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Old 08-21-2014, 06:39 PM   #251
dNAssume
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Re: Home ownership

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Originally Posted by KB24 View Post
If you don't have enough to pay 20% upfront but more like 12-15%...let's say you buy the house but have enough saved up after 4 or 5 months to meet the 20%, do you now still pay PMI every month after paying off the remaining 5-8% to meet the 20% of down payment?
You will have to pay PMI until you reach 20% equity through amortization or property appreciation. Usually need to not have any late payments and some lenders have a timeframe stipulation. Lenders are required to cancel PMI once equity reaches 22%. New FHA and I believe VA loans have permanent PMI
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Old 08-21-2014, 07:25 PM   #252
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Re: Home ownership

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Originally Posted by His Boy Elroy View Post
The amount my wife and I got approved for (based on only my salary and about 10k savings) made me lol. We ended up buying at about 75% of what we were approved for, then my wife got a full time job, and I still feel a bit stretched. Luckily for me, Milwaukee's Best Ice is pretty cheap.

heh, you're like me.

I think we were even under 60%. had a fairly large down payment and have paid at least a 13th payment each year.

tryna be done asap
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Old 08-21-2014, 07:38 PM   #253
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Re: Home ownership

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Originally Posted by KB24 View Post
If you don't have enough to pay 20% upfront but more like 12-15%...let's say you buy the house but have enough saved up after 4 or 5 months to meet the 20%, do you now still pay PMI every month after paying off the remaining 5-8% to meet the 20% of down payment?
Yes you still have to pay the pmi unless u refi into a conventional.
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Old 08-21-2014, 07:42 PM   #254
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Re: Home ownership

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Originally Posted by bobman0330 View Post
Longer term mortgages have higher interest rates.
I guess that's one of the differences between Canada and the US. Here, your term is usually 5 years regardless of if your amortization period is 15 years or 25 years. There's usually no difference in rates for the different amortization periods.
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Old 08-21-2014, 08:27 PM   #255
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Re: Home ownership

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Originally Posted by dNAssume View Post
You will have to pay PMI until you reach 20% equity through amortization or property appreciation.
Appreciation can be a tough case to prove. It's usually easier to just re-fi to get rid of it.
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Old 08-26-2014, 07:04 AM   #256
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Re: Home ownership

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When I bought my condo I was approved for an amount that I would 100% not have been able to afford. It actually upset me since this was about 5 years after the housing crash due to this exact practice.
I distinctly remember a friend of mine telling me--circa 2004--that it was easier for him to buy a house than buy a car. Across the table another friend had just bought her place but couldn't get a car loan. Looking back I wish I'd given that some real thought at the time.

I'd bought my first place only a few years before and I was getting all kinds of offers for cash-outs and equity loans that I'm glad I decided not to take. It seemed like everyone I knew was doing it, and I was shocked at the skyrocketing sales prices of homes around me. I had all the anecdotal signs in the world that something was really wrong with the market but it was just luck that I avoided that mess. I strongly considered cashing out and buying a nice truck and remodeling, but I had a great car that refused to die and got too busy with my schedule to take on a reno.

One lesson learned: Houses are not always a smart investment and can't be counted on to appreciate over the period of your ownership. I grew up hearing the opposite (mostly from people who'd never owned a house).

Second lesson: Having a good down payment and 15-year mortgage may be a PITA, but it's something you'll be thankful for if you decide to sell the property in a shorter amount of time. I didn't need much down because it was a VA loan which seemed great then, and had a 30. But without any equity it was tough to do anything when I wanted to sell and the market was down.
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Old 08-26-2014, 07:18 AM   #257
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Re: Home ownership

And yes there are situational and financial arguments for a 30-year mortgage in some cases, or buying bigger. For practical purposes as they exist for your typical everyday buyer though, I don't agree with those arguments. A pro investor or someone who truly understands the financial implications of forgone investment income (etc), ok sure, whatever. For other people those reasons are weak justifications that can get them in trouble.

There's also a large potential cost of being house poor, overburdened, and trapped in a mortgage at the expense of better opportunities. Being able to get out of a house is just as important as being able to get into one. You never know when a neighborhood will decline, or the market, or when your employer wants to offer you a job out of state. Having flexibility is an asset too.
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Old 08-26-2014, 08:38 AM   #258
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Re: Home ownership

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Originally Posted by Gonzirra View Post
One lesson learned: Houses are not always a smart investment and can't be counted on to appreciate over the period of your ownership. I grew up hearing the opposite (mostly from people who'd never owned a house).
This is a really important lesson. People are really bad at evaluating how good of an investment a house is (generally thinking all money spent goes to equity instead of to taxes, interest, general maintenance, ...).

On the flip side, I think other people are really bad at evaluating the benefits (some tangible some intangible) that many people get from owning their own house.

Anyone thinking about buying property really needs to do their research and decide whats right for them.
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Old 08-26-2014, 12:09 PM   #259
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Re: Home ownership

In the US at least, the tax incentives for buying a house are so ludicrously generous that it ~never makes sense to rent if you can afford to buy and the loss of flexibility is not a major problem for you. I think the bigger problem people have is they justify buying more house than they would rent because they imagine there's some house magic that makes all the interest and PMI and taxes they pay an investment rather than rent, which is what it is.
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Old 08-26-2014, 12:36 PM   #260
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Re: Home ownership

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Originally Posted by Gonzirra View Post
Having a good down payment and 15-year mortgage may be a PITA, but it's something you'll be thankful for if you decide to sell the property in a shorter amount of time.
While the down payment will help keep you from being upside-down in the short run, if you know you are going to sell in a short period of time the longer the mortgage the better.

Quote:
Originally Posted by bobman0330 View Post
In the US at least, the tax incentives for buying a house are so ludicrously generous that it ~never makes sense to rent if you can afford to buy and the loss of flexibility is not a major problem for you.
Bold is not even close to true. You need to do the math in each case. Renting is often the better deal.
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Old 08-26-2014, 01:20 PM   #261
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Re: Home ownership

finished my footings and post bases, so I finally dipped my feet in the diy forum.

http://www.diychatroom.com/f19/pergo...n-help-205615/

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Hi,

My wife and I purchased our first home last year in San Jose, CA. I gave a brief intro in a concrete thread and am now ready to ask for some assistance / guidance in building a pergola / patio cover.

I have already poured my footings and set my post bases:





...as you can see from the photo's, due to the right side window, I had to stagger the posts near the house to avoid setting one directly in front of the right side window.

The post bases near the house are 12' OC from each other.
The post bases further from the house are 10' OC from each other and 11' from the house.

My basic plan in my head is:

Posts to sit at or just above roof line.

Notch the 6x6 posts to hold (2) 2x8x12 headers on each front span and (2) 2x8x14 ledgers on the house side (are those the correct terms?). There was a post a while back, that I cannot locate right now, that gave 4 common examples of how to attach the header/ledgers to the posts. I believe it was example A that showed one notch in the 6x6 with both ledger/header boards bolted in the same notch, as opposed to a notch on each side. This is the method I would most likely use.

Then I planned on running 12 or 14' joists, 16" OC, from back to front with an ~2' over hang on the front side.

....and that's about where my brain stops...

I would like to have the option of closing in the entire top, or a portion or the it with either plywood and/or corrugated roof panels, or just leaving open and doing the checkerboard / lattice looking style.

so I guess my first question is regarding lumber sizes. Does everything above look ok to sit on top of (6) 6x6 posts? I plan on using all redwood, which is why I did the simpson post bases that sit 1" above grade.

Are 2x8 ok for the header/ledgers or should I bump up to 2x10s?

Also, any pics of examples that you think would 'fit in' well for this project would be greatly appreciated. I had originally wanted to tie it into the roof, but I'm just not near that level yet to go ripping on my (currently non-leaking) roof.


Oh, also, if curious, more info about the right side of my yard (the dirt), can be located here at rctech in my rc track build thread.

Thanks for reading and for any assistance!
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Old 08-27-2014, 11:00 AM   #262
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Re: Home ownership

Anyone got any advice/experience with replacement windows? Looking to get replacements for the 60 year old original metal windows in the house I bought last year.

I've got quotes from Pella and Window World so far. Pella is ~8k and WW ~5k. 12 windows total. I liked both of the salesmen that came by. Both were professional, seemingly very knowledgeable, and not pressuring at all. Problem is I just don't know anything about windows so if they were bull****ting me I'd have no idea.

Any good/bad experiences with these two companies? Any advice in general?

Thanks.
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Old 08-27-2014, 11:28 AM   #263
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Re: Home ownership

I had Pellas and loved them. Very well made. Can't comment on WW.
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Old 08-27-2014, 01:30 PM   #264
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Re: Home ownership

I got some windows and a door from Andersen and they seem good

They gave me about 25% off the exact same door I looked at at a different place so it seemed they couldn't be ripping me off too bad
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Old 08-27-2014, 01:40 PM   #265
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Re: Home ownership

When buying windows, the heavy ones are better. You want vinyl clad wood windows and not just vinyl windows. Pella and Anderson are good companies (I'm not familiar with the other), but both companies sell a variety of grades.

The top windows are argon filled between the layers and you can tell the difference by touching the glass when it's zero degrees out. Depending on where you live (and how long you are going to live there), it's well worth the extra money to get the very best windows that they offer.
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Old 08-27-2014, 03:08 PM   #266
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Re: Home ownership

WW tells me they would be selling me basically the same window as pella. The guy said they can offer a much lower price because they sell so many more and manufacture their own. Don't know if that's true or not.

These are vinyl with the low E and argon glass. I live in Indiana so the winters can be pretty harsh. Plan to stay in the house for many years.
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Old 08-27-2014, 03:15 PM   #267
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Re: Home ownership

You will save thousands if you install them yourself
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Old 08-27-2014, 03:27 PM   #268
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Re: Home ownership

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Originally Posted by Hopslam View Post
WW tells me they would be selling me basically the same window as pella. The guy said they can offer a much lower price because they sell so many more and manufacture their own. Don't know if that's true or not.

These are vinyl with the low E and argon glass. I live in Indiana so the winters can be pretty harsh. Plan to stay in the house for many years.
While building my dream home I heard all the stories. Just lift the windows up and you'll know. They try to sell vinyl windows because that's what people have heard of. You want wood inside of that vinyl for the real E performance. (Plus, the difference in vinyl in the more expensive windows is huge, the better quality doesn't fade or scratch.)

In your climate don't scrimp on the windows, dual (or even triple pane), argon gas filled, wood clad with extra wide sleeves (those make it hard to retrofit for a homeowner install) are the way to go.

Go lift an Anderson Window Wall, (they used to be the most expensive) they are about twice as heavy as a same size vinyl window.

Last edited by tylertwo; 08-27-2014 at 03:45 PM.
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Old 08-28-2014, 12:06 AM   #269
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Re: Home ownership

I love my house. I've bought a couple foreclosures and are usually in a good spot when it's time to sell. There are lots of good deals out there if you're qualified. Also have a friend who buys a fairly pricey fixer upper, renovates it into tip top shape and lives it for two years and doesn't pay any tax on the gains. Rinse and repeat.

Even it's something your going to stick with for a while...it your place. LatelY I've been obsessed with my lawn.....never used to be that way but now I love my turf....
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Old 08-28-2014, 12:24 PM   #270
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Re: Home ownership

just bought a new house, paid in full, sick brag. got anderson windows, sick brag I guess.
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Old 08-28-2014, 02:58 PM   #271
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Re: Home ownership

lol, i priced out the lumber for my pergola. hahaha, $2400 for all redwood, s4s. $1600 if I go s4s posts and con hrt for the rest.

crazy
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Old 08-28-2014, 03:32 PM   #272
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Re: Home ownership

The redwood pergola I built earlier this year is much smaller than what you are doing and ran me close to $600 for the lumber. I wasn't expecting that but it really looks nice.
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Old 08-29-2014, 01:34 PM   #273
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Re: Home ownership

Yeah, definitely sticking with the redwood. I love it.

also, I have purchased the best table / jig / router table safety device I've ever seen...



grr-ripper
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Old 08-31-2014, 08:29 PM   #274
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Re: Home ownership

planter box day

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Old 09-01-2014, 06:53 PM   #275
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Re: Home ownership

stain & casters



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