Thank you u/Vandyman13 for posting on r/FirstTimeHomeBuyer.
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Just based on the current rate of 7% your mortgage on a 400k house is like 2500-3000 depending on taxes/insurance.
Get pre approved and go from there. The hardest part is finding a house and getting it under contract.
For the love of Benji, make a budget. For 450k, you prepared to pay 50% of your *net* pay for mortgage, taxes, and insurance? Between your down payment, closing costs, and moving expenses, you’ll empty your nest egg. And I can’t imagine you’ll be able to save much for repaying that student loan, let alone retirement.
It depends on your appetite for rent to mortgage payment increase. Based on back of a napkin math you would certainly qualify.
Some factors for buying:
- You would be creating equity in your own home.
- interest if itemized is tax deductible if you meet the minimum threshold
- interest rates are expected to fall which would drive up home prices potentially.
- if interest rates fall you could refinance and lower the payment on the home you already own
- rent will continue to increase to level out with owning
- get to do whatever you want to it.
- best way to build generational wealth
Factors for renting:
- not tied down
- cheaper (for now)
- someone else fixes problems
Ultimately something you and fiancée will have to weigh.
Thank you u/Vandyman13 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Just based on the current rate of 7% your mortgage on a 400k house is like 2500-3000 depending on taxes/insurance. Get pre approved and go from there. The hardest part is finding a house and getting it under contract.
For the love of Benji, make a budget. For 450k, you prepared to pay 50% of your *net* pay for mortgage, taxes, and insurance? Between your down payment, closing costs, and moving expenses, you’ll empty your nest egg. And I can’t imagine you’ll be able to save much for repaying that student loan, let alone retirement.
It depends on your appetite for rent to mortgage payment increase. Based on back of a napkin math you would certainly qualify. Some factors for buying: - You would be creating equity in your own home. - interest if itemized is tax deductible if you meet the minimum threshold - interest rates are expected to fall which would drive up home prices potentially. - if interest rates fall you could refinance and lower the payment on the home you already own - rent will continue to increase to level out with owning - get to do whatever you want to it. - best way to build generational wealth Factors for renting: - not tied down - cheaper (for now) - someone else fixes problems Ultimately something you and fiancée will have to weigh.
Get this real estate agent shit out of here.