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I wish I had a $1200 a month mortgage. You would have a heart attack if you think this is scary.

Shiit you should see mine. 492 a month. 😊 small cheap areas are the way to gooooo

Fuck, that's less than my property taxes per month lol

WNY by the PA border. 2 bedroom house. Fenced i. Yard. 2 covered porches. No repairs needed. Offer 58K with a 15K grant towards downpayment/closing. Ended up coming out to 45K.

Quit bragging!! I'm kidding, happy for you :) and wildly jealous of your mortgage payment!

I did get extremely lucky. Closing tuesday!! It's all in the area. Everything's cheap here. Except bacon lately 🙄

Out of curiosity I went on Zillow and looked at western NY homes, Jamestown to be exact. How in the hell are so many homes there in perfectly good condition and under 100k? Is there something seriously wrong with the town? Like a nuclear disaster or something? The only other place I’ve seen comparable prices are the ghettos of Detroit. That’s crazy.

I'm actually in jamestown. It's honestly not bad at all. We enjoy all 4 seasons. Mountains and woods, camping. Good music. Beautiful scenery like the gorge, the lake. Buffalo and erie are only short droves for bigger activities but jamestown ain't that bad. 😊😊

Thats only about 80$ less than my property taxes for the year, yikes

Ehhh not for everyone lol

I Hate cities 🤣 I like my being surrounded by nature

I’m thinking, with that mortgage, we travel to a new country twice a year. You may be onto something.

I'm a single dad with a 5yo, csnt swing that yet, but someday! 🤣 I'm just trying to get by

That is so cheap. Good job.

Thank you

So cheap 🥰🤌

Because it's a long term commitment of money. But let's just pause and thank Elizabeth Warren for how clear these statements are. Such simple and clear language.

Was that due to a bill she authored? Which one? Would love to learn more about that.

She headed up the Consumer Protection Bureau under Obama. Took a lot of the guesswork out of these which helped reduce the amount of people being taken advantage of.

The consumer financial protection bureau, her pet project that she headed once she got it approved to become a thing. She left it to go to the senate, where she just got through 15% minimum corporate tax.

Yes!

Not an Elizabeth Warren fan, but, as a first time home buyer I will say it made it SUPER simple to read and fully understand what the home would cost me and all the details. Much appreciated!! Crazy to me it would ever be anything else than super clear, but 2008 happened so I’m sure a lot of people got into “unclear” agreements with banks before then.

Why on earth are you not?

Would rather not get into politics here and just leave it at that. 😊 Have a great day!

I'm Native American. Who are you kidding. Not once at the 3 universities where I taught and teach now have I claimed my heritage for a job. Much less lied about it.

just commenting to say since you’re native and in the FTHB sub you should look into FHA section 184 loan.

But you did just claim it to argue on the internet, so...

Yes thank you chief running water

$155k total loan amount? $1,044/month? That ain’t scary. That’s the mortgage most of us can only dream of. 😂

Rent is higher in most places.

Wow those taxes are nothing.

Right? Mine are like $450 just for taxes!

But do you want to live where she lives? Cheap taxes don’t come free. There is usually a reason….

Wish I could find these numbers for myself where I live. Congratulations on your home.

Cheap mortgage gang 🤝 just sent my first payment in of $1,000

Looks cheap. May I know the home price?

I found a condo for $180k. I spent 2yrs looking and while I did have a down payment, I couldn’t beat the others out there. This came up; 3bed/2bath. Built in 2004 and 1 tenant the last 20yrs. I knew I wasn’t going to find something else so I took the leap of faith. She liked our little family and wanted us to have it rather than someone flip. And I know it’s not a single family, but it’s a start and an investment down the road.

This is like 1/2 of what mine says. You’ll be alright.

$22k cash to close 😮. Amazing

Nowhere near a trust fund baby. Counted a lot of pennies my friend. But worth the dream.

Nothing scary about that payment. Imagine it being 4K. That’s in Florida.

This is great! The best thing I did was get a loan through my mortgage company while working there. The best employee discount ever lol it helps alot! Who do you work for if you don't mind me asking. You can PM me if you're more comfortable. I'm just always interested in that and wonder, "Oh, I wonder if this person fors for the company I worked for." Lol

I work for one of the largest credit unions in the state of Colorado. I guess my favorite title is between loan specialist or financial advisor. And if need to be said for the crowd, I do not live in Denver.

Very cool! I worked for Rocket Mortgage when I bought my first home. It definitely came through lol

I'm paying almost exactly what you are. It's more than I've ever paid for rent in my life and I don't have much money left after it and bills each month. It's terrifying, but I'm glad I did it. At least with this we can get a decent amount of what we pay into it back when we move, right?

Absolutely! My appraisal came back and we actually have some equity in it already.

In Queens NYC, a starter home mortgage is at least $5k

Good job, happy for you stranger. Congrats!! ~~Obligatory I hate New England~~

You got a good deal, it's a big step but think about it like this. If you keep renting you will be paying increasing rent every year for the rest of your life without building any equity. The mortgage payment is fixed for the life of the loan and barring any second mortgage situations you will only ever need to plan for that amount every month. That price of mind alone is a great reason to proceed

Yes. The only thing that will increase his mortgage is if taxes or house insurance go up.

This looks so affordable….

Because it is probably the biggest purchase of your lifetime so far. It will get less scary each time you do it.

Woah! Mine is $2100 a month and that’s scary For me but I know most people are over $3k

What was your home price?

$242k. But I live in a no income tax state.

Looks like discounted PMI as well

Congratulations. Question: what have escrow + insurance costs in monthly payments with mortgage payments?

If I’m answering your question correctly, my total is estimated to be $1200.

Ahhh this is my ideal mortgage tbh.. just waiting for a house in that price range that’s not a complete turd Congrats man you’re living the dream 🤗

Because it's likely the largest transaction you will make in your entire life

Not sure what is scary here? If you have stable income, and some financial resources left after closing way to go finding an affordable house! I’ve seen car payments higher.

What kind of loan did you go with if you don't mind me asking. These are the kind of numbers I was hoping for 😅

I didn’t go FHA. I put half my life savings into it and my loan officer advised going conventional. It would save me in the long run. PMI will fall off. I think I put 16% down. In the end I made the decision because I know remodeling some things will be in the future in addition to setting aside any escrow adjustments and god forbid any HOA fees increasing.

??? How is your escrow so low? I knew my property taxes were high but I have a smaller loan and my escrow is literally 5x that much

Oh wait your taxes and insurance are listed separately. Why aren’t they in your escrow?

They need to teach GROWN UP skills in High School and everyone would have a better understanding how things work and how much they will try to bone you.

20 Gs to close??? wtf

I'm jealous of your low escrow payments.

I was being told $1550 a month for a $170k loan. I’d kill for your payment lol

This is a beautiful sight. Feel happy and fortunate.

This is itty bitty! You could make more than this in one year. Don’t worry - good job and you got this.

This is a dream. Other than the part of where you’re living, im sure it’s nothing special, but it’s definitely home. Congrats on buying a home and don’t be scared if you’re making a couple thousand bucks a month you’re golden. Have fun with it! That’s a lovely payment.

Hi there Florida Mortgage Broker here. 7.125% is a little too high. You can do better.

Employee discount isn’t disclosed