# House Buying V.More Home Less Cars **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [December 17, 2008, 3:28pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929 "2008-12-17T15:28:47Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Minglor](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/minglor/32/7373_2.png) [@Minglor](https://forums.speedlife.net/u/Minglor)\ **Post date:** [December 17, 2008, 3:28pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/1 "2008-12-17T15:28:47Z")
So… Housing prices around here have fallen in the past few months and with whispers of 4.5% interest rates being a reality shortly after the first of the year, Buying a house has become the next step for me. So, I am holding of on spending more money in mods/buying more toys to save money for closing costs/downpayment. What is wrong with me? what is this world coming to? …at least said house will have a garage Any other takers? ---
**Author:** ![MPD47](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mpd47/32/7383_2.png) [@MPD47](https://forums.speedlife.net/u/MPD47)\ **Post date:** [December 17, 2008, 3:35pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/2 "2008-12-17T15:35:26Z")
I’d like to be, however I’m pretty firmly set on building not buying. Which means with going back to school I won’t be able to afford it for quite a few years. ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [December 17, 2008, 3:37pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/3 "2008-12-17T15:37:08Z")
I am in the same boat, and sadly I recently had to spend my nest egg on an unforeseen issue… but I hope to have another one saved up soon and look to be in a house by June ---
**Author:** ![RobtC](https://avatars.discourse-cdn.com/v4/letter/r/51bf81/32.png) [@RobtC](https://forums.speedlife.net/u/RobtC)\ **Post date:** [December 17, 2008, 3:42pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/4 "2008-12-17T15:42:50Z")
just bought last year but may consult with my broker to see if refinancing would be beneficial ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [December 17, 2008, 3:48pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/5 "2008-12-17T15:48:26Z")
Buying soon. However it will have no impact on my cars. I am actually waiting to buy a house to have a garage to buy another car. ---
**Author:** ![Karter](https://avatars.discourse-cdn.com/v4/letter/k/e480ec/32.png) [@Karter](https://forums.speedlife.net/u/Karter)\ **Post date:** [December 17, 2008, 3:56pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/6 "2008-12-17T15:56:35Z")
a house is a sound investment if things are being build around it. I own a house in pekin, and picked up a ton of value due to some huge houses being built on the same street. ---
**Author:** ![fairgentleman\_Z](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fairgentleman_z/32/7263_2.png) [@fairgentleman\_Z](https://forums.speedlife.net/u/fairgentleman_Z)\ **Post date:** [December 17, 2008, 3:58pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/7 "2008-12-17T15:58:58Z")
> [@RobtC](#): > > just bought last year but may consult with my broker to see if refinancing would be beneficial Yeah, I just did the math. If it goes to 4.5% it will knock ~$xxx a month off of my monthly interest, applying that $xxx directly back onto prinicple will take 8 years off of a 30 year loan. Enter in your current loan here: > **[Mortgage Calculator | Bankrate](https://www.bankrate.com/mortgages/mortgage-calculator/)** > > Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule. Then recalc @ 4.5% Then take the min payment info @ 4.5% and the min payment @ your current % and input here: > **[Mortgage Calculator | Bankrate](https://www.bankrate.com/mortgages/mortgage-calculator/)** > > Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule. Using the 4.5% rate will show how many years you save if you continue to contribute the same amount as you would at the higher rate. ---
**Author:** ![deebo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/deebo/32/5218_2.png) [@deebo](https://forums.speedlife.net/u/deebo)\ **Post date:** [December 17, 2008, 4:16pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/8 "2008-12-17T16:16:39Z")
its been a terrible year for people who have just built new houses that most people are shying away ---
**Author:** ![ryanmcell](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ryanmcell/32/7510_2.png) [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)\ **Post date:** [December 17, 2008, 4:26pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/9 "2008-12-17T16:26:10Z")
With the way the market is now, no person should pay any closing costs at all. I am in the market and have been looking but unfortunately in my area a decent single family home starts around 400k+ otherwise I can get into a 1200sq ft townhouse or condo for 200… we’ll see. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 17, 2008, 4:32pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/10 "2008-12-17T16:32:06Z")
