# House time... **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 24, 2010, 10:38am UTC](https://forums.speedlife.net/t/house-time/78569 "2010-01-24T10:38:14Z")\ **Posts on this page:** 20\ **Page:** 4
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [January 28, 2010, 2:16pm UTC](https://forums.speedlife.net/t/house-time/78569/61 "2010-01-28T14:16:58Z")
> [@KuntryQuestTSi](#): > > My dad is selling a house in brockport, He just wants to get out what he has into it. If your intrested let me know I’ll get all the details no thanks, too far. appreciate it though. staying in amherst. \<3 ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 28, 2010, 2:34pm UTC](https://forums.speedlife.net/t/house-time/78569/62 "2010-01-28T14:34:32Z")
> [@Beck](#): > > I’m paying off my truck because it’s $735/month that I don’t need to be spending. ($35K - $13K DP X 36 MONTHS @ 3.5%) > > $735 in liquidity a month is HUGE, regardless of how much money I’d be saving by putting more money towards principle on a mortgage. :picard: Your knowledge of monies is astounding. :purextc: ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 28, 2010, 2:35pm UTC](https://forums.speedlife.net/t/house-time/78569/63 "2010-01-28T14:35:52Z")
> [@Beck](#): > > I know this. Someone made the remark about how I shouldn’t pay off my truck and use it towards the house. how about “I don’t think I can get more than 15%”…“while I rapidly try and pay off my truck, that I say has no bearing on my ability to save money” keep trying wizz kid. ---
**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:** [January 28, 2010, 2:38pm UTC](https://forums.speedlife.net/t/house-time/78569/64 "2010-01-28T14:38:57Z")
don’t talk to him like that – he’s the finance manager ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [January 28, 2010, 3:07pm UTC](https://forums.speedlife.net/t/house-time/78569/65 "2010-01-28T15:07:37Z")
> [@walter](#): > > how about “I don’t think I can get more than 15%”…“while I rapidly try and pay off my truck, that I say has no bearing on my ability to save money” > > keep trying wizz kid. 5% of ~$120,000 is $6,000. To save/find/pull $6,000 in the next month will be most difficult. Regardless of whether or not I had a $300 car payment or a $750 car payment. \<3 ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [January 28, 2010, 3:14pm UTC](https://forums.speedlife.net/t/house-time/78569/66 "2010-01-28T15:14:56Z")
I guess I just don’t see the point in trying to apply another 5% when I could apply it to my depreciating truck or my higher interest credit cards/student loans. :gotme: ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [January 28, 2010, 3:15pm UTC](https://forums.speedlife.net/t/house-time/78569/67 "2010-01-28T15:15:05Z")
> [@Beck](#): > > 5% of ~$120,000 is $6,000. To save/find/pull $6,000 in the next month will be most difficult. Regardless of whether or not I had a $300 car payment or a $750 car payment. > > \<3 Get it from your parents and pay them back $7000 over the next year and don’t pay off the truck. Meet the 20% down so you don’t have to pay PMI. Also have the seller pay closing costs. You might be a little tight in the beginning, but after a couple years you’ll be set as your salary should increase ~7-10% while your payments stay the same (relatively as taxes may increase). Plus your dept to your parents will be paid off. Edit; > [@Beck](#): > > my higher interest credit cards/student loans. Why do you have these at all? ---
**Author:** ![Paulo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/paulo/32/7328_2.png) [@Paulo](https://forums.speedlife.net/u/Paulo)\ **Post date:** [January 28, 2010, 3:20pm UTC](https://forums.speedlife.net/t/house-time/78569/68 "2010-01-28T15:20:48Z")
Not everyone can manage to get through college without racking up some loans… ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [January 28, 2010, 3:27pm UTC](https://forums.speedlife.net/t/house-time/78569/69 "2010-01-28T15:27:41Z")
> [@Paulo](#): > > Not everyone can manage to get through college without racking up some loans… I realize this Mr Hawaii :P, though student loans are generally low interest, I was referencing more so the high rate credit card bills. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 28, 2010, 4:25pm UTC](https://forums.speedlife.net/t/house-time/78569/70 "2010-01-28T16:25:49Z")
> [@Beck](#): > > I guess I just don’t see the point in trying to apply another 5% when I could apply it to my depreciating truck or my higher interest credit cards/student loans. :gotme: truck = 3.5% interest house = 5% interest hmmm, which one would you rather have your money tied into? but like you said, in the short term that doesn’t help you, because you can’t raise the $6k immediately. Maybe you should wait until the end of the year to buy, so that you can raise that other %5. It will certainly help you out in the long run. Don’t rush into buying the house just because it’s a flavor of the month kind of thing. ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [January 28, 2010, 4:59pm UTC](https://forums.speedlife.net/t/house-time/78569/71 "2010-01-28T16:59:52Z")
