Comments on: Debt is a tricky bastard http://www.simplemotives.com/2010/04/19/debt-is-a-tricky-bastard/ Wed, 23 Feb 2011 20:32:29 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Timothy http://www.simplemotives.com/2010/04/19/debt-is-a-tricky-bastard/comment-page-1/#comment-129 Timothy Tue, 20 Apr 2010 14:27:42 +0000 http://www.simplemotives.com/?p=510#comment-129 Mr Clayton, Thanks for the input sir. There's so much to know about the whole home buying ridiculousness. Congrats on the house. Mr Clayton,
Thanks for the input sir.

There’s so much to know about the whole home buying ridiculousness. Congrats on the house.

]]> By: Craig Clayton http://www.simplemotives.com/2010/04/19/debt-is-a-tricky-bastard/comment-page-1/#comment-128 Craig Clayton Tue, 20 Apr 2010 13:30:10 +0000 http://www.simplemotives.com/?p=510#comment-128 as someone experiencing this - key points: larger down payment = nice. Its really hard to save 20% on a home. Take bonus checks, tax returns, whatever, and save it. I didn't put 20% down, but we did close. Mortgage Insurance is a bitch. 2: Taxes, Taxes, taxes.... Some people have a lot easier than others. Living in a bigger city has required my wife and I to live in a heavier taxed area to keep the riff raff away. Some people might think that is snobby or that i'm being retarded about that -- not true. There is a lot to say about having peace of mind about your home. Plus Location-location-location. We pay nearly 4k a year in taxes -- That's like adding another $333 to your payment every month. Hell, my rent in murray wasnt even that much! 3: Home Insurance Expect around $100+ a month for this. You'll have to have it. It sucks. So, suddenly -- if you dont have 20% down your paying 1625.00 for your 200k dollar home or 2088.00. People say renting is a waste of money.... throwing 333 in taxes + 125 PMI + 100 in insurance (vs 30/month for renters insurance) is a joke to me. Rent until you can avoid the 20% or close to it. If you live somewhere like eddyville, ky or Murray, ky --- just buy a nice house, cause your lucky you dont get taxed to death and 200k will buy you a really nice home. haha as someone experiencing this – key points:

larger down payment = nice. Its really hard to save 20% on a home. Take bonus checks, tax returns, whatever, and save it. I didn’t put 20% down, but we did close. Mortgage Insurance is a bitch.

2: Taxes, Taxes, taxes….

Some people have a lot easier than others. Living in a bigger city has required my wife and I to live in a heavier taxed area to keep the riff raff away. Some people might think that is snobby or that i’m being retarded about that — not true. There is a lot to say about having peace of mind about your home. Plus Location-location-location. We pay nearly 4k a year in taxes — That’s like adding another $333 to your payment every month. Hell, my rent in murray wasnt even that much!

3: Home Insurance
Expect around $100+ a month for this. You’ll have to have it. It sucks.

So, suddenly — if you dont have 20% down your paying 1625.00 for your 200k dollar home or 2088.00.

People say renting is a waste of money…. throwing 333 in taxes + 125 PMI + 100 in insurance (vs 30/month for renters insurance) is a joke to me. Rent until you can avoid the 20% or close to it.

If you live somewhere like eddyville, ky or Murray, ky — just buy a nice house, cause your lucky you dont get taxed to death and 200k will buy you a really nice home. haha

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