Kyyle23 Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(Chisoxfn @ Jan 20, 2006 -> 01:34 PM) Ameriquest is a crooked ass company. Thats all I'm going to say about that. QUOTE(Chisoxfn @ Jan 20, 2006 -> 01:40 PM) But as Balta showed they are in legal trouble (Ameriquest) and they are total freaking crooks and scumbags. Just my 2 cents. Its not due to rates. But I thought that was all you were gonna say? After a few months of working there, i realized that T&C wasnt the best in the business, but they paid the bills and had a freaking awesome insurance policy for me and my family. Sure, they laid me off, but like I said earlier my severance package was pretty nice for a guy who didnt even get a full 8 months working there. Quote Link to comment Share on other sites More sharing options...
Steff Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(kapkomet @ Jan 20, 2006 -> 12:45 PM) That's an interesting concept - but - if you don't have nets under you if the market falls, you're in BIG trouble. Nets...? If the market falls..? Hu...??? Quote Link to comment Share on other sites More sharing options...
Iwritecode Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(Chisoxfn @ Jan 20, 2006 -> 12:28 PM) Ya, maybe the 1% includes property taxes on the year, but that has to be a really generic figure since property taxes vary greatly by state and area. I think that's it. I've only had one house but it's been pretty close so far. Sometimes a little under 1%. Quote Link to comment Share on other sites More sharing options...
Iwritecode Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(Chisoxfn @ Jan 20, 2006 -> 12:40 PM) Oh ya, 2 mortgages are a great option. There are a lot of really advantgeous routes when it comes to buying rental property and for 1st time home buyers. Its getting with people that know what they are doing cause they can save ya some money. What's the two mortgages deal? I don't think I've ever heard of that... Quote Link to comment Share on other sites More sharing options...
Iwritecode Posted January 20, 2006 Share Posted January 20, 2006 (edited) QUOTE(CanOfCorn @ Jan 19, 2006 -> 10:33 PM) To answer your question...the SW suburban area you should be looking in is Austin, Texas. It was in Fortune magazine as one of the more affordable places to live, housing wise. There is no way we woulda been able to afford a place in Chicago. at least not in a comparable place. You don't have to go more than 15 minutes out of Austin and you can get a big ol' place for less than $140K. Just a few years ago Rockford topped that list. You can get a 4 or 5 bedroom for under $100K. The catch is that the list is most affordable. They don't tell you why they are affordable. I sure wouldn't want to live in a few of those neighborhoods... Edited January 20, 2006 by Iwritecode Quote Link to comment Share on other sites More sharing options...
kapkomet Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(Iwritecode @ Jan 20, 2006 -> 08:43 PM) Just a few years ago Rockford topped that list. You can get a 4 or 5 bedroom for under $100K. The catch is that the list is most affordable. They don't tell you why they are affordable. I sure wouldn't want to live in a few of those neighborhoods... The house I live at in Fort Worth, Texas, if it were in Steff's neighborhood ( ) would probably cost $300K. I paid a hell of a lot less for mine, in an up and coming neighborhood, and the school system is one of the best in the state. In the first two years, I've gotten about $35K in equity according to appraisal values as well as what the houses are selling for in the neighborhood. I can't complain. Quote Link to comment Share on other sites More sharing options...
Iwritecode Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(kapkomet @ Jan 20, 2006 -> 02:47 PM) The house I live at in Fort Worth, Texas, if it were in Steff's neighborhood ( ) would probably cost $300K. I paid a hell of a lot less for mine, in an up and coming neighborhood, and the school system is one of the best in the state. In the first two years, I've gotten about $35K in equity according to appraisal values as well as what the houses are selling for in the neighborhood. I can't complain. No snow, no state taxes and cheap housing? Know of any job openings for computer programmers? Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(Iwritecode @ Jan 20, 2006 -> 12:40 PM) What's the two mortgages deal? I don't think I've ever heard of that... Its basically a 2nd mortgage. So lets say you get an 80% loan (it needs a 20% down payment). But you get a 10 or 15% second and now you only have 5% down but don't have to deal with PMI. Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted January 20, 2006 Share Posted January 20, 2006 QUOTE(kapkomet @ Jan 20, 2006 -> 12:47 PM) The house I live at in Fort Worth, Texas, if it were in Steff's neighborhood ( ) would probably cost $300K. I paid a hell of a lot less for mine, in an up and coming neighborhood, and the school system is one of the best in the state. In the first two years, I've gotten about $35K in equity according to appraisal values as well as what the houses are selling for in the neighborhood. I can't complain. Ya, Texas has had a down real estate market for a long time. I think its going to be one that grows a good amount thanks to people from California and Arizona moving there due to the ridiculous prices out here. Plus the government is just hammering businesses here. Freaking idiots we have in most of the government offices are doing everything anti business (but I'm not gonna turn this into a political topic). There is a lot of really nice things about living in texas, one of which is that you can buy a really nice affordable house, even when your younger. Quote Link to comment Share on other sites More sharing options...
Rex Hudler Posted January 21, 2006 Share Posted January 21, 2006 QUOTE(kapkomet @ Jan 20, 2006 -> 06:45 PM) That's an interesting concept - but - if you don't have nets under you if the market falls, you're in BIG trouble. We aren't talking about a 2nd mortgage per se, but merely two mortgages that equal one. I have the first at 80% of the principal and the 2nd at 20%. I put no money down simply because putting 5% down only changed my payment about $25 a month. For $25 a month, I'll just keep my money. If the market falls, some areas will get hurt way worse than others (CA probably being #1 as Jason has already alluded to). So you do have to know your market. But as long as you are making your payments, you aren't going to "go in a hole". Your equity may not appreciate as much, but doing two mortgages has great tax advantages. PMI is not tax deductible. A 2nd mortgage (whether 10-15-20%) is. Your payment will be much cheaper as well. There really is no downside other than having two payments! Quote Link to comment Share on other sites More sharing options...
Rex Hudler Posted January 21, 2006 Share Posted January 21, 2006 I know here in the Birmingham area, home sales have slowed considerably in the past few months. I know these aren't the busiest times of the year, but I think it is a sign that an adjustment in the market is coming. How soon and how bad it will be is the million dollar question. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted January 21, 2006 Share Posted January 21, 2006 QUOTE(Rex Hudler @ Jan 20, 2006 -> 06:28 PM) I know here in the Birmingham area, home sales have slowed considerably in the past few months. I know these aren't the busiest times of the year, but I think it is a sign that an adjustment in the market is coming. How soon and how bad it will be is the million dollar question. I've had a feeling for a while that a correction was due, especially out here. The question is whether the correction will be a slow-down in the increase in housing prices or a decline. I get the feeling that given the "Interest-only" and 40 year mortgages that have appeared in this low-interest housing market...if there's a small decline in prices, it will rapidly be magnified into a big decline due to people on interest-only plans trying to sell to recoup dollars as things drop. But then again, I've had that feeling for a while and it hasn't happened yet...so who knows. Quote Link to comment Share on other sites More sharing options...
Queen Prawn Posted January 21, 2006 Share Posted January 21, 2006 QUOTE(Balta1701 @ Jan 19, 2006 -> 02:06 PM) I take it that's possible when you're in Mich City (that's where you're at correct?) but somehow I doubt that people living closer to the city, or for another example anywhere in the state of California, are following those guidelines. If you put Brian's and my salary together, our mortgage is less than twice that by a good bit. Now, if we are talking about what the house is worth, that is a horse of a different color . Quote Link to comment Share on other sites More sharing options...
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