> [@boardjnky4](#): > > truck = 3.5% interest > house = 5% interest > > hmmm, which one would you rather have your money tied into? > > but like you said, in the short term that doesn’t help you, because you can’t raise the $6k immediately. Maybe you should wait until the end of the year to buy, so that you can raise that other %5. It will certainly help you out in the long run. > > Don’t rush into buying the house just because it’s a flavor of the month kind of thing. I forgot to mention. The reason I’m paying off the truck as quickly as possible is because I get half of the payment paid for me. I want to buy a second car/boat after buying the house. Obviously this toy would cost less than the allowance I get. Therefore, I could have my truck, a toy and a house and have to pay the mortgage out of pocket. I mean, c’mon. The balance on the truck is ~$14k. Let me just take the next 6-7 months and pay it off. ---
**Author:** ![dubbin91](https://avatars.discourse-cdn.com/v4/letter/d/ecccb3/32.png) [@dubbin91](https://forums.speedlife.net/u/dubbin91)\ **Post date:** [January 29, 2010, 6:40am UTC](https://forums.speedlife.net/t/house-time/78569/72 "2010-01-29T06:40:39Z")
> [@Beck](#): > > I forgot to mention. The reason I’m paying off the truck as quickly as possible is because I get half of the payment paid for me. I want to buy a second car/boat after buying the house. Obviously this toy would cost less than the allowance I get. Therefore, I could have my truck, a toy and a house and have to pay the mortgage out of pocket. > > I mean, c’mon. The balance on the truck is ~$14k. Let me just take the next 6-7 months and pay it off. You are buying a house, that is your new toy! That will take a lot of cash in itself getting it to the way you want. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 29, 2010, 6:55am UTC](https://forums.speedlife.net/t/house-time/78569/73 "2010-01-29T06:55:20Z")
> [@dubbin91](#): > > You are buying a house, that is your new toy! That will take a lot of cash in itself getting it to the way you want. +1 furniture in itself for a whole house is fucking expensive. Let alone TVs ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [January 29, 2010, 7:00am UTC](https://forums.speedlife.net/t/house-time/78569/74 "2010-01-29T07:00:44Z")
> [@ultradriver10000](#): > > Get it from your parents and pay them back $7000 over the next year and don’t pay off the truck. Meet the 20% down so you don’t have to pay PMI. Also have the seller pay closing costs. > > You might be a little tight in the beginning, but after a couple years you’ll be set as your salary should increase ~7-10% while your payments stay the same (relatively as taxes may increase). Plus your dept to your parents will be paid off. > > Edit; > > Why do you have these at all? Good luck getting a seller to pay closing cost, its not going to happen. The housing market for houses under $150k is pretty good right now in wny. No seller is going to pay closing costs unless its a shitty house that they over priced and can’t sell. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 29, 2010, 7:04am UTC](https://forums.speedlife.net/t/house-time/78569/75 "2010-01-29T07:04:26Z")
> [@93dx--hatch](#): > > Good luck getting a seller to pay closing cost, its not going to happen. The housing market for houses under $150k is pretty good right now in wny. No seller is going to pay closing costs unless its a shitty house that they over priced and can’t sell. What we did was negotiate a number for our house, and then offered the seller another 5k if they covered the closing costs. We basically just did it so that we could roll the costs up into our loan instead of going out of pocket. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 29, 2010, 7:11am UTC](https://forums.speedlife.net/t/house-time/78569/76 "2010-01-29T07:11:57Z")
You can roll in the closing costs regardless. Adding in the 5k on the sales price makes you pay extra tax every year and increases amount to get out of PMI :tif: ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [January 29, 2010, 7:17am UTC](https://forums.speedlife.net/t/house-time/78569/77 "2010-01-29T07:17:33Z")
> [@boardjnky4](#): > > What we did was negotiate a number for our house, and then offered the seller another 5k if they covered the closing costs. We basically just did it so that we could roll the costs up into our loan instead of going out of pocket. That is a good alternative. I’m glad we got my seller to pay closing costs. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 29, 2010, 7:17am UTC](https://forums.speedlife.net/t/house-time/78569/78 "2010-01-29T07:17:54Z")
> [@Joe](#): > > You can roll in the closing costs regardless. Adding in the 5k on the sales price makes you pay extra tax every year and increases amount to get out of PMI :tif: I only put down 3%, so I do pay PMI, there was no way we could come up with the 20%. My taxes are based on sale price. The county does its own assessments to determine your tax value. It’s really a non-issue for me since they are so low anyways. I will save you all the pain by not telling you what I paid in taxes this year. We were told by our lender that doing it during the offer was just the easiest way(after talking about the options). ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 29, 2010, 11:51am UTC](https://forums.speedlife.net/t/house-time/78569/79 "2010-01-29T11:51:23Z")
Just like having the :bigtup: we should have a :bigpicard: ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 29, 2010, 11:54am UTC](https://forums.speedlife.net/t/house-time/78569/80 "2010-01-29T11:54:52Z")
meh, not everyone has tons of expendable cash to make the DP… The house we bought is BEYOND easily affordable. I could make the payment with less than half of my own salary, let alone what the GF is bringing in. [Previous page](https://forums.speedlife.net/t/house-time/78569.md?page=3) [Next page](https://forums.speedlife.net/t/house-time/78569.md?page=5)