U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-20-2008, 09:16 PM
 
Location: Dallas, TX
253 posts, read 1,100,540 times
Reputation: 126

Advertisements

I'm glad I'm not the only one who thought that was harsh! Of course I'm grateful that they made such an offer, but in my opinion, if I technically need that type of gift, or handout, or whatever you call it, I shouldn't be buying the house. And if having a new (or new to me) car means I can't qualify for the mortgage, then maybe the house wasn't meant to be. On the other hand, the house definitely doesn't having me living beyond my means, and a car payment was already figured into my budget for what expenses would be after the house since I'll need a new one eventually (thats my better safe than sorry mentality again). What it boils down to is that the house is at the high end of what I can get approved for as a mortage (with 10 - 15% down and a high 700's FICO), and I really want the mortgage to be in my name alone. From a payment standpoint I am more than fine with my boyfriend who will be living with me paying half, and I can still afford it without him, but I realize a bank may not agree with me. That is why I'm concerned about my debt to income ratios changing. I will find out if the car is a total loss tomorrow and if so, will be on the phone to my mortgage broker immediately. Thanks for the advice everyone!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 07-20-2008, 09:52 PM
 
26 posts, read 75,098 times
Reputation: 18
Seems you have two viable options: Talk to your broker and have him or her tell you if you can afford a car lease or purchase as well as your mortgage. Or, use your parents' car until after the mortgage closes and then either give the car back to your parents for them to sell or sell it and give the proceeds to them. You can then get your car once the mortgage has closed. There's nothing wrong with leaning on your family when you need them, as long as it's fair and doesn't put them out. After all, that's what family is for!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2008, 08:54 AM
 
Location: Charleston, SC
5,615 posts, read 13,542,725 times
Reputation: 2540
Pay close attention to how they value your car. From what I understand, "errors" in valuation are commonplace. For example, the other party's insurance company double deducted for mileage on my fiance's totaled car according to the book they used to the tune of about $750.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2008, 09:07 AM
 
Location: Dallas, TX
253 posts, read 1,100,540 times
Reputation: 126
Thanks for the heads up! I'm anxiously waiting for the call with my car's fate. It's a 2000 and blue book value is $3500, and there was a lot of damage, so I am not optimistic.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2008, 01:51 PM
 
Location: Dallas, TX
253 posts, read 1,100,540 times
Reputation: 126
So I still haven't heard if my car is totalled, but I did go ahead and call my lender. They'll let me have a reasonable car payment and I'll still qualify for a loan with a monthly payment higher than what I really need, so I think I'm ok.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2008, 03:11 PM
 
Location: Dallas, TX
253 posts, read 1,100,540 times
Reputation: 126
And my car is a total loss. I'm crushed.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-22-2008, 04:32 AM
 
Location: NE Florida
17,835 posts, read 30,937,786 times
Reputation: 43376
Smokipenelope
I am sorry to hear your car was totaled,but at least no one was hurt in the accident.

Another option to consider.
Take the car from your parents,outlining your plan, to drive it for 6 to 9 months,while you are doing this put the amount your will think a car payment will be into a separate savings account.
In 6 to 9 months you will know if the payment fits into your budget. If you have no problem you can go out and get a new car. Sell the one your parents gave you and give the money to them.
The "payments" you put in to savings can go