Owning A Home
05-13-2004, 06:15 AM
#11
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Join Date: Feb 2002
Location: Amityville, New York
Posts: 12,288
Originally Posted by FDRacing' date='May 13 2004, 01:57 AM
thats why i am trying to avoid credit cards. A gas card or BJ's card may be a good idea tho. Or hell a home depot card since all i get there is stuff i need that may cost 50.00.
I know in a year i wont have a home, but im hoping to have a shot. As for college, im not sure i even want to do it. Maybe a 6 month technical school or something.
I just want out and away. My own home, finished, mine. Maybe im in a phase but my apartment is above a garage and everything is so cluttered and unfinished. Isolated and lonely. I want a yard, a dog, a porch, eh.....
I know in a year i wont have a home, but im hoping to have a shot. As for college, im not sure i even want to do it. Maybe a 6 month technical school or something.
I just want out and away. My own home, finished, mine. Maybe im in a phase but my apartment is above a garage and everything is so cluttered and unfinished. Isolated and lonely. I want a yard, a dog, a porch, eh.....
called a FICO score that the mortgage companies use to decide
if they will give you a loan. The higher the score the better loans
you will be eligibale for.
Use credit cards for everything, gas, food, etc..
then pay the bill at the end of the month, basically instead of using
cash- use credit, BUT PAY IT.
There is such a thing as no credit, too much credit , and no established credit
You also need to have money in the bank and keep it there, dont
stuff it in a drawer at home, mortgage companies can ask to see
bank statements for the last year to see how you save and spend
money. Its a big game, know the ins and outs and you stand a chance.
Cash is a dirty word in the banking business these days
You come up with a lump of cash and they want to know where it came
from.
05-13-2004, 06:38 AM
#12
Senior Member
Join Date: Jun 2002
Location: La Plata, Maryland
Posts: 9,725
Originally Posted by Rob x-7' date='May 13 2004, 03:15 AM
you NEED credit cards, and you need to use them, there is a thing
called a FICO score that the mortgage companies use to decide
if they will give you a loan. The higher the score the better loans
you will be eligibale for.
Use credit cards for everything, gas, food, etc..
then pay the bill at the end of the month, basically instead of using
cash- use credit, BUT PAY IT.
There is such a thing as no credit, too much credit , and no established credit
You also need to have money in the bank and keep it there, dont
stuff it in a drawer at home, mortgage companies can ask to see
bank statements for the last year to see how you save and spend
money. Its a big game, know the ins and outs and you stand a chance.
Cash is a dirty word in the banking business these days
You come up with a lump of cash and they want to know where it came
from.
called a FICO score that the mortgage companies use to decide
if they will give you a loan. The higher the score the better loans
you will be eligibale for.
Use credit cards for everything, gas, food, etc..
then pay the bill at the end of the month, basically instead of using
cash- use credit, BUT PAY IT.
There is such a thing as no credit, too much credit , and no established credit
You also need to have money in the bank and keep it there, dont
stuff it in a drawer at home, mortgage companies can ask to see
bank statements for the last year to see how you save and spend
money. Its a big game, know the ins and outs and you stand a chance.
Cash is a dirty word in the banking business these days
You come up with a lump of cash and they want to know where it came
from.
05-13-2004, 05:07 PM
#14
Senior Member
Thread Starter
Join Date: Aug 2003
Location: Cedarville, New Jersey
Posts: 141
lmao ^
thnx rob.....can u reccomend a card that wont kill me in interest? I'm afraid ill use it more than i can afford, but if i cant handle a card maybe i shouldnt be thinking bout a house right.
thnx rob.....can u reccomend a card that wont kill me in interest? I'm afraid ill use it more than i can afford, but if i cant handle a card maybe i shouldnt be thinking bout a house right.
05-13-2004, 05:15 PM
#15
Senior Member
Join Date: Jun 2002
Location: PA
Posts: 354
Heheh... You want to be a homo wner.
The whole house thing is a lot of work...Make sure you have some loot stored away for when things go wrong, as well as for payin the mortgage. Big appliances, roofing, water heaters and whatnot are all expensive when they need repairs. Good luck man.
The whole house thing is a lot of work...Make sure you have some loot stored away for when things go wrong, as well as for payin the mortgage. Big appliances, roofing, water heaters and whatnot are all expensive when they need repairs. Good luck man.
05-13-2004, 05:28 PM
#16
Senior Member
Join Date: Aug 2003
Location: green brook, nj
Posts: 792
Originally Posted by 89 Rag' date='May 13 2004, 12:54 AM
You will need more than a few months credit history to finance a home.
Building credit is quite easy unless you lack discipline. Gas cards and low interest rate credit cards, or a credit union line of credit are good, most resonable credit offers will allow you to pay net in 30 days, the ones that don't are just as well left alone, buying a car however seems to be the easiest place to get it, and the most expensive.
The most important thing to remember is to ALWAYS live within your means, if you don't have it, don't spend it. There's nothing more irritating to me than someone who uses a credit, not debit, but credit card to get a burger and fries on thier lunch break, Is it that damn difficult to have cash for lunch, are you that far in the whole that you really have to finance that Big Mac?
Building credit is quite easy unless you lack discipline. Gas cards and low interest rate credit cards, or a credit union line of credit are good, most resonable credit offers will allow you to pay net in 30 days, the ones that don't are just as well left alone, buying a car however seems to be the easiest place to get it, and the most expensive.
The most important thing to remember is to ALWAYS live within your means, if you don't have it, don't spend it. There's nothing more irritating to me than someone who uses a credit, not debit, but credit card to get a burger and fries on thier lunch break, Is it that damn difficult to have cash for lunch, are you that far in the whole that you really have to finance that Big Mac?
05-13-2004, 09:09 PM
#17
Super Moderator
Join Date: Feb 2002
Location: Amityville, New York
Posts: 12,288
Originally Posted by FDRacing' date='May 13 2004, 06:07 PM
lmao ^
thnx rob.....can u reccomend a card that wont kill me in interest? I'm afraid ill use it more than i can afford, but if i cant handle a card maybe i shouldnt be thinking bout a house right.
thnx rob.....can u reccomend a card that wont kill me in interest? I'm afraid ill use it more than i can afford, but if i cant handle a card maybe i shouldnt be thinking bout a house right.
once you get one, they start to flow in, its REAL easy to get
in over your head and end up neck high in debt so be carefull
keep in mind furnishing and all the utilities, try to have $10,000 more
then what you calculate you will need for downpayment and closing costs
to cover other needed things
05-13-2004, 09:20 PM
#19
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Join Date: Feb 2002
Location: Amityville, New York
Posts: 12,288
Originally Posted by FDRacing' date='May 13 2004, 10:18 PM
i really appreciate the info, gives me somewhere to start.
give yourself a goal of 1-2 years
a good debt to loan ratio would be less then 38% of your GROSS income
keep in mind the bank wont like the idea of you relocating
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