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| Looks like my musky equipment frivolous spending is going to come to an abrupt halt very soon. Put an offer down on a home. It was a deal I could not pass up. However, I'm a little strapped, and will not be able to come up with 20% down. Any helpful hints? I haven't gone to my lender yet(going Tuesday when I get back from my ice fishing trip), so I have a weekend to think about it. Kind of nervous(mostly because of my impending fishing cutback). | |
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| I bought my first home on January 5, 2001. I didn't have the 20% down either. I put down what I had, (15%). I have to pay PMI insurance, but that isn't a big deal. I'm just glad to be owning a house and earning equity. We did a ton of work to the house this last year, and now I am going to refinance. My appraisal will probably be $30,000 more than what I paid for it. That will be enough to get me out of paying PMI.
I wouldn't worry about not having any money to spend on lures, because you won't be fishing that much. Between fixing up the house, mowing the lawn, and all of the other chores, you'll be lucky to get out once a week.
Owning a house is the best decision I ever made. And I'm sure it will be a great investment for you too. | |
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| The house is a good idea and it really wont effect your fishing too much. Yes mowing the lawn as well as the "hidden costs" (things you never think about needing until you get a house) may ding a bit but not too much hopefully.
Scott: i am closing today on my refinance. 6.125% BABY!!!!![:p] | |
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| If PMI is anything like CHMC (Canadian version of mortgage insurance), borrow the money if you can to not pay PMI. At the very least don't include your property taxes in your mortgage. If you do, you'll be paying higher interest by doing so. Beware the hidden, "Oh, I didn't realize we had to pay for that to" costs! In Canada, we have to pay an application fee for the CMHC mortgage insurance. How loudly can you say SCAM!
As far as fishing goes...you'll get out often, unless you bought a country property-maybe even on a lake (with muskie in it), then you'll get out less often because of all the extra work with a bigger property.
You might want to try making some of your own baits. From reading some of your posts, I know you tinker with your baits, especially the TR.
Good luck with the house. Now you're on the side of equity!
Cheers,
J.P. | |
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| Jason:
Don't let everybody and their brother mislead you. There are lots of things you can do in a mortgage but PMI is not the worst of them. Escrowing your taxes is actually not that bad considering all you are out is the time value of money between when you deposit into escrow impound and when they withdraw to pay your taxes and hazard insurance. Right now that time value of money is only about 2%. Another misnomer is that you will get the best deal from “your” lender, assuming you are talking about your local bank. The best deal comes from shopping. That’s where mortgage brokers come in, they shop for you across hundreds of lenders with your specific requirements, in this case low down payment.
If you want the name of a good mortgage broker who is straight up, drop me a line.
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| Don't get me wrong, I can only offer what I know based on the rules here in Canada. I know nothing about American rules or policies regarding mortgages.
Just my humble (and uninformed opinion). There's lots of people out there willing to give advice. Some of it will be good, some you'll need to take with a grain of salt. You just have to hope the doctor doesn't put you on a salt free diet first.
Cheers,
J.P. | |
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| Jason,
There are many options out there. Talk to several lenders and get to know all of their options and then compare. If you are specifically trying to get out of the PMI, look at options where you put down an initial downpayment and take out a home equity loan to cover the rest of the 20%. I have never taken this option and don't know much about it, but others I know have. Look into it, I am not saying its the best but it is an option. Go to you local book store, I am sure there is a Mortgages for Dummies (not saying you are) book or something similar that can get you up to speed on various options. The biggest mistake people make are just talking to one lender or broker and not making sure they are informed.
Dave | |
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| Don`t worry about the REPAIRS!I probably have enough parts at the house to re-build that sucker.Hey,did you get the extra acreage? Jeff | |
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| One way or another they will get your Cash[:knockout:]
See Ya At the shows [:p]
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| Stay away from big yards, pools, gardens, flower beds and lots of trees. These will definitely cut into your fishing time. Get a big garage. If you are not getting one, build one in the back. Less to mow. | |
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First time buyer...