 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
|
amother
Rose
|
 Wed, Mar 03 2021, 7:18 pm
| vabel wrote: | I am in the real estate business as well , how can closing costs for a 400k house cost 30k ?
I know sadly there is some heimishe rip off mortgage companies , but now with lots of competition it's not so bad b"h .
And again I am talking about facts that happened not in fiction 😀,
I will ask them If I can show you the zillow history of their houses on here , I am actually working to make this campaign that way with real people and illustrations of public records and everything ,
if there is a will there is way , you gotta go always in the newest neighborhood people move , and dont get carry away by deep pocketed real estate brokers or mortgage brokers,
In Pomona or Tom's river people bought mansions for 600k a few years that costs now over a million just to get the idea how it works |
I know exactly how it works. I bought in the outskirts 6 years ago, And now my house is worth 400k more than when I put it.
The point is though, that there's nothing affordable even in the outskirts. You're in denial if you think you would buy for $300 or $400k. We do classes all the time, and also do financing and budgeting classes.
Not sure where you are located, but in Rockland county closing costs are extremely high since we pay more taxes up front by closing. Taxes in Rockland are extremely high so it's very easy to get the 30K in closing costs.
You are also 100% wrong by saying that "heimeshe" mortgage companies rip people off. since you're in the real estate business as you say, you probably have no clue the insides of a mortgage. In reality they're very few fees and a mortgage company actually charges. And they're all within a few hundred dollars of other companies. Every single other fee is regulated by the government and the same in every single company.
| |
|
| Back to top |
 0
 1
|
vabel
|
Wed, Mar 03 2021, 7:50 pm
| mizle10 wrote: | I don’t have another option other than where I live now. There is no other community or area, I live in a small town. People here rent small-ish apartments unless they can afford to buy expensive houses. Welcome taxes alone on purchasing a house here is typically about $20k.
Why should my friend be out $10k she saved up because I want a house and I want it now? I should penny pinch and eat bread and butter until I have enough money saved up.
Also, if you have 3 small loans with small payments and are paying them all back the payments are not small anymore. Unless you are suggesting I should pay back one at a time and the other 2 people should just wait?? Borrowing 5k and another 5k and another 10k is still 20k borrowed.
You said you are in mortgages.... I sincerely hope you are not talking people into buying houses they cannot afford!!! |
Why don't people read before replying?
I said I am in real estate business,but not selling houses or mortgages for residential people , but I know the business well, and I am not talking about borrowing from a someone that is tight,a real close friend or family member that wants to help out a relative or friend and can easy lend 10k , I can say proudly I have borrowed b"h for many people to help them buy a house or apartment either short term or long term , and no , I am far from rich,we bought our one family house in the outskirts of a well
known exsisting neighborhood, for $300k and it was only 5 years old/new, we bought it with only $20k cash out of pocket everything included, and our monthly payments for a 3000 sq ft house is $2400 after hoa fees included!
Go girl!
Do the same !
And don't think what other yentas will say , just do what fits your pocket
| |
|
| Back to top |
0
1
|
vabel
|
Wed, Mar 03 2021, 7:55 pm
| amother [ Rose ] wrote: | I know exactly how it works. I bought in the outskirts 6 years ago, And now my house is worth 400k more than when I put it.
The point is though, that there's nothing affordable even in the outskirts. You're in denial if you think you would buy for $300 or $400k. We do classes all the time, and also do financing and budgeting classes.
Not sure where you are located, but in Rockland county closing costs are extremely high since we pay more taxes up front by closing. Taxes in Rockland are extremely high so it's very easy to get the 30K in closing costs.
You are also 100% wrong by saying that "heimeshe" mortgage companies rip people off. since you're in the real estate business as you say, you probably have no clue the insides of a mortgage. In reality they're very few fees and a mortgage company actually charges. And they're all within a few hundred dollars of other companies. Every single other fee is regulated by the government and the same in every single company. |
for example stay away from such people and advice , if they come in negative and say its impossible, know that they aren't the ones to look for , that's the first step, when someone says it's impossible then stay friends with them but don't take advice from them , hillcrest ,new city , new Hempstead, haverstraw , suffern ,Pomona all of the above within the past 3 years you were able to find starter houses in the 300-400k range !
