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North Spore Shop: Bulk Substrate

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Re: In the process of negotiation for buying a house [Re: Ole Field Trashe]
    #26120436 -

Sorry, I do not know what that is. Of course I just googled it, but I'm not sure how I would find out.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

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Re: In the process of negotiation for buying a house [Re: Wonder Boy] * 1
    #26120457 -

The terms of your loan are about 20x more important than your monthly payment. Variable vs. Fixed, interest rate, amortization period. If you go into the bank ignorant, the bank is going to put you in the loan that makes the most money for the bank. Usually that's the longest amortization period they can legally put you in, with the lowest possible downpayment.



You are taking out hundreds of thousands of dollars in debt without any knowledge of the terms of the loan. I'd shift your perspective of "buying a house" to taking a giant loan and paying thousands of dollars to a bank over the next 30 years. Even an unwanted pregnancy moves out after 18 years.

A 200,000 loan at 30 years:

$1,104.41
Monthly Payment

$197,587
Total Interest Paid
$397,587
Total of 360 Payments

Jun, 2049
Pay-off Date

200,000 at 15 years:

$1,607.76
Monthly Payment

$89,396
Total Interest Paid
$289,396
Total of 180 Payments

Jun, 2034
Pay-off Date

https://www.amortization-calc.com/mortgage-calculator/

An extra $500 a month pays off your house 15 years earlier and saves you about 100,000 in interest. You need to learn about some of this stuff before signing anything.


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I was pessimistic in my youth. Now I can just follow the Toronto Raptors.

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Re: In the process of negotiation for buying a house [Re: Ole Field Trashe]
    #26120603 -

Yeah he means the length of the loan. The longer the loan is, the lower your repayments are but the more you'll pay in interest in the long run.

Remember interest is calculated daily, so the less time you carry the balance the less you pay. Even things such as paying your loan weekly, as opposed to monthly, can have an effect also, as you're reducing the balance down little bit little and carrying a lower balance.

But yeah it's important to look at the things that Ahab is saying. Paying a bit above the minimum can help. It's the same with a retirement fund, small contributions can roll into big gains later down the track.

Another thing that's very important to consider is the fees. What fees do you have to pay? Annual fee? Package fee? Discharge fee? What if you join them at w great rate and they fk you by raising your rates? How easy is it for you to refinance and negotiate a better deal at another bank ?

Banks are notorious for under offering you. So if you have no viable chance of refinancing out of their bank and them losing the loan, even if you call them to price match a brand new low rate, they will tell you to go jump because you are bluffing anyway. As compared to someone who has a very low cost to discharge their loan and change banks, and really can switch and risk them losing the loan, then they will come to the party and offer price matches and discounts to keep you.

But yeah it's not just about rate but the fees also. You basically want low rates low fee type of loans.

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Re: In the process of negotiation for buying a house [Re: Shroom_guy4]
    #26120632 -

Well, it all went by pretty quick. Being approved, looking for houses, finding one, and then signing the contract.

I do have copies of everything so I'll have to go back and read through it.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Extras: Filter Print Post Top
Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26120679 -

how are you supposed to buy a house if there are 5% interest rates
wouldn't that just charge you an extra 5k every year if the house was 100k???


--------------------
http://bunkpolice.com/basic-test-kit/
Vienna Declaration
Salvia Divinorum The Docudrahma

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26120942 -

I dont know if its common practice in the US, but here in the Netherlands there are third party mortgage advisers.

One of my best friends does this for a living. For a fixed fee they will advice on getting YOU the best deal. They know all the banks and often have discount rates when working with preferred notaries.

The bank usually charges the same fee for selling you the mortgage but focus on their own interest and not yours.

I got a really good deal this way.

My father and brother where stubborn and stuck with the bank and got fucked :lol:


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.


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Re: In the process of negotiation for buying a house [Re: Tripsurfer]
    #26121034 -

There are mortgage brokers in North America as well.


--------------------
I was pessimistic in my youth. Now I can just follow the Toronto Raptors.

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Re: In the process of negotiation for buying a house [Re: Konyap]
    #26121173 -

Konyap said:
how are you supposed to buy a house if there are 5% interest rates
wouldn't that just charge you an extra 5k every year if the house was 100k???


Pay.  I think the math on my mortgage worked to paying approximately double the cost of the house over 30 years.


--------------------
...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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Re: In the process of negotiation for buying a house [Re: badchad]
    #26121237 -

I'm using a third party lender.

As far as the interest goes, it will not exceed 4.5% over the next 30 years.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Extras: Filter Print Post Top
Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26121605 -

Not bad, but not super great. If you have good credit you should be below 4.0%


--------------------
...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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Re: In the process of negotiation for buying a house [Re: badchad]
    #26121696 -

Sitting at around 660.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Extras: Filter Print Post Top
Re: In the process of negotiation for buying a house [Re: Ole Field Trashe]
    #26121736 -

Ahab McBathsalts said:
The terms of your loan are about 20x more important than your monthly payment. Variable vs. Fixed, interest rate, amortization period. If you go into the bank ignorant, the bank is going to put you in the loan that makes the most money for the bank. Usually that's the longest amortization period they can legally put you in, with the lowest possible downpayment.



