|
Post by acsl8ter on Oct 12, 2018 6:55:05 GMT -6
Are they not the devil? You buy a 200,000 home.....but on a 30 year note, you end up paying dam near double at around 350,00 (depending on your rate) Thinking about selling home (could make some money) and paying cash for a prefab cabin. The American dream is a scam. We are slaves to our debt.
|
|
|
Post by acsl8ter on Oct 12, 2018 7:05:25 GMT -6
it’s no different than a car loan...or a pool loan....stud has sold a few pools to people whose roof is falling off their house, busted out windows, etc. they won’t fix those things but they’ll pay $600 a month for a hole in the ground....that’s why america was so great and is close to being great again.... you are correct, but cars are not put on a 30 year note...being held to a 30 year obligation is insane...I fell for it, will never fall for it again...
|
|
|
Post by xdipster on Oct 12, 2018 7:07:48 GMT -6
at least it isn't cali. Longer terms for less of a house.
|
|
|
Post by newcoach on Oct 12, 2018 7:38:26 GMT -6
I still have never owned a home and it scares the poop outta me. I have heard horror stories about getting told you would pay one thing then all the sudden you are paying something else.
|
|
|
Post by acsl8ter on Oct 12, 2018 8:19:26 GMT -6
I have lived in my home for 3 and a half years....my mortgage payment has gone up almost $200 in that time. Have only paid off about 10,000 of the amount I borrowed...hence why I say mortgages suck. I should be able to make some money if I sell my house though...seem to be in a hot market here....not sure how long that will last though
|
|
|
Post by acsl8ter on Oct 12, 2018 8:35:25 GMT -6
I have lived in my home for 3 and a half years....my mortgage payment has gone up almost $200 in that time. Have only paid off about 10,000 of the amount I borrowed...hence why I say mortgages suck. I should be able to make some money if I sell my house though...seem to be in a hot market here....not sure how long that will last though this is with a payment of just over 1600 a month.... 1600 x 36 (3 years) so I paid about 57,000 during that time and only paid off 10,000 of the debt....the system is rigged to keep us in debt....just another form of slavery and or population control
|
|
|
Mortgages
Oct 12, 2018 8:38:56 GMT -6
via mobile
Post by bugtruck on Oct 12, 2018 8:38:56 GMT -6
Fed wants to raise Interest rate again
|
|
|
Post by newcoach on Oct 12, 2018 8:39:25 GMT -6
AC going all Bernie in here.
|
|
|
Post by TOBC on Oct 12, 2018 8:56:48 GMT -6
if you get a fixed rate it doesn't go up.
the reason it goes up because of property taxes. your house gets assessed once a year by a county assessor who determines how much your house is worth by basically looking at it from the outside. if the value of your house goes up in their eyes, so does your property taxes.
|
|
|
Post by Burnet44 on Oct 12, 2018 9:11:09 GMT -6
cars depreciate fast 20% when you drive it off the lot we did 15 year then refied got 3% and will pay off house in 2020 Injun is right property taxes are just another govt stealing your money Appraisal districts are as crooked as a politician Homes go up in value cars dont Pay stuff off as fast as you can We will be debt free in 2020 Also student loan debt is crippling More than a house IMHO You can get kids outta college debt free if you work at it We did it on 2 teachers income
|
|
|
Post by acsl8ter on Oct 12, 2018 9:12:22 GMT -6
if you get a fixed rate it doesn't go up. the reason it goes up because of property taxes. your house gets assessed once a year by a county assessor who determines how much your house is worth by basically looking at it from the outside. if the value of your house goes up in their eyes, so does your property taxes. I do have a fixed rate...you are right and that is what I was referring to...taxes and what not....still a scam IMO....and no I am not going all Bernie here...simply saying that buying a home and living the "American Dream" is in fact a way to keep us enslaved to debt
|
|
|
Post by TOBC on Oct 12, 2018 9:50:04 GMT -6
if you get a fixed rate it doesn't go up. the reason it goes up because of property taxes. your house gets assessed once a year by a county assessor who determines how much your house is worth by basically looking at it from the outside. if the value of your house goes up in their eyes, so does your property taxes. the problem is they assess it at a way higher value than it's worth to gain more tax revenue..... exactly.
|
|
|
Post by acsl8ter on Oct 12, 2018 10:21:38 GMT -6
I want to live mortgage/rent free. Gotta find a way to make that happen.
|
|
|
Post by Hitch on Oct 12, 2018 10:42:57 GMT -6
I want to live mortgage/rent free. Gotta find a way to make that happen. Get in one of those secret societies or get a food truck business on the side...
|
|
|
Post by acsl8ter on Oct 12, 2018 10:58:20 GMT -6
I want to live mortgage/rent free. Gotta find a way to make that happen. van....down by the river.... you're getting stud nervous as a cat in a room full of rocking chairs....we're in the middle of building a house and about to increase our mortgage quite a bit.... lol...to each his own...I have just been feeling this way for a while....having a mortgage just seems overrated and a waste of so much money....it is considered normal...thats why so many people do it....it is "normal" to have a payment for 30 years and pay double what you paid for it...but if you really look at it, say someone is buying a 300,000 home...it will cost you almost 600,000 to actually pay it off...in 30 years...for most people who can afford that much of a house will be in their 30's by the time they start paying on it and in their 60's when it is paid off. I dont wanna spend 600,000 when I coulda sold my current home, bought something for around 100,000 straight up with my proceeds, buy a couple of acres to put it on and live mortgage free. I could then enjoy/save/vacation/live life with my money instead of being held prisoner for 30 years to a debt. Again, just my recent thoughts on debt and how much it sucks
|
|
|
Post by givepullorpitch on Oct 12, 2018 21:52:57 GMT -6
Texas has wonderful schools and pay teachers relatively well. That cost money. High property taxes. You don’ Have state income tax however. In Oklahoma just short of 5% is state income tax. Pick your poison ad valorem or state income tax. It just about balances out.
|
|
|
Post by givepullorpitch on Oct 12, 2018 22:22:28 GMT -6
I’m not really sure which is better, state income tax or ad valorem. At least you can deduct ad valorem from federal income tax. You guys are complaining about interest and rightfully so, however for a teacher/ coach it is about the only deduction you have.
|
|
|
Post by xdipster on Oct 16, 2018 8:56:09 GMT -6
agree
|
|
|
Post by dieselfitter on Oct 16, 2018 9:24:27 GMT -6
I want to live mortgage/rent free. Gotta find a way to make that happen. van....down by the river.... you're getting stud nervous as a cat in a room full of rocking chairs....we're in the middle of building a house and about to increase our mortgage quite a bit.... The BEST advice I can give for a new build is to make sure you're getting used to having your payment go way up in about 18 months. The house is being assessed on the dirt value for the first year. It'll jump some the first tax period, but property taxes are done in arrears so it won't be felt for a while. If your lender and or realtor isn't too bright or they just don't deal much with new builds it can bite you in the arse. Values are about 2.48-2.5% in our area Stud so plan on it going up. My taxes went up from 1500 to 6000 this next year because of the value in our home. I tried to fight the county but it didn't matter, they told me to pound sand.
|
|
|
Post by dieselfitter on Oct 16, 2018 12:49:29 GMT -6
There is a rule/law that you can't have an more than x amount of excess in your escrow account...I can't remember what that figure is, my advice would be to put it in a savings account or CD so you can at least make some $ of it while it's sitting there for a while. Your mortgage is going to go up regardless due to the taxes, but it will keep you from having to pay extra in your mortgage for the shortage in your escrow account because they will pay the amount for you and you'll just be short which is the story of your life according to the Mrs.
|
|