The Official Homeowners Thread

[Geek Nasty]

15 years is a long ARM... I figure in that time, we'll have either paid it off, moved, gone bankrupt and/or I'll be dead



After 15 years, there'd be about $289,000 remaining in principal. How much the rate can go up is capped, so I think it's around 8.65%. If you paid 8.65% on the remaining principal, assuming taxes and insurance the same (which they won't be), it'd be a payment of about $3,050 per month today versus $3,750 in 15 years. Not good, but won't be the end of the world.

An ARM now though...

Interests rates are going up

 

[Geek Nasty]

If you have a mortgage, taxes and insurance are paid through your escrow account, which your mortgage holder keeps. You are allowed to switch insurance companies though, just make sure to inform your mortgage company.

Oh and I pay $787 a year. I also have car insurance with the company so that impacts the rate.

You don't have to do that unless you have I think less that 20% down or less than 20% equity in teh house. Otherwise you can pay insurance and taxes however you like directly to the payee. But, dont' fukk around with your savings if you're paying every 6 months or annually.

A BIG mistake people make when they get off escrow is to spend their insurance or tax money, then don't have it when it's due.

Another thing to watch is the mortgage company WANTS to sit on your escrow so they might stall or delay refunding your escrow when you get over 20% equity. I had to fight Bank of America for about 6 months to get my escrow refunded. I fianlly had to threaten to cancel my automatic draft to get them to give it to me.

 

[winb83]

Closing on my second home in a few weeks. Have over $1.1 million in liabilities now between the two houses.



Putting 10% down and paying all PMI up front with a 15 year ARM at 3.65%

Sitting on about 3 acres and a little over 3000 sq ft

I thought the golden rule of buying a home on loan is never ever take an ARM loan to do it. ARM mortgages seem like a bad product volunteering to take on all the risk yourself doesn't seem like a good idea at least. Maybe getting one of those 5/1 deals and dumping the house before the 5 years are up.

 

[Ethnic Vagina Finder]

The only difference between having a house and apt is you pay for every repair. You have property taxes also. They are added to your mortgage so you don't have to save to pay them Save for repairs. I would do my own yard work to save money or get fake grass.

I bought my house new after selling my condo. I love having a house better. So nice to have a garage and not have to worry about nosy neighbors.

If you get a condo [Like I did] you also gotta pay hoa fees.

 

[jwonder]

If you get a condo [Like I did] you also gotta pay hoa fees.

Yeah I owned a condo first but my HOA fees were only $160 a month. It can get ugly tho when people don't pay

 

[Ethnic Vagina Finder]

Yeah I owned a condo first but my HOA fees were only $160 a month. It can get ugly tho when people don't pay

I pay $572.00

But my building valet. Covered parking. Gym. It's high but it's worth it.

 

[jwonder]

I pay $572.00

But my building valet. Covered parking. Gym. It's high but it's worth it.

fukk that. I can park my own car. I went to Planet Fitness so close I walked to it. 572 is ridiculous. I'm gucci on that. Right now I'm pissed because my house has HOA fees and the want it to be $142 because we have a private road. smdh

 

[Railroadpaid]

fukk that. I can park my own car. I went to Planet Fitness so close I walked to it. 572 is ridiculous. I'm gucci on that. Right now I'm pissed because my house has HOA fees and the want it to be $142 because we have a private road. smdh

I think my next purchase will be a condo downtown chicago after i pay offf a bit of my mortgage. had a question about HOA fees...that jus covers all aspects of the building right? like doorman, gym parking etc? and 572 is that monthly? Thats more than i pay in taxesfor a 2800 sq ft house and if you wanted to make like construction changes in ur unit like knock down a wall or something does it have to be approved by HOA?

 

[jwonder]

I think my next purchase will be a condo downtown chicago after i pay offf a bit of my mortgage. had a question about HOA fees...that jus covers all aspects of the building right? like doorman, gym parking etc? and 572 is that monthly? Thats more than i pay in taxesfor a 2800 sq ft house and if you wanted to make like construction changes in ur unit like knock down a wall or something does it have to be approved by HOA?

I was responding to another poster. No way in hell I would pay that lol. Most definitely $572 is monthly. I would imagine it covered that though. It's just not worth it. Those are condos for people who want to be in a premier area and people. No thanks.

When I had my condo in Miami Lakes it was a nice neighborhood but by HOA was $160. That covered the structure of the building, insurance, maintenance on the parking, and trash. A portion went to a reserve account. That prevents special assessments.

You own it. You do whatever you want to it in the inside. You just can't do anything on the outside

 

[AVXL]

A goon just joined the homeowner club

Closed on Tues, got everything moved in this morning, still can't believe it

 

[muzikfrk75]

I pay $572.00

But my building valet. Covered parking. Gym. It's high but it's worth it.

And I'm complaining about paying 145/mo

They decided to "hard prune" all of the bushes in the front recently though

 

[Mike Ock]

Which co op you live in? If it's too personal u don't have to answer....I wouldn't mind a co op at all

I drive but Staten island is a no go for me...yea so far I've been looking up north....was looking at these townhouses up in Middletown but I'm not feeling that drive

I'm up in Riverdale though. We had to drop 20%, but we were able to exceed that. Honestly, I like being here. 5 min(or less) drive to Inwood and a 10min drive from Central Ave in Yonkers. I do 95% of my shopping in Yonkers. I can't remember the last time I worried about parking while shopping. I do miss Bk and living a bike ride away from the beach though.

If you do a co-op or even a condo, try for a 2-bedroom. It's easy to outgrow a one bedroom once you have a significant other.

shyt, that reminds me..... @Lewis Black when we gonna grab a beer at bronx ale house bruh? I'm finna ride my bike down there.

 

[head shots101]

I'm up in Riverdale though. We had to drop 20%, but we were able to exceed that. Honestly, I like being here. 5 min(or less) drive to Inwood and a 10min drive from Central Ave in Yonkers. I do 95% of my shopping in Yonkers. I can't remember the last time I worried about parking while shopping. I do miss Bk and living a bike ride away from the beach though.

If you do a co-op or even a condo, try for a 2-bedroom. It's easy to outgrow a one bedroom once you have a significant other.

shyt, that reminds me..... @Lewis Black when we gonna grab a beer at bronx ale house bruh? I'm finna ride my bike down there.

Damn 20 percent....need to step my paper up...I would go for a 3 bedroom

 

[Lewis Black]

I'm up in Riverdale though. We had to drop 20%, but we were able to exceed that. Honestly, I like being here. 5 min(or less) drive to Inwood and a 10min drive from Central Ave in Yonkers. I do 95% of my shopping in Yonkers. I can't remember the last time I worried about parking while shopping. I do miss Bk and living a bike ride away from the beach though.

If you do a co-op or even a condo, try for a 2-bedroom. It's easy to outgrow a one bedroom once you have a significant other.

shyt, that reminds me..... @Lewis Black when we gonna grab a beer at bronx ale house bruh? I'm finna ride my bike down there.

im gonna be in the west coast for a while but as soon as I get back, its on

 

[OfTheCross]

How do I go about buying a Foreclosure?

If I see one on Zillow do I gotta pay the amt that if got foreclosed for or is there always an auction?

Any of y'all brehs got experience in this?