I just discovered a desire for home ownership

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MemberSince99
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Postby MemberSince99 » Fri Jan 10, 2014 12:55 pm

But it will massively balloon my debt. I'm a little uncomfortable about that. But not enough that I won't do it. I still think it's worth it to build equity and own a home.


Thanks for letting me know that guys.


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djrez4
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Postby djrez4 » Fri Jan 10, 2014 1:56 pm

It's illusory debt if you never look at it. ;)

I'll admit, it's a bit scary when I look at Mint and see my total debt load, but long-term, fixed-rate debt is easier to swallow than an insurmountable credit card balance.

Focus on the down payment, APR, and DTI ratio. Avoid fancy mortgage products. You'll be fine.

Just remember, though, that you're still beholden to The Man. Just happens to be a bank instead of a landlord.
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MemberSince99
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Postby MemberSince99 » Sat Jan 11, 2014 10:33 am

We are ALWAYS beholden to the man. Ever notice that? ALWAYS. The system is set up so you can NEVER be free of that. And I'm finding the more time goes on the more I hate it. Even if you flat out own your place fair and square you are beholden to the man - they are still going to tax you and tell you what you can and cannot do with what you supposedly own. Your grass is 1/16 of an inch too high for their liking? Gee thanks that's 500 bucks pay in 30 days or we put a lien on your property and take it from you. Welcome to hell kid!


That part never changes as you said it's just who you are a slave to. But we are ALL slaves in the end.


On that note I still want to buy I still want my own place and I want out of here. I do not feel my things are secure here. I realize there is no guaranteed security, if I buy a place the same could happen. HOWEVER if it's my place I can do what is in my best interests, where the property owner cares solely for their property. So if I see a danger of a sprinkler system on an outside wall bursting a pipe, I can turn that off so it doesn't flood the place and do massive damage, where the property owner find it more in their interest to prevent fire at all costs and is willing to eat the cost of a burst pipe, and of course what happens to the tenants property and to the tenants is of no concern whatsoever that's their problem. The maintenance guy here told me 3 other pipes burst in this place this last week, and they could shut that down while the weather is this cold but they won't because again they are playing "loss roulette" and doing whatever is the least potential cost to themselves. I understand that, though it blows to be on the receiving end of the results of that, and consequently I don't really care about this dump anymore to be honest. And to the lunatics, yes I realize a fire could gut the place, however when it's that cold and things are frozen can they really put out the fire in any case? I'm just saying, they don't really care what happens to us is all, their concern is the property only and minimizing their own loss. Money talks BS walks.


I've already starting looking at property listings here to get an idea, and I will ask my co-workers to recommend a good real estate agent to me. I've started throwing away what got soaked/damaged, as well as other things to lighten my move. I mean it's not safe living here anyway, so what the hell really.


I'm not going to file a claim either, not with wanting to buy a place I don't need them jerking me around over that. I wonder what the hell I'm even paying them for to be honest.

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Postby travisrauh » Thu Jan 30, 2014 11:06 am

God imagine if a mortgage were calculated into your debt:credit ratio? Good luck on the search, Member! I'm going to be starting the search myself soon.. it's intimidating to me!
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otter
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Postby otter » Thu Jan 30, 2014 4:44 pm

djrez4 wrote:It's illusory debt if you never look at it. ;)

I'll admit, it's a bit scary when I look at Mint and see my total debt load, but long-term, fixed-rate debt is easier to swallow than an insurmountable credit card balance.

Focus on the down payment, APR, and DTI ratio. Avoid fancy mortgage products. You'll be fine.

Just remember, though, that you're still beholden to The Man. Just happens to be a bank instead of a landlord.


Good advice especially "avoid fancy mortgage products".
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