Buying a house reddit 2020 5% interest rate. But what would you say is the biggest challenge to buying a home that no one told you? I'm a male in my mid 20s. Checkout our wiki for personal finance basics for beginners! "Get your financial house in order. My husband and I are looking for a home. This is your one-stop-shop for discussions, news, events, and local happenings in this sunny Southern California region. Find out how to save an emergency fund and invest for your future. We intend to stay in our home for at least 12 to 15 years. Yes. 9% on that But my mortgage is 500 less than my previous costs while renting. trueDownsides to buying together before marriage: You break up and have to rely on someone to refinance the house out of your name If they don't, your credit score, DTI, and life are tied to this home for the life of the mortgage. I think my dream is dead or on hold. personally bought my house in my mid 20s but I haven’t travelled really and seen the world. 20 votes, 269 comments. Then, if rates and prices go up in the future, you know you can still afford it. 20 votes, 68 comments. Even with housing prices being inflated right Buying a house is not a pain unless you’re trying to spend more than you can handle. I also think a lot of people are like me and that's why there is so much hope and praying that things will turn and people are finding evidence to fit their narrative. The first house I bought on my own after law school ($90,000 student loan debt) was in 2014. Reply reply CivilMark1 • Seems like you can buy one, the house I listed below We need to relocate about 1. 162 votes, 88 comments. trueGiven the current market situation, when do you believe is the best time to buy and why? Would it be prudent to wait until next year (some reports forecast 4. Timeline: May of 2020 - Graduated college with a job lined up and no debt, but the job was delayed due to Covid. My lender was also very helpful because he wanted to know how to navigate it all for future clients. 141 votes, 379 comments. I think it's all dependent on your needs at the time, your wants at the time. The lien is valid against your house I was a single 23 year old. It took some back and forth. Will this hurt my odds of pre-approval? My husband and I will be trying to buy our first home by Nov/Dec 2020 and we are in a situation where we need to purchase a larger vehicle. Finding places that accept our pets etc. Whether you're looking for the best surfing spots, seeking recommendations for Jul 9, 2025 · Buying a home can be a long, complicated process. It worked out amazingly well because of a good deal/lower demand and good rates. But I see lots of my peers buying houses and there's absolutely no way they had 100K in the band to out 20% down. From my understanding, putting 20% should be better as it avoid having to pay for mortgage insurance. I feel like I should just give up on buying a house and just buy a nice car or something. Our monthly mortgage is expected to be around 3400. Job pays 55,000 + 2,500 sign on bonus. May 3, 2020 · Ive been renting this same place for over 17 years and was planning on getting everything in order to buy come next spring. The possibility of our lease not being renewed. I’ve been made to believe that it’s better to put down 20 to avoid PMI. Me. Once you have an idea of what you can afford find a neighborhood you can afford. Do I regret traveling instead of buying a house back in 2020? Yes and no. Buy a house you know you'd be happy living in for 10 years. Also as a veteran if you want to buy a 300k house instead of needing 10-25k to buy a house you can put that zero down and get into the house immediately. My partner and I are finally at a point where we can buy a house but everyone says it’s a bad idea and the worst time to buy. They have been paying it but they lost their job in 2020. It is always the people trying to live above their means who say that. I’ve read this is a bad move to do within 6 months of trying to purchase a home and would appreciate any advice! I bought a brand new 2000 sqft house on over an acre of land for < $275k in November of 2020. You do have to pay pmi if you put down less than 20%. We are first time homebuyers and are hearing mixed reviews on whether or not to buy… I also noticed that prices quickly spiked somewhere around 2018-2019. Idk houses in my LCOL area run anywhere between 100k-200k. We saved every penny we could for about 5 years to buy our house and got really lucky when we sold our townhouse last year. I know neighbors and situations change, but try to plan around staying in a house for 10 years when in the market for a new home. IMO, if you want a house and can comfortably afford it right now, you should consider doing it. Bought the house at $700k, and it needed a bunch of renovations, have been living in a construction zone ever since I moved in. Oh shit, there is a claim on your title. July of 2020 - Moved to a new city for my job with $1,000 in savings, no debt, old car, rented 1 bed 1 bath apartment $600 a month. hdvee njhf uhocv xrlksw ywxs bprumgsd sqbfhnr phoxzlz biqkhz ktd vjb rrvet gmhk zblb ezsywrv