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Old 06-29-2016, 10:49 AM
 
15,794 posts, read 20,487,959 times
Reputation: 20969

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Quote:
Originally Posted by Bruins_Fan View Post
Think the OP has been chased away...


Doesn't matter. This thread will go on 4 more pages with ease.
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Old 06-29-2016, 12:25 PM
 
10 posts, read 10,115 times
Reputation: 15
Hi,
For more information we are two people and no kids. We both work in MA and our current rent is around 2000. So paying 4300 would be way high by reading all the posts.
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Old 06-29-2016, 12:32 PM
 
3,176 posts, read 3,695,530 times
Reputation: 2676
Quote:
Originally Posted by AniSam View Post
Hi,
For more information we are two people and no kids. We both work in MA and our current rent is around 2000. So paying 4300 would be way high by reading all the posts.
Don't do it.
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Old 06-29-2016, 01:01 PM
 
3,808 posts, read 3,137,538 times
Reputation: 3333
Quote:
Originally Posted by AniSam View Post
Hi,
For more information we are two people and no kids. We both work in MA and our current rent is around 2000. So paying 4300 would be way high by reading all the posts.
If you haven't sorted out a personal budget, you shouldn't be buying a home ... period. This means sorted out your monthly expenses and long term financial goals.
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Old 06-29-2016, 01:32 PM
 
787 posts, read 780,515 times
Reputation: 800
Quote:
Originally Posted by AniSam View Post
Hi,
For more information we are two people and no kids. We both work in MA and our current rent is around 2000. So paying 4300 would be way high by reading all the posts.
Yeah, going from $2,000 rent to a $4,300 mortgage is INSANE. Your rent includes a lot of indirect expenses that your mortgage doesn't, like property taxes.

If you were to live in a house with a $4,300 mortgage you would also need to take into account how much property taxes, insurance, utilities, would add to that cost as well. In Westborough with a mortgage that high I am willing to bet the monthly property taxes (normally paid quarterly but for this example I made them monthly) would be $1,420. If something breaks or needs to be replaced these are costs you'll have to pay upfront because when you own you cannot call a landlord to fix something, you're responsible.

By the time property taxes, insurance, and utilities are added to the mortgage I bet your total expenses would easily exceed $6,000 or three times what you're paying in rent right now.
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Old 06-29-2016, 01:43 PM
 
Location: Needham, MA
8,543 posts, read 14,018,658 times
Reputation: 7929
Quote:
Originally Posted by Dm84 View Post
Don't do it.
Quote:
Originally Posted by Louisville Slugger View Post
Yeah, going from $2,000 rent to a $4,300 mortgage is INSANE. Your rent includes a lot of indirect expenses that your mortgage doesn't, like property taxes.
The OP has added approximately zero information to their situation. I'm not sure how either of you can make these remarks. For all we know, they've been living in this apartment for years and recently graduated from school and then got a big paying new job.
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Old 06-29-2016, 01:46 PM
 
3,176 posts, read 3,695,530 times
Reputation: 2676
Quote:
Originally Posted by MikePRU View Post
The OP has added approximately zero information to their situation. I'm not sure how either of you can make these remarks. For all we know, they've been living in this apartment for years and recently graduated from school and then got a big paying new job.
Simple. OP will be throwing money down the toilet if they buy this house. Now obviously it's up to him/her but they did solicit advice from others.
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Old 06-29-2016, 01:57 PM
 
Location: The Moon
1,717 posts, read 1,806,649 times
Reputation: 1919
Also read up on payment shock as part of the underwriting process. You can run into some problems when your mortgage payment is a much higher percentage than what you were paying in rent. I needed to prove to the bank that I had a really good savings rate and could afford my new payments.
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Old 06-29-2016, 02:40 PM
 
Location: Needham, MA
8,543 posts, read 14,018,658 times
Reputation: 7929
Quote:
Originally Posted by Dm84 View Post
Simple. OP will be throwing money down the toilet if they buy this house. Now obviously it's up to him/her but they did solicit advice from others.
. . . and what did you base that statement on? The fact that they are paying less in rent now or that they have two kids?
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Old 06-29-2016, 02:54 PM
 
3,176 posts, read 3,695,530 times
Reputation: 2676
Quote:
Originally Posted by MikePRU View Post
. . . and what did you base that statement on? The fact that they are paying less in rent now or that they have two kids?
They don't have kids and pay half as much per month now. So yes, it's a waste of money in my opinion as they provided no justification to spend that much and are instead seeking it out from strangers.
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