucks. Is there anywhere that somebody can buy a townhome for 100 to 150 thou? or am i dreaming?
Reason I ask is because everybody always says…why dont you invest in a house and pay what you’re paying in rent on a house not an apt…but unless they’ve checked like i have..i can’t pay anything less than 1300 to 1400 a month on a 20 year mortgage. i pay around 700-800 in rent.
…what i think is that EVERYBODY is living beyond their means and that they borrow too much money and that since everybody is in debt nobody really has respect of the real value of things.
my moms looking (for the info) and she works at the post office and she makes about 48000 a year.
now lets not forget the car, car insurance, some previous credit bills and my younger brother…
in theory it sounds like she has plenty of money but after food, utilities, phone, cable…she’d be left with like…300 dollars to herself and that’s just not right.
not to mention we all always pay our bills and none of us..especially myself are in credit debt…we also have very high credit scores..but i suppose that’s our plight.
pay your bills and be forced to rent or say F*ck it and be in debt up to your eyeballs.
think about it ppl 30….40 yr mortgage????thats insane!
what happened to a nice little house for under 200??
gone because of everybodies debt
everybody has crappy credit scores and nobody wants to lend to anybody because nobody pays or if they do …barely…because they really can’t afford it.
i see it all the time. my grandmother has a nice house..in one of the richest areas in this country. they build houses on crappy land, in 2 seconds and then they move in a family already incognito struggling (with their stupid hummer h2s and bmws)…than these ppl take out huge million dollar loans for 30..apparently even 40 years that they’ll never finish paying and if they do they’ll be bored and depressed…
its makes me realize that my original assessment of life…to have as much fun and travel as much as you can was the correct one. who wants to scrimp pennies for (at least) 10 years…you’d be miserable. better to live modestly, with a high credit score in an apartment and travel when you want than to be bogged down to oweing millions…
it just makes me so agitated that the american dream is such a sham
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
You obviously are not earing enough to buy a house yet.
There are homes available in your price range though, you may have to relocate.
30 year mortgages have been available for years. 40 year mortgages have become available more recently, but it is hardly a scam.
It is all about supply and demand.
Save for a downpayment, and watch where every dollar goes.
It’s about your thought process. if you have a negative attitude about the situation, you will have a negative outcome before you even try.
You need to be thinking about building a business plan for yourself to earn more money.
Average price in my neighborhood is well over $500k and I know that there are many homes over the $1 million price tag.
In addition, many people receive a 30 year mortgages. Also, you can pay more towards the principle when you have extra funds which will shorten the life of the mortgage. But if you do not, you can still pay the mortage amount due.
Basically other people are doing it, and you can too if you put your mind to it.
Tip: Right now your rent is $800.00 and your potential mortage is $1400. When you pay your rent, automatically sent another check for $600.00 to a savings account, if you can handle that for a year, you should have no problems with the mortage. And you will build a rainy day fund in the meantime.
Good Luck!
i buy houses in the 70s sounds like you want the perfect house with no work if that is the type of house youre looking for good luck were the deals are is homes that need a little work and they are located in all states. i bought my firdt house for 30,000 put in 10,000 its assecc at over 92,000 right now.
may i suggest some thing? books
house buying for dummies.
personal finances for dummies.
financial peace revisited.
what colour is your parachute.
48 days to work u love.
the millionaire next door.
richest man in Babylon.
think and grow rich - blacks choice.
do the reading and u’ll stop sounding like a drowning poor person, ur not.
ur rant sounds like frustration not understanding the problems at hand.
do ur homework and u’ll find ur self being able to afford a home.
Oh 30 yr fixed rate with PMI & 5%down have been the standard mortage untill Creative Loans became the standard in the 80’s.
People buy houses every day. So could you. If you start with a place that you can afford (less than $1000 month) you’ll find the tax benefits extraordinary!
Just be sure to buy a house that has a good chance of being resold within 5 years. For instance, few people may want to live next to a cemetery, although it may be the cheapest price in town.