You always need to go a bit more outside , 2 years later its already inside
| |
|
| Back to top |
0
1
|
|
amother
Smokey
|
Wed, Mar 03 2021, 7:56 pm
|
Not everyone could move out of the city. Many people need gifts and loans from family and friends.
| |
|
| Back to top |
0
0
|
vabel
|
Wed, Mar 03 2021, 7:57 pm
| amother [ Saddlebrown ] wrote: | | No not everyone can pick up and move some wish to but they can’t. |
Well did I say everyone must move? The conversation is here if it's worth it to buy, the answer is 100 percent yes, and most of the baba answeres is no answers really , I didn't come with a gun to say you need to move, if there is a will then there is a way, if you cant ,then you can't
| |
|
| Back to top |
0
2
|
|
amother
Saddlebrown
|
Wed, Mar 03 2021, 7:59 pm
| vabel wrote: | for example stay away from such people and advice , if they come in negative and say its impossible, know that they aren't the ones to look for , that's the first step, when someone says it's impossible then stay friends with them but don't take advice from them , hillcrest ,new city , new Hempstead, haverstraw , suffern ,Pomona all of the above within the past 3 years you were able to find starter houses in the 300-400k range !
You always need to go a bit more outside , 2 years later its already inside |
Those prices long gone or tiny houses.
| |
|
| Back to top |
0
4
|
vabel
|
Wed, Mar 03 2021, 8:01 pm
| amother [ Jetblack ] wrote: | My husband has a job and he is VERY happy . Not so easy to find that anywhere...
I have a job and I'm ok with it.
There is absolutely no way I can move. Makes zero sense (live on staten island) |
I personally know over 30 people that said the same till they moved,husband travelled every day till they mostly all found a job something closer with the time b"h , some got better jobs and some not, I thought you live out of town somewhere near Mars like in new Zealand being a chabad shlucha 
| |
|
| Back to top |
0
2
|
vabel
|
Wed, Mar 03 2021, 8:03 pm
| amother [ Saddlebrown ] wrote: | | Those prices long gone or tiny houses. |
Is the conversation about buying mansions?
Its about buying a starter home, of course it's gone, because when it was cheap you were bad mouthing those people moving there and calling them nebuch instead doing what you have to do what's good for you, new city you can still find bargains,and in haverstraw as well
| |
|
| Back to top |
0
2
|
vabel
|
Wed, Mar 03 2021, 8:07 pm
| amother [ Ecru ] wrote: | 30 years ago I jumped into buying. Borrowed every dollar for down payment and had my own money for the closing. The price was 240k
25 years later I sold it for 2.8M BH!
I do not regret that I jumped into buying a house. I wish I bought two.. |
You see ?
Look at this !
She wrote this 45 minutes ago and I was the first to like it and to give her a love symbol,
Now folks get your acts together, you all want to sit in your comfort zone and cry and don't want nothing to do about it , many of these women buy houses and they get creative, not lazy , have a home business to earn more money, as more money you need you get the drive to get it, you just need to do it, sit and cry won't help much
| |
|
| Back to top |
1
2
|
|
amother
Saddlebrown
|
Wed, Mar 03 2021, 8:31 pm
| vabel wrote: | Is the conversation about buying mansions?
Its about buying a starter home, of course it's gone, because when it was cheap you were bad mouthing those people moving there and calling them nebuch instead doing what you have to do what's good for you, new city you can still find bargains,and in haverstraw as well |
No I wasn’t badmouthing them but I wouldn’t borrow for a down payment and a starter hime don’t work for all at all. And thanks for assuming things.
| |
|
| Back to top |
0
3
|
|
amother
OP
|
Thu, Mar 04 2021, 3:13 am
Vabel, I think you're spot-on!
People debating about saving or borrowing the down payment -
it's very idealistic to save it but all that time you are wasting years of rent which could be going towards your mortgage. That is the problem.
And I have hardly borrowed before e.g. I was DESPERATE for a new wig but refused to borrow or take credit etc. But here, you lose out every month that you wait to buy...
I would not borrow too much, and I know it's always easier to find the money to repay a tangible loan when you are enjoying your new place than scrimp and pinch for an abstract down payment one day who knows when?!
| |
|
| Back to top |
0
3
|
|
amother
Rose
|
Thu, Mar 04 2021, 3:17 am
| vabel wrote: | Is the conversation about buying mansions?
Its about buying a starter home, of course it's gone, because when it was cheap you were bad mouthing those people moving there and calling them nebuch instead doing what you have to do what's good for you, new city you can still find bargains,and in haverstraw as well |
Not true I live in one of those places and I have siblings who live on thr other. I actually was the first family in one of those and started the community. If you aren't actually selling homes I don't think you know ehat the market is like nowadays.
| |
|
| Back to top |
1
1
|
mra01385
|
Thu, Mar 04 2021, 6:22 am
I agree with all the posters that say that it’s better to live within your means in a rental in a neighbourhood that you like and are happy with then to buy a house in a new location just for the investment. When buying a house not only do you need money to buy and for the monthly mortgage payments, but there are always repair expenses that come up too. If people want investments They can invest in mutual funds and the stock market. You can also buy real estate to rent out.
I live a 3 bedroom 2 bathroom apartment in a building and my rent is less than $2000 a month. We are very happy Baruch HaShem.
