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OfflinePDU
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Buying a house + Going to university at the same time?
    #19217898 - 12/02/13 03:53 PM (10 years, 1 month ago)

First off, If I had 20-40% down on a house, could I get a mortgage while in school if my parents (who are financially secure) cosigned?

If I was to take a small mortgage ($60-80k) would I still be able to get a student loan?

The idea is: Buy a small house with the girlfriend, have a roommate or 2 to help with the mortgage and attend university, work very limited part time and/or summers.

We are wanting to move upto a northern town with a good university and cheap housing. Should be able to get a decent house for <120k..

Seems like with some planning and effort it would be worthwhile when realistically, paying a mortgage would be comparable to paying rent.

Thoughts?


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Offlinelive2fry
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Re: Buying a house + Going to university at the same time? [Re: PDU]
    #19217955 - 12/02/13 04:06 PM (10 years, 1 month ago)

that sounds hella unpleasent.

I hope I never have to buy a house.


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InvisibleDieCommie

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Re: Buying a house + Going to university at the same time? [Re: live2fry]
    #19218480 - 12/02/13 05:57 PM (10 years, 1 month ago)

With a university degree you usually need to be very mobile in order to capitalize on it after graduation.  Owning a house and having a mortgage are going to keep you from being mobile.


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OfflinePDU
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Re: Buying a house + Going to university at the same time? [Re: DieCommie]
    #19218591 - 12/02/13 06:22 PM (10 years, 1 month ago)

While, 4 - 5 years down the road, the mortgage would be largely paid off, and the property would go up for sale, or preferably become a rental.

When I said house - I was referring to a "home" ie. mobile home, apartment, townhouse, or small "starter home."

I know 2 people who have successfully done this, and it worked out fantastically well for them. I am more concerned with the reality of borrowing money on a home, and borrowing money for school at the same time.

I largely have a trust fund from which to pay tuition and school costs for a the first few years anyways, but it would be nice to take out student loans to help with the cost of rent/food/transport.

I live pretty low key (ie. cheap) - and could likely pay back a decent portion of the student loans while working through the summers.

Financially it makes sense - pay rent, or pay mortgage - almost the same thing. If we can get a down payment together - It is do-able.


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Offlineiateshaggy
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Re: Buying a house + Going to university at the same time? [Re: PDU]
    #19219087 - 12/02/13 07:48 PM (10 years, 1 month ago)

if you want to do that, get an actual house.  that said, my grandmother told me and my sister when we graduated that it would have been cheaper for her to have bought us a house from the get go and she would have had a house to sell when we graduated.


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OfflinePatlal
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Re: Buying a house + Going to university at the same time? [Re: iateshaggy]
    #19222621 - 12/03/13 03:00 PM (10 years, 1 month ago)

I really regret not buying a house while at university. I could of built 4 years of equity while having roomates pay for the mortgage. It was a mistake I will not reapeat with my children


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OfflineGorlax
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Re: Buying a house + Going to university at the same time? [Re: Patlal]
    #19222748 - 12/03/13 03:21 PM (10 years, 1 month ago)

There's a big difference between a house and an apartment. I am in a large apartment 2 miles from my University. I've built some good ass credit living here for 3 years now.

Your idea sounds like a good one if everything were to align properly.

First of all your parents will need really good credit to co-sign for you. Next, as mentioned once you get your degree you will probably be moving away from that area. This could work in your favor if the housing market turns around in 4 years from now and you could profit from the house.
That is true only if the housing is cheap where you are. I know that around my campus owning a house close is pretty expensive, but way out there it's cheap.

- In reality I haven't ever heard of someone fully owning a house while attending college. Yes, I know people do but obviously they had a source of income to purchase that home or were lucky enough to live close already! (renting doesn't count, it's the same as renting an apartment)..

- Apartments are good options, you can build good credit paying utilities, electric, and rent. Then after you get a degree, jump into the job market, then get a house.

