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/biz/ - Business & Finance

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50967418 No.50967418 [Reply] [Original]

>need 20% of home value for mortgage
>need yet another 6% of home value for closing costs
Any other fucking shit I need to save up for? Should I just spread my cheeks and let the current owner fuck me as well since the bank and government is already going to be doing it? How the fuck am I supposed to save up this much when housing costs are so high and inflation is fucking me over faster than I can physically save?

>> No.50967435
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50967435

>>50967418
Another 10k for furniture and year end taxes, mud taxes, hoa. Also insurance. Uhhhhh…Make it 20k

>> No.50967443

>>50967418
Gay sex

>> No.50967468

You usually just factor closing costs into the loan but that's not usually a big factor. You can often get seller to pay closing costs as well as a concession.

>> No.50969112
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50969112

>>50967418
6% for closing costs as a buyer is a gross exaggeration. Maybe back when homes were cheap, but now that's maybe Most of the things you pay are a flat fee. I paid $4000 in closing costs for my $400,000 house.

>Origination Charges (500-1500)
>Lenders Title Insurance (usually 1000-1500)
>1 year Prepaid Home Insurance (700)
>3 months Prepaid Prop Tax (1000)

That's it. Seller takes care of Owner's Title Insurance and Transfer Taxes, which are the two biggest fees.

Also, if you're an American, you should buy a home with a USDA loan. They require no money down and give you interest rates that are below the market. Rates are 3% right now. Everywhere in this country that's not a major metro area and it's adjacent suburbs qualifies.

>> No.50969162

>>50967418
unironically don't buy a house. Its obvious. bubble and you will be stuck holding the stick.

Maybe move out into the country and get a block of land and put a elon must pod on it or something.
I'm not buying a house because it will mean more of my capital must go into it and then I will be tied to the house.
Imho house only makes sense if kids + wife.
Take your money and out it in stocks anon.

>> No.50969177

>>50969112
*that's maybe 1%.

>>50967435
>10k for furniture
$500 for a living room set. $500 for a bedroom set. $400 for a dining room set. What else are you buying?

If you buy used, you cut those prices in half. Garage sales, estate sales, donation centers, churches, etc.

>HOA
Don't buy in one.

>Taxes
Don't live in cities where you pay double.

>Insurance
You can put in as high of a deductible as you want and pay basically nothing.

>> No.50969205
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50969205

>>50969162
No woman is going to come over to your pod out in the country.

You don't need money to get a house. USDA loans are available for $0 down. You will pay far less in mortgage interest and property taxes than you would in rent. And you won't be sharing walls with people.

>> No.50969230

>>50969112
USDA loan is basically welfare for anyone that doesn't want to live in a city. You can't get a cheaper mortgage and people are too stupid to realize that the program applies to suburbs.

>> No.50969252

>>50969177
$500 won't even get you a decent couch

>> No.50969266

>>50969205
>No woman is going to come over to your pod out in the country


yes this is an issue I have considered kek. I figure I either need to find a chick in a city and bring her out (hipster chick who wants to try her hand at organic meme farming?). a
This is literally the enternal problem however and im sick of doing shit for women and pussy so im just looking after my self.