You are taking out hundreds of thousands of dollars in debt without any knowledge of the terms of the loan. I'd shift your perspective of "buying a house" to taking a giant loan and paying thousands of dollars to a bank over the next 30 years. Even an unwanted pregnancy moves out after 18 years.

A 200,000 loan at 30 years:

$1,104.41
Monthly Payment

$197,587
Total Interest Paid
$397,587
Total of 360 Payments

Jun, 2049
Pay-off Date

200,000 at 15 years:

$1,607.76
Monthly Payment

$89,396
Total Interest Paid
$289,396
Total of 180 Payments

Jun, 2034
Pay-off Date

https://www.amortization-calc.com/mortgage-calculator/

An extra $500 a month pays off your house 15 years earlier and saves you about 100,000 in interest. You need to learn about some of this stuff before signing anything.


Buying a house is almost always a good deal over a period of 15 or 30 years. And spreading it out over 30 is not always a bad idea. Having more disposable income for retirement investments that are almost guaranteed to return more than 4.00% for example.

Also consider that as an example, 200k in 30 years ago money is equivalent to over 400k now.


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”

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Re: In the process of negotiation for buying a house [Re: koods]
    #26121750 -

A lot of McMansions bought 15 years ago are selling for less than they worth when they were built.

Buying realestate is usually the biggest financial obligation a person makes. It's the difference between a guarentee'd 4% return on paying off your mortgage earlier, vs achieving half the real return of the stock index. On paper it is a no-brainer, but often people lack the self-discipline to save the entire difference. They buy at the wrong time, and sell at a worse time. Lifestyle creep comes in, and then you've got a baby on the way, and momma needs a new minivan and then 10 years slips by and you haven't saved shit.

If people were always rational, we wouldn't see bankruptcies, foreclosures, insufficient retirement accounts, or debt bubbles of any kind.

Financial leverage is always risky, but people don't put that in mind when buying a house on the bare minimum.


--------------------
I was pessimistic in my youth. Now I can just follow the Toronto Raptors.

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Re: In the process of negotiation for buying a house [Re: Ole Field Trashe]
    #26121791 -

I would never max out on my mortgage. Never take out more than half of what I can

Use any surplus to make extra anual payments


--------------------
Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.


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Re: In the process of negotiation for buying a house [Re: koods]
    #26121943 -

koods said:
trees said:
Where I am you can buy a solid 2000sqft brick house on a solid foundation for 5 grand. Just needs all renewed or new walls plumbing electrical, everything.


Do you really want to live in a neighborhood where a house costs $5000?


Well, he's already there so why not.

He probably has to do 360k worth of renos though.


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Re: In the process of negotiation for buying a house [Re: Patlal]
    #26122246 -

i'd probably spend 100k on a 200k house
and have 50k in the bank

that probably doesn't even take into account what the real estate agent is asking for pay


--------------------
http://bunkpolice.com/basic-test-kit/
Vienna Declaration
Salvia Divinorum The Docudrahma

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Re: In the process of negotiation for buying a house [Re: Konyap]
    #26122505 -

Look. I appreciate all the advice and concern, but I've worked pretty hard to get to where I'm at and I'm not even done.

I am taking some of the advice though. I will paying weekly or even bi weekly payments and I will be paying a little bit more. If I need to pay 325 a week, I'll pay 335 a week. This is an extra 40.00 a month. Who knows, maybe I'll pay more...

Either way. I'm excited an nobody is going to ruin that for me.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Extras: Filter Print Post Top
Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26122714 -

when I first read this I thought it said

"In the process of negotiation for buying a horse"


--------------------
:niffla:

ACADEMY AWARD WINNING ACTOR
WG32 KILLED HOFFA
PROFESSIONAL BALL BUFFERER
WORST NEIGHBORHOOD YARD OF 2026 WINNER
OTD’S FORMER PRODIGAL SON
TODAY IS BEER DAY

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26123406 -

Wonder Boy said:
Look. I appreciate all the advice and concern, but I've worked pretty hard to get to where I'm at and I'm not even done.

I am taking some of the advice though. I will paying weekly or even bi weekly payments and I will be paying a little bit more. If I need to pay 325 a week, I'll pay 335 a week. This is an extra 40.00 a month. Who knows, maybe I'll pay more...

Either way. I'm excited an nobody is going to ruin that for me.


It's a good achievement man you should be proud!

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Re: In the process of negotiation for buying a house [Re: Shroom_guy4]
    #26123646 -

I am.

Last night I received a text saying we are now in the underwriting part of the purchase. I guess the next step will be closing.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Extras: Filter Print Post Top
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North Spore Shop: Bulk Substrate

Community > The Pub
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