---I'm going on my last semester of college and only worked a part-time job for a few months. My tuition is almost fully covered by a scholarship and my spending money came from a direct (subsidized I believe) loan. It sucks partially because most of the money I have I can't spend or I'd be fucked.. Thus I ration my money which leads me to find other stupid ways to replace it...

fucking college..


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OfflineDirtyTomFlint
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Re: Buying a house + Going to university at the same time? [Re: Gorlax]
    #19222761 - 12/03/13 03:24 PM (10 years, 1 month ago)

Why don't you ask your family.


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OfflinePDU
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Re: Buying a house + Going to university at the same time? [Re: Gorlax]
    #19222984 - 12/03/13 04:12 PM (10 years, 1 month ago)

Quote:

First of all your parents will need really good credit to co-sign for you.




They've got excellent credit and a large amount of money to draw from, although also have a large mortgage. I believe they will be able to help me a get mortgage without a problem, and will also at least match my downpayment.

Another option like iateshaggy said - is to have them buy a house and let me manage it/fix it up, and then put it back on the market when i am done with it. I am not entirely sure if they'd be into that, but I am sure they will help me however they can.

Quote:

Next, as mentioned once you get your degree you will probably be moving away from that area. This could work in your favor if the housing market turns around in 4 years from now and you could profit from the house.




Real estate is really cheap in the city I want to go to university in, and isn't overvalued like the rest of the province (or at least, not as much.) I wouldn't expect a property to depreciate.

Building equity and keep it as a rental property would be a preferred situation though.

Quote:

That is true only if the housing is cheap where you are. I know that around my campus owning a house close is pretty expensive, but way out there it's cheap.




Obviously closer to the university will command a higher price, and likely one that's more than i'll be able to pay. However, if i have to drive across town, it's not the end of the world ... although obviously something commuter friendly would be favorable, there'll be a cost benefit analysis when the time comes.

Quote:

Apartments are good options, you can build good credit paying utilities, electric, and rent. Then after you get a degree, jump into the job market, then get a house.




I've already got excellent credit, although I am not sure of my score. I have never defaulted or paid any payments late and have carried both student loan debt and credit card debt. I've been renting for 10 years, and have had my name on many utilities ... even brought home a decent income the past 2 years.

NOW - I work part time and make next to nothing. How this effects my ability to get a mortgage, i do not know.

I am really curious as to how getting student loans and a mortgage would work.

I would suspect that lenders wouldn't be too ancy to lend a student with a part time job, money.

Really, I would be paying my mortgage with the student loans, and the student loans back with money from working in the summers and from rent from my roommates.

HMMMM.


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OfflinePDU
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Re: Buying a house + Going to university at the same time? [Re: Patlal]
    #19222987 - 12/03/13 04:13 PM (10 years, 1 month ago)

Quote:

Patlal said:
I really regret not buying a house while at university. I could of built 4 years of equity while having roomates pay for the mortgage. It was a mistake I will not reapeat with my children




Were you able to afford it? What kept you from getting into the housing market?

Any other thoughts on this matter would be appreciated.


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OfflinePatlal
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Re: Buying a house + Going to university at the same time? [Re: PDU]
    #19223303 - 12/03/13 05:44 PM (10 years, 1 month ago)

Quote:

PDU said:
Quote:

Patlal said:
I really regret not buying a house while at university. I could of built 4 years of equity while having roomates pay for the mortgage. It was a mistake I will not reapeat with my children




Were you able to afford it? What kept you from getting into the housing market?

Any other thoughts on this matter would be appreciated.




I couldn't really afford it, but had I talked to it to my parents, I'm sure they would have backed me up. I'm surprised they didn't think of it. When I graduated me and my parents were both pissed we didn't do that


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OfflineGorlax
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Re: Buying a house + Going to university at the same time? [Re: Patlal]
    #19223455 - 12/03/13 06:18 PM (10 years, 1 month ago)

Actually now that I think about it, I do know someone who's dad purchased a house for them. He was from California and his parent's have a good amount of money. He moved in with 3 roomies, The house was pretty nice but slowly got fucked up from all the parties and shit. His dad sold the house this semester and they all moved out into apartments. the house sold really quickly, obviously because it was less than 2 minutes driving from campus. Not sure how much they lost from repairs..

