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Old 07-13-2011, 11:12 AM
 
Location: Raleigh, NC
794 posts, read 1,322,997 times
Reputation: 973

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Quote:
Originally Posted by Beermat View Post
Currently, to get a good interest rate on a 25 year mortgage you need to have a 825+ credit score.
I'd say a credit score in the mid-700's is more like it. I have excellent credit and got a great interest rate (IMO) but I don't have a credit score of 825+. Does anyone, really, considering the high is 850?
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Old 07-13-2011, 11:32 AM
 
11,151 posts, read 15,810,083 times
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OP -- we have a Mortgages forum here. I'm going to suggest that you post your financing questions there, too, as the specialists might be able to give you more information about the options available to you.
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Old 07-13-2011, 01:07 PM
 
8 posts, read 14,306 times
Reputation: 10
Default thank you!!

wow - I am super impressed with how helpful everyone has been! My husband has applied for a job that may or may not come to fruition. But, I wanted to do my homework first and find out all the details of cost of living, cost of rental vs buying etc. It would be crazy to move overseas only to find out that it's a lot tougher on us financially in the US than it is where we are.

I hadn't thought of the credit issue. I imagine that the company would be pretty helpful along those lines and if things worked out the way we hope, we'd be able to put down a good deposit. Soo, who knows. I'm definitely thinking renting for the first year or so and then get a feel for what to buy from then on out. Just want to be sure we can afford what we'd like

Thank you all too for the extra bits of information help. I'm trying to factor in the following and would love to know if anyone can give me some rough estimates for a family of six on a monthly basis for:


utilities
phone
mobile phone
internet access/hosting
food
health products
gifts
hair cuts
medical
dental
life insurance
short term insurance
gas (car)


Thanks again, everyone! Really grateful for the help!

Last edited by Cratar; 07-13-2011 at 02:05 PM..
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Old 07-13-2011, 01:45 PM
 
481 posts, read 1,084,579 times
Reputation: 391
Medical, dental and short term insurance are going to be through work. Companies will vary in cost per month. Mine is high...( to me at least ) we pay $180 twice a month for a family of 3. That gives us medical, dental and vision. Long term and short term I don't contribute to, company gives that. Some places will only charge $100 twice a month - depending how you get paid. Which for me is just about every 2 weeks. Gas here is about $3.69 or so a gallon. Get a good gas friendly car Food - depends what you spend. I average for the 3 of us $80-100 a week. Utilites can vary as well - phone we use vonage and pay $24 a month. Cable is about $40. Internet another $40 or so. Mobile phone - depends on the carrier and plan you have. My husband pays about $60 a month and you can spend over $100 if you get a smart phone that has a data plan.
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Old 07-13-2011, 02:06 PM
 
1,106 posts, read 3,527,170 times
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Finding a home you can afford shouldn't be too hard with that income unless you have to have granite and gold fixtures. lol

The pool might be hard though. I have to plug Grove Park in Durham as it has a pool in the neighborhood and has a wide array of prices and sizes of home where you should be able to find one for you. There is one on the lake right now that is 4 bedrooms for 180K.
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Old 07-13-2011, 02:08 PM
 
8 posts, read 14,306 times
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thanks Mishellina You're a great help. Just getting ballpark figures is so helpful in establishing a budget!
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Old 07-13-2011, 02:57 PM
 
Location: Philadelphia
117 posts, read 283,775 times
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Quote:
Originally Posted by Cratar View Post
We should be able to do the 20% down payment thing. Thanks for this information - it's really helpful! A good idea to work on adding in the 1% for property tax - makes it easier to work out payments.
Yes and you can look up tax bills on the Wake County Real Estate Data site when you are looking at specific properties. Current tax rate in Wake County is .534 and Morrisville is additional .3665
WakeGOV.com - Tax and Property Information
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Old 07-15-2011, 05:50 PM
 
Location: Waltham, MA
235 posts, read 275,667 times
Reputation: 81
Quote:
Originally Posted by Beermat View Post
Currently, to get a good interest rate on a 25 year mortgage you need to have a 825+ credit score.

Are you sure it is 825+??? Or you mean 725+.......
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