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Today is the Moment of Truth
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KellyGa    Posted 12-09-2003 at 04:47:19       [Reply]  [No Email]
We met with the lender agent yesterday. LOL, she had an estimate of us borrowing over 100,000 dollars. We said no! Our house we are in now will sell for 80,000, and then we only need the remainder, plus a little extra in case we want to buy something or we want to build something on, like a garage.

She says, oh! But y'all can afford so much more! We said, yeah well, we still want to eat and have clothes to wear. Everybody wants to stretch it to the limit of what they can afford, but we do not. We want to be comfortable. Heck, we might even be able to actually save up some money! Wouldn't that be neat. SO anyway, she seems to think it will be absolutely no problem.

She will be letting us know today if we are approved. I will know by three o'clock today. I am about to explode! I just want to know, and get on with it, one way or the other!

As we sat waiting for her yesterday, Ian was asking what I thought, I told him I can't think of a single reason not to move, it all felt right to me. He says he is afraid of buyers remorse. I told him, facts are, we are miserable in this little bitty house we are in, around all these people in an overcrowded county. I know we would be happy there, and I told him so!

WISH US THE BEST TODAY! I will post tonight and let you know what happened. :)

Rene    Posted 12-09-2003 at 13:31:30       [Reply]  [Send Email]
Oh girl...yes yes yes, you gotta watch the finance people and them offering you tons of money! YIKES! We were told we could go as high as 250K...yeah right lady. *hahahahaha* We too like clothes, food, gas in the suburban, utilities being able to be paid on time and we certainly don't want the bank coming back to take the house from us. No thanx...I think we'll keep closer to our comfort zone and not have to become a slave to our home. ;-) Good luck....have you found a house yet? We've been looking for a few months now and I'm going back to Montana in January to look again. Where you looking?

toolman    Posted 12-09-2003 at 10:13:16       [Reply]  [No Email]
sittin on pins an needles here to kelly , let us know k, good luck, tell Ian to go ahead and don,t worry , men usually do things like that i did but trusted my wifes instincts and eveything turned out well.

screaminghollow    Posted 12-09-2003 at 07:16:43       [Reply]  [No Email]
My loan is through farm credit. the loan officer there actually told me they are turning away mortgage loans under $100,000. as being too costly to administer for the profit returned. He told me they have many farmers whose mortgages are over $1,000,000. I can't imagine even trying to make those kind of payments.

Mike    Posted 12-09-2003 at 09:02:51       [Reply]  [Send Email]
I understand that such is the case, and honestly have a real problem with that.

If your mortgage is $1,000,000 or more, there is NO WAY that you can generate enough cash flow to make that work after paying your expenses. Even using older equipment, you cannot make a go of it with that kind of debt service.

I have seen so many people try this, and nobody has lasted more than five years.

The sucessful ones are those who either inherit the land, or buy small pieces incrementaly over a period of several years.

Now, that being the case, is it really more profitable for them to be making large loans that ultimately fail? There has to be a huge cost to that as well in the long run. Short term profits are higher, but long term? I have my doubts.

Maybe your gross profit is somewhat smaller in serviceing a number of smaller loans initially, but if those loans are sucessful and you are actually helping people---isn't that what they are supposed to be doing? After all there are things in life that are more important than money.

My opinion only...

deadcarp    Posted 12-09-2003 at 06:41:11       [Reply]  [No Email]
wise move, only borrowing what you actually need.
our neighbors went the limit, then bragged they had enough left over for a new car. no they didn't. that's not their money. what they really did was agreed to buy a car on a loan with 20 year payments. hope it lasts that long - duhhh :)

Battleborn    Posted 12-09-2003 at 09:00:57       [Reply]  [No Email]
Well, buying a car with your home note can be a good idea, if you do it right.
1.) You have to look at it as a car payment, and pay extra on the note every month
2.) You have to be the type that keeps a car for a long time (more than 4 years if I remember right)
3.) You have to be able to write off mortgage interest every year, so you must be using itemized deductions.
I have bought 2 trucks using revolving home loans. It saved about %28 of the payment in taxes. Trouble is, most people won't make the added payment every month.

Mike    Posted 12-09-2003 at 06:38:21       [Reply]  [Send Email]
Been there and know exactly what you are going through. It was the same for us, and they wanted to lend me about 4 times more than I was comfortable with borrowing--they always do that and it does get a lot of people into trouble.

You are on pins and needles--really know that feeling. Good luck to you and I am sure it will work out.

Wouldn't be too concerned about buyers remorse. You should have a number of contingencies in your contract to purchase that will cover all problems. Make sure that is is appraised and inspected and that any problems found will be dealt with to your satisfaction or you get to walk.

And above all, make sure that you have a lawyer representing you. Buying a house is one of the biggest expenses of your life. It is smart to pay a few hundred dollars extra to make sure that YOUR needs and interests are met.

Good luck to you guys and the fingers are crossed here for you too.

Red Dave    Posted 12-09-2003 at 06:19:23       [Reply]  [No Email]
Sounds like you are wise about not borrowing more than you need to. Too many people borrow all they can on a house, spend the money then have no equity left if they get into a bind and really need to borrow against it. Smart move in my book anyway.

I think you're doing OK, Good luck with it.

Short Round    Posted 12-09-2003 at 06:12:46       [Reply]  [No Email]
Good luck to you Kelly, I am sure things will work out for you. Enjoy your new home.

Les    Posted 12-09-2003 at 05:53:03       [Reply]  [No Email]
May the Force be with you.

Salmoneye    Posted 12-09-2003 at 05:47:01       [Reply]  [No Email]
You go girl...


Ron/PA    Posted 12-09-2003 at 05:04:56       [Reply]  [No Email]
All digits, eyes, and limbs are crossed, got my rabbits foot in my pocket, and I'm wearin my lucky unnerwear! Few prayers tossed in ta boot.
Gooooooood luck today. It's a knot in your stomach that ain't gonna go away 'til the phone rings. We're rootin for ya.

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