but another thing to think about is that you can bank on leasing out rooms. That is what this kids dad did and then probably sold it for more than he purchased it back in 2010


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Invisiblebadchad
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Re: Buying a house + Going to university at the same time? [Re: PDU]
    #19225481 - 12/04/13 06:39 AM (10 years, 1 month ago)

Your ability to get a loan will depend on your credit and your income.  Call a mortgage broker and talk to them, they'll be eager to lend you money, it's how they make a living.  I bought a house in 2010, pretty much at the peak of the "housing crisis".  Even after all the defaults, the bank still happily approved me for way more than I could ever afford.

Some other thoughts:

You'll build credit, but you may not make a huge some of money.  I think as a general rule, condo's and townhomes appreciate less quickly than single family homes.

If you really can pay off "the majority" of a 120k loan in 4-5 years, then I'd suggest waiting till you finish school, and are looking for a slightly more permanent living situation.

There are probably different rules and regs for mortgages for income properties.  Think about that before disclosing that as your plan to a mortgage broker.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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OfflinePDU
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Re: Buying a house + Going to university at the same time? [Re: Gorlax]
    #19225582 - 12/04/13 07:38 AM (10 years, 1 month ago)

Quote:

Gorlax said:
but another thing to think about is that you can bank on leasing out rooms. That is what this kids dad did and then probably sold it for more than he purchased it back in 2010




This was the point.

I am well past my party years, btw.


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OfflinePDU
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Re: Buying a house + Going to university at the same time? [Re: badchad]
    #19225598 - 12/04/13 07:48 AM (10 years, 1 month ago)

Quote:

badchad said:
Some other thoughts:

You'll build credit, but you may not make a huge some of money.  I think as a general rule, condo's and townhomes appreciate less quickly than single family homes.

If you really can pay off "the majority" of a 120k loan in 4-5 years, then I'd suggest waiting till you finish school, and are looking for a slightly more permanent living situation.

There are probably different rules and regs for mortgages for income properties.  Think about that before disclosing that as your plan to a mortgage broker.




Thanks for your reply.

Ultimately the point would be to build equity, not to make money, although if there was appreciation during that time, that would be a bonus.

The regulations regarding being an income property only apply if you do not live in it. It will be my primary residence  for quite some time, so those rules will not apply.

My stepfather is friends with a mortgage broker, so hopefully he can hook me up.

Thanks for the reply.

I figure: $25,000 down payment, $14,400/year x 4 years = $82,600 towards mortgage. I am not sure on the total cost when you include property tax, real estate fees, interest on the loan, etc... Although I would be sure to keep my total costs between 100-120k.

Even having 1 or 2 roommates, and living with my girlfriend would easily bring in enough revenue to cover the mortgage and costs associated with upkeep and maintanence, insurance and taxes.

Of course this would be a "leap of faith" because I would have no emergency fund in reserve anything drastic happening. I have my parents that could lend me money in that case... not a perfect scenerio, and
hopefully due dilligence would be enough to protect me.


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Invisiblebadchad
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Re: Buying a house + Going to university at the same time? [Re: PDU]
    #19225645 - 12/04/13 08:06 AM (10 years, 1 month ago)

Quote:

PDU said:

I figure: $25,000 down payment, $14,400/year x 4 years = $82,600 towards mortgage. I am not sure on the total cost when you include property tax, real estate fees, interest on the loan, etc... Although I would be sure to keep my total costs between 100-120k.






These costs + interest can really add up.  Here's an example:  My mortgage payment last month was $2600.  Do you know how much of that payment actually went to paying down the loan (e.g., the principle)?  $547 bucks.  More than 2k of that payment went to interest on the mortgage, insurance, property taxes etc.

So that is something to keep in mind.  You're going to build equity by:

1.  Paying down the mortgage, and (hopefully)
2.  By having the home value increase.

You can get a rough idea of both of these parameters by asking realtors how much property values tend to increase (they'll be biased though, FYI), and there are simple mortgage calculators to generate pay off statements etc.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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