I’m on social security disability to being physically disabled from being on oxygen so I cannot earn a decent salary to add to my husband’s salary. Are there any programs to help the disabled buy houses?
| |
|
| Back to top |
1
2
|
lamplighter
|
Thu, Mar 04 2021, 6:23 am
As Im reading this thread all Im thinking is who would I borrow from?
I literally have no one in my life who I could borrow any amount of money over $100.
I'm not saying nebach me, its just been eye opening to read and think about.
So ya we did the stupid thing and waited until we could afford our home and still bought an old home on the outskirts.
| |
|
| Back to top |
0
6
|
Amarante
|
Thu, Mar 04 2021, 7:59 am
For most people, buying a home is a wise long term economic decision. Traditionally, if you are prudent and pay off the mortgage, you will have a significant asset when you retire. For many people the equity would be the major or ONLY asset when they retire. You can downsize; you can get a reverse mortgage or you can just live in the house mortgage free and so your actual housing costs would be less than rent for a comparable or even much smaller apartment.
However, you still have to buy using common sense and you need to be protect your equity by not using the equity by refinancing for higher amounts or taking out equity loans. Because you will have effectively spent your nest egg and the benefit of having a paid off home when you retire is gone.
Of course you also need to make a wise decision in terms of how much you can realistically afford. And you also need to be realistic about what the actual costs of home ownership are including taxes, utilities and MAINTENANCE because it costs money to maintain a home and if you have no savings and your monthly income is too stretched, how would you afford the inevitable expenses. Even a minor plumbing issue can be several hundred dollars.
It is traditional for people to stretch a bit to buy their first home. However, it is one thing to stretch a bit and another to be completely unrealistic in terms of how you will be able to come up with the real monthly amount needed for the home. People always stretched a bit - they knew their income would rise and their mortgage would remain the same; they put off buying furniture for a few years and lived more spartanly. However, in five years or so, it generally worked out because their incomes rose and then eventually your housing costs were below what you would be paying if you were still renting. But you need to be honest and not kid yourself about stretching a bit as opposed getting yourself into a financial bind because your monthly expenses are too high without spiraling into expensive consumer debt. There is a reason why lenders look at income and debt ratio when determining whether to make a loan. It is because there is a high probability that someone who has significant loans to repay each month will have difficulty making the mortgage payment. As others have asked, absent extremely unusual circumstances, why do you think that you will be able to afford a house if the house payments plus other loan repayments are too high a percentage of your income. At some point most people will spiral into economic collapse.
In other words what will you do if the pipes burst; the roof leaks, you need a new dishwasher or washer dryer.
If you sell a home too soon it makes no economic sense because you will have paid a lot in closing costs; moving costs; commissions to realtors and so you will probably have a net loss after you calculate all the expenses involved in buying/selling and moving.
Also it is much more expensive to add square footage than it is to purchase a home with equivalent square footage. So if you are planning to buy with the idea of adding square footage, you should get a very realistic estimate of how much this will cost as well as consulting with a land use attorney to make sure what you want to do will be permitted.
My mortgage is paid off for the condo I bought some years ago. So the amount I now pay for housing is far less than what the units in my building rent for. My joke is that I couldn't afford to live here if I wanted to rent my apartment. And of course, I also have significant equity that K/H I don't have to tap but could. My sardonic K/H "joke" is that if worse came to worse I can sell the condo and it would pay for assisted living. During the time living in my home my mortgage payments, maintenance, taxes etc. were far less than I would have paid for rent (and that is before calculating tax benefits since mortgage interest is one of the few deductions for interest that still remain) and I would have no equity.
Last edited by Amarante on Thu, Mar 04 2021, 12:32 pm; edited 2 times in total
| |
|
| Back to top |
0
7
|
|
amother
Seafoam
|
Thu, Mar 04 2021, 9:26 am
|
While I agree that it's usually a good financial decision to buy a house, remember that a mortgage is a loan secured by your house. If you can't pay the mortgage, you risk losing the house and all the money you put down. And yes, people do lie awake at night wondering how they will pay the mortgage. So if you can't afford the down payment and still have savings left over, you probably can't afford to buy a house.
| |
|
| Back to top |
0
4
|
dancingqueen
|
Thu, Mar 04 2021, 9:43 am
| amother [ OP ] wrote: | Vabel, I think you're spot-on!
People debating about saving or borrowing the down payment -
it's very idealistic to save it but all that time you are wasting years of rent which could be going towards your mortgage. That is the problem.
And I have hardly borrowed before e.g. I was DESPERATE for a new wig but refused to borrow or take credit etc. But here, you lose out every month that you wait to buy...
