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Author Topic: Member Interesting, Hair Raising, Humorous or Otherwise Unusual Experiences  (Read 6760 times)

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AGelbert

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  • Location: Colchester, Vermont
    • Renwable Revolution
I certainly won't complain about any of the well thought out advice and information that I get here on the Diner.  I value all of the experience, insight, knowledge, and expertise that I get here, and that is why I always come here with big decisions.  I respect everyone's opinion even when I do not agree (contrary to RE's assertion). 

On matter of what I'm going to do about a home...well...I'm currently up in the air with it.  What I do know is that I'm going to be mortgaging something.  I'm going to do that because that will result in a lot more for less to the same amount of money that I'd pay to live in an apartment here.  A decent apartment in my area will run about $900 a month in rent, and that would be the cheapest option that we'd care to live in.  While I'm aware that there are benefits to apartment living, such as low utilities bills and no responsibility on upkeep for appliances, plumbing, electrical, etc etc..., typically only one year lease agreements, and no mortgage.  I'm also aware, having lived in apartments for most of my life, that it also comes with shitty neighbors who make lots of noise and complain about ****, no land for gardening, no storage buildings for tools and such, next to no privacy outside of the dwelling, and a lot of time maintenance staff and admin who give less then two **** about anything other then getting the rent on time.  Even still, I'd be willing to live in an apartment...my wife however is not.  That takes apartment living off of the table for me.  Besides, I'd rather not rent because you pay more to rent then you do to mortgage. 

The only question left for me is what am I going to mortgage?  Currently I'm entertaining all options.  My bank told me I need a 680 for my credit score.  It's currently 650 and slowly rising.  Very slowly.  Those fuckers are a bunch of bastards and the credit score game is a loosing one if you are a consumer.  The rules make no sense unless you are a coked up banker.  I really don't care to play, but I have little choice in the matter. 

I'm game for the manufactured home if I can get one that's not a piece of ****.  Apparently that can be difficult but it's possible as Agelbert has demonstrated.  Currently I'm looking into stick built houses for sale as well as manufactured home options.  The main benefit for me, with a manufactured home, is that I can have one plopped down on my mom's 11 acres.  That is the most appealing option for me as finding a house is going to result in less land in a place that will likely not be as ideal.  120k is the max I'm willing to finance because it's the max I can afford on my current salary.  It's also the max I could afford to hustle to pay given I return to the gig economy.  Which is likely at some point. 

Another important tidbit on this entire discussion ties the thread together.  I went trucking to get us our own home.  I needed the W-2 to mortgage something.  Once I acquire said mortgage I may well decide that working for the man is now a waste of my time and return back to Ancient Earth Landscaping, bamboo, permaculture, and herbal medication  ;D 

Truckin' is likely a temporary strategy for me...although I am paying 4% into a 401k so...I'm keeping all of my options open. 




Good thinking.    Let me rephrase the only question left for you: How can you get the most bang for your decent and durable home buck?  ???

As you have realized, the credit score thing is a perverse game that lenders play. It is a perverse game because they PRETEND that all they care about is your ability to pay. That is a half-truth at best and normally a total lie. All they REALLY care about is whether they can make money off your collateral if they are in a position to foreclose on said collateral.

As I mentioned in the latest PM, lenders are risk averse. If they see the risk is low, they then go to the next step of fun and games. That is the credit rating fun and games they use to do TWO things:
1) Tell you how much principal they will lend you.
2) Tell you what interest rate you must pay according to your "credit" score.

WHY do I say that the above are pervese, fact free fun and games? Because they have access to capital for lending that DOES NOT EXIST in the real world. It is invented out of whole cloth. Lenders are the parasites of the fractional reserve, ex nihilo money creation world. What they are "risking" is ALWAYS MUCH LESS than the assessed value of the property they are lending you money (less than 50% all the way to about 10%) for. But enough of my rant.  ;D

I learned there is a bit of a buyers market near you down in Lugoff for repossessed stick built homes. I don't know a thing about Lugoff, SC, but you probably do. There are probably some excellent deals down there, if you are inclined to live there.  8)

Back to the lenders: P.I.T.I. (Principal Interest Taxes Insurance) for your home monthly payment is the bottom line number that you want to limit to 25% of monthly income, as well as limiting the total home principal to 2.5 times your annual income.

Every day that you are alive on planet Earth is another day that, although some here argue otherwise  ;), you ARE paying P.I.T.I., whether you rent or "own". The idea, as you have realized, is to make do and be able to save a reasonable amount each month.

I'm working on the lender picture. I'll get back to you. You are doing fine. Rome was not built in a day. 
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

 

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