Did you wait?

[Maggimus]

Okay, I suppose I shouldnt have said it is a waste and that you dont need it (meaning everyone)... I meant most people. There are always exceptions to the rule...

PMI insurance is an insurance where if you dont make your payment, the insurance company makes that payment for you. I am so glad that there are people out there that it helps. The majority of people pay that and dont ever use it, or pay way more than they use. IMO you would almost be better off taking out a small loan to make your payments that adding hundreds of dollars to your monthly payment and absolutely never needing it. I do understand that buying a house is a big step- a lender wont put more of a payment on you than you can handle. Hence what I said- I dont recommend going into debt off the bat. If you dont go into debt and you are in good standing, you wont need to have PMI insurance. And if for some reason something did happen to where you needed it, there are other resources out there. Its so the mortgage company doesnt lose their butt. They very seldom tell you that you have an option in not having it. Had some not had that additional money tacked on to their payment, many people wouldnt be in the mess that they couldnt make their payment anyway. Dont take my word for it though, ask your lender. I dont want to discourage those who feel this might be good for them, but if you do take out 2 loans, it can save you loads in the end.

***These are just my opinions... again, dont take my advice on it- ask your lender. Just my opinion here.. ***

 

[LuluLovesDisney]

Wow! Lots of great info! Thanks so much!

So much to think about!

I am completely debt free - no credit cards debt (I do use my Visa for things, but I pay it in full every 2 weeks.) no car payments (I bought mine outright for $3000, it's 7 years old but it runs great) no student loans, nothing. For that, I'm grateful. DBF does have student loans though as his parents didn't help him with his college life- room and board/tuition/food, etc.

I am a little frustrated b/c at work (I'm a teacher) we're working w/o a contract and are on a salary freeze, so I'm getting paid last year's rate - and since it fell just as I reached my 4th year (tenured) I am making about $7,000 less/yr than the other teachers in my area/neighboring cities. I am hoping the new contract will be competitive. If not, I will be looking for another teaching position.

However, the *good* is that I am looking up a lot of great "do it yourself" craft projects for weddings and they *don't* all look like craft fair remnants - I was excited to see some really cute, professional, elegant wedding ideas I can do myself. I started a document where I can cut and paste them and save all these ideas and save some money that way.

We definitely need to think about buying a home very carefully. We won't live together until we're married but we really need to think about it before then! I don't like the idea of renting because I won't have anything to show for my payments - at least a small home is an investment. There are 2 bedroom condos in my town going for 109,000 which might be an idea if something like those are still around because average (small, decent, nothing special) homes in my area go for 400,000 easily and 1 bedroom apartments rent for 800-1000 and 2 bedrooms go for 1000-1500 at the bottom of the scale. If we rented for a year even, we'd have spent 12,000 with nothing to show for it. At least thousands toward a mortgage payment would "count" as I could sell. Any more advice is completely appreciated. Just trying to make the next year (or two or three, hopefully not longer than that!) before we get married and the time shortly after- be the best for us financially that we can make it.

 

[TinkBride]

OT!!!

LuLu: I just noticed we have the same b-day! Yay for June 26!!!

 

[Ileana]

Together 4 years. Not engaged yet, because we're saving to buy a house. Once we buy the house then he said we can get married.

I'm patiently waiting, but when you live in a state that had insanity ensue from the Realty market - you start to get impatient.

I figure our wedding will be small anyway. I'd rather spend the money on the house and NOT be in debt.

 

[lurkyloo]

Maggimus may have more info on condos, but from what I've read, they are not for everyone - in addition to the mortgage, you have to pay dues to the condo board, and when you're ready to move out they can be more difficult to sell than a house because of all the rules and regulations imposed by the condo board.

Best of luck with whatever you decide!

 

[Maggimus]

Lurkyloo- I was talking about a house in general- and mortgages in general- I never once mentioned in any of my posts condo's. Sorry for the confusion. I do agree with you that condo's are not for everyone.

 

[LuluLovesDisney]

OT!!!

LuLu: I just noticed we have the same b-day! Yay for June 26!!!

How cool! My BF calls me Experiment 626 sometimes, lol!

I love June 26!