I would not borrow too much, and I know it's always easier to find the money to repay a tangible loan when you are enjoying your new place than scrimp and pinch for an abstract down payment one day who knows when?! |
Just FYI, home ownership is expensive, well beyond the costs of the mortgage and down payment. Repairs and maintenance add up, plus taxes. Most can’t swing it on one part time salary. Can your dh work, at least part-time as well?
| |
|
| Back to top |
1
4
|
|
amother
Amethyst
|
Thu, Mar 04 2021, 9:50 am
It's all very nice people saying borrow for a down payment and get a high loan to value loan. That is designed for people with high monthly income and lack of savings. It is not designed for people on relatively low wage/single wage, and have high expenses with children.
We don't have any family or friends with money, even if we were willing to beg to borrow. So we're just saving and saving until we hope one day to buy.
I feel people just saying go for it aren't so realistic that it can be done that easily. Also starter homes aren't that simple. We're already past the size of a starter home, and to downsize just to own isn't what we would consider doing. And I have a friend who bought a starter home, planning to sell and buy bigger and they couldn't find a buyer, so they ended up renting their home and then renting something bigger. It's not always so simple.
| |
|
| Back to top |
0
2
|
|
amother
Royalblue
|
Thu, Mar 04 2021, 12:19 pm
|
Definitely buy if you can. Houses just keep increasing. Of course you need to be able to afford the mortgage. Buying a starter home that's liveable even if it's not gorgeous and large is a great way to invest in your future. Every penny it gains in value is yours.
| |
|
| Back to top |
0
0
|
|
amother
Scarlet
|
Mon, Mar 15 2021, 10:57 am
| Amarante wrote: | For most people, buying a home is a wise long term economic decision. Traditionally, if you are prudent and pay off the mortgage, you will have a significant asset when you retire. For many people the equity would be the major or ONLY asset when they retire. You can downsize; you can get a reverse mortgage or you can just live in the house mortgage free and so your actual housing costs would be less than rent for a comparable or even much smaller apartment.
However, you still have to buy using common sense and you need to be protect your equity by not using the equity by refinancing for higher amounts or taking out equity loans. Because you will have effectively spent your nest egg and the benefit of having a paid off home when you retire is gone.
Of course you also need to make a wise decision in terms of how much you can realistically afford. And you also need to be realistic about what the actual costs of home ownership are including taxes, utilities and MAINTENANCE because it costs money to maintain a home and if you have no savings and your monthly income is too stretched, how would you afford the inevitable expenses. Even a minor plumbing issue can be several hundred dollars.
It is traditional for people to stretch a bit to buy their first home. However, it is one thing to stretch a bit and another to be completely unrealistic in terms of how you will be able to come up with the real monthly amount needed for the home. People always stretched a bit - they knew their income would rise and their mortgage would remain the same; they put off buying furniture for a few years and lived more spartanly. However, in five years or so, it generally worked out because their incomes rose and then eventually your housing costs were below what you would be paying if you were still renting. But you need to be honest and not kid yourself about stretching a bit as opposed getting yourself into a financial bind because your monthly expenses are too high without spiraling into expensive consumer debt. There is a reason why lenders look at income and debt ratio when determining whether to make a loan. It is because there is a high probability that someone who has significant loans to repay each month will have difficulty making the mortgage payment. As others have asked, absent extremely unusual circumstances, why do you think that you will be able to afford a house if the house payments plus other loan repayments are too high a percentage of your income. At some point most people will spiral into economic collapse.
In other words what will you do if the pipes burst; the roof leaks, you need a new dishwasher or washer dryer.
If you sell a home too soon it makes no economic sense because you will have paid a lot in closing costs; moving costs; commissions to realtors and so you will probably have a net loss after you calculate all the expenses involved in buying/selling and moving.
Also it is much more expensive to add square footage than it is to purchase a home with equivalent square footage. So if you are planning to buy with the idea of adding square footage, you should get a very realistic estimate of how much this will cost as well as consulting with a land use attorney to make sure what you want to do will be permitted.
My mortgage is paid off for the condo I bought some years ago. So the amount I now pay for housing is far less than what the units in my building rent for. My joke is that I couldn't afford to live here if I wanted to rent my apartment. And of course, I also have significant equity that K/H I don't have to tap but could. My sardonic K/H "joke" is that if worse came to worse I can sell the condo and it would pay for assisted living. During the time living in my home my mortgage payments, maintenance, taxes etc. were far less than I would have paid for rent (and that is before calculating tax benefits since mortgage interest is one of the few deductions for interest that still remain) and I would have no equity. |
^^^This. We bought a house from an older almana and put almost a million dollars in her bank account. She will never worry about money for the rest of her life and she gets a pension on top of that. As a side note I really hope her late husband didn't waste money on whole life insurance and made better investments.
| |
|
| Back to top |
1
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