> [@fairgentleman Z](#): > > Yeah, I just did the math. If it goes to 4.5% it will knock ~$xxx a month off of my monthly interest, applying that $xxx directly back onto prinicple will take 8 years off of a 30 year loan. > > Enter in your current loan here: > [http://www.mortgage-calc.com/mortgage/simple.php](http://www.mortgage-calc.com/mortgage/simple.php) > > Then recalc @ 4.5% > > Then take the min payment info @ 4.5% and the min payment @ your current % and input here: > > [http://www.mortgage-calc.com/mortgage/loan.php](http://www.mortgage-calc.com/mortgage/loan.php) > > Using the 4.5% rate will show how many years you save if you continue to contribute the same amount as you would at the higher rate. those are way off… they don’t account for fees associated with closing an opening loans and the second link doesn’t factor tax or insurance. I think the old rule of thumb is that the rates need to drop over 1% from your current loan for it to even be worth considering a refi. ---
**Author:** ![RobtC](https://avatars.discourse-cdn.com/v4/letter/r/51bf81/32.png) [@RobtC](https://forums.speedlife.net/u/RobtC)\ **Post date:** [December 17, 2008, 5:02pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/11 "2008-12-17T17:02:24Z")
4.5 is 2% lower than my current rate so i think it’d be worth my time. i’m off tomorrow and am going to call him to see what he has to say. plus i have enough cash to pay off the balance to cancel out my pmi anyway so i’ll be saving a ton probably. ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [December 17, 2008, 5:41pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/12 "2008-12-17T17:41:12Z")
I’m at 5.75 with no pmi, buying a house has cut my car budget significantly with all new appliances and stuff like that, I’ll start a non house proj in the spring ---
**Author:** ![fairgentleman\_Z](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fairgentleman_z/32/7263_2.png) [@fairgentleman\_Z](https://forums.speedlife.net/u/fairgentleman_Z)\ **Post date:** [December 17, 2008, 6:20pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/13 "2008-12-17T18:20:39Z")
> [@theblue](#): > > the second link doesn’t factor tax or insurance. And neither does my balance on my principle every month. ---
**Author:** ![fiend540](https://avatars.discourse-cdn.com/v4/letter/f/bcef8e/32.png) [@fiend540](https://forums.speedlife.net/u/fiend540)\ **Post date:** [December 17, 2008, 6:20pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/14 "2008-12-17T18:20:55Z")
> [@Viper966](#): > > I’m at 5.75 with no pmi, buying a house has cut my car budget significantly with all new appliances and stuff like that, I’ll start a non house proj in the spring Then why do you say you are looking to pick up every cool car that is posted about in gen auto? ---
**Author:** ![Locutus](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/locutus/32/7574_2.png) [@Locutus](https://forums.speedlife.net/u/Locutus)\ **Post date:** [December 17, 2008, 6:21pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/15 "2008-12-17T18:21:25Z")
i just locked in at 4.875… i close next month. ---
**Author:** ![Coldaccord](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/coldaccord/32/7272_2.png) [@Coldaccord](https://forums.speedlife.net/u/Coldaccord)\ **Post date:** [December 17, 2008, 6:24pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/16 "2008-12-17T18:24:37Z")
ready to buy, just need to find something w/rental income in the west side/allentown ---
**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\ **Post date:** [December 17, 2008, 7:55pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/17 "2008-12-17T19:55:57Z")
I won’t be buying in Detroit, but I am looking at a place in Buffalo around Christmas. Maybe an investment property, maybe a future residence. ---
**Author:** ![MPD47](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mpd47/32/7383_2.png) [@MPD47](https://forums.speedlife.net/u/MPD47)\ **Post date:** [December 17, 2008, 8:00pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/18 "2008-12-17T20:00:06Z")
> [@fiend540](#): > > Then why do you say you are looking to pick up every cool car that is posted about in gen auto? :lol: ---
**Author:** ![Mike93](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mike93/32/7325_2.png) [@Mike93](https://forums.speedlife.net/u/Mike93)\ **Post date:** [December 17, 2008, 8:04pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/19 "2008-12-17T20:04:48Z")
I’m actually doing the opposite and trying to wrap up some projects around my place so I can put it up for sale… ---
**Author:** ![JDMSIR](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jdmsir/32/7376_2.png) [@JDMSIR](https://forums.speedlife.net/u/JDMSIR)\ **Post date:** [December 17, 2008, 8:51pm UTC](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929/20 "2008-12-17T20:51:06Z")
I just wrapped up a lot of shit so I can get my house re-assessed so I don’t have to pay PMI anymore. [Next page](https://forums.speedlife.net/t/house-buying-v-more-home-less-cars/59929.md?page=2)