Okay so what did you all do to buy your house? I mean someone told me you should expect about $1000 per $100,000 you mortgage. Is this true? We both have good jobs and in the market of 400,000 homes that is a ton of money and I dont know if we would be able to afford to even eat hotdogs after student loan payments and car payments. Let me in to some buying secrets here. thanks!
love eager to get into a home...
kittyke
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Re: how do you afford a house?
The ONLY way we were able to do it is a down payment - we had a co-op to sell, we were $$ nervous but we wrote all our bills and expenses on paper and our income and we figured it out from there and are doing fine.
septbride
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Re: how do you afford a house?
Mine averages about $600 per $100,000 but I guess it depends on the interest rate. Also look at the taxes on the house b/c a $400,000 house with a $10,000 taxes can add $850 a month to your morgage.
Unfortunately I don't have much advise on this topic but it's a difficult procress that's worth it in the end.
I would go in and talk to a mortgage broker/bank to figure out the numbers though b/f you start to look to get a realistic picture of the financial aspects like mortgage and taxes you can afford if you buy a house that costs whatever.
NPbride
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Re: how do you afford a house?
We are still looking but I think the only we are going to be able to do it is b/c we have no debt (car loans paid off and no student loans-we just paid as we went, no CC debt). Even then I think it will be tight.
Valentinegirl
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Re: how do you afford a house?
Posted by kittyke
The ONLY way we were able to do it is a down payment - we had a co-op to sell, we were $$ nervous but we wrote all our bills and expenses on paper and our income and we figured it out from there and are doing fine.
We wrote everything down too to see if we could afford it.
MrsTC
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Re: how do you afford a house?
The way we did it was:
1) Looked outside of NY - we live in central NJ.
2) Took all the $ we got for the wedding and paid off credit cards - lowered our debt ratio.
3) Saved a good amount of $. Did not buy anything - no clothes, shoes, Cds, go out to dinner etc. Nothing.
4) We were able to get a loan where we only had to put down 5%.
5) We had an awesome real estate agent who got us the most house for our $.
Good luck!
Sweetness
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Re: how do you afford a house?
Posted by MrsTC
The way we did it was:
1) Looked outside of NY - we live in central NJ.
2) Took all the $ we got for the wedding and paid off credit cards - lowered our debt ratio.
3) Saved a good amount of $. Did not buy anything - no clothes, shoes, Cds, go out to dinner etc. Nothing.
4) We were able to get a loan where we only had to put down 5%.
5) We had an awesome real estate agent who got us the most house for our $.
Good luck!
Sounds like a good plan to me! We did something very similiar, except we bought in CT. We have no credit card debt so we used our wedding money as the 5% down with out bankrupting ourselves.
cluelessbride
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Re: how do you afford a house?
1,000 per 100,000 sounds pretty high to me
We haven't bought yet, but we will this fall. For us, it is a matter of paying down student loans and saving for a DP.
MrsJ
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Re: how do you afford a house?
It made it easier for us to pay the mortgage by having a 1BR apartment in the house that we rent out. We have a high ranch and the apt is in the lower level - we have the entire upstairs, laundry room and garage, 3BRs, bath, EIK, dr, lr, deck and yard. Plus this spring we're putting on an extension and will get an additional bath, a den, a great room and a master suite with a walk in closet. We'll still have th apt though - it helps us a lot.
D&C
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Re: how do you afford a house?
Yes use mortgage caculators and writte everything out...I have pages and spreadsheets of our expensesd to the penny to see if it will all work or not...thats the best advice I can give you..good luck
SandraLynn
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Re: how do you afford a house?
I did the spreadsheets and to the penny, which has gone by the wayside right now. We found the house while planning the wedding and we almost called off the wedding to buy the house, but we did both. We are a bit in debt, but right now we are living very frugually (is that a word) and it will be that way for about a year I figure, but it's worth it to me, hard, but worth it. We only put down 5% (part of our savings that was going towards the wedding) and it just happened. The American Dream as my father said, we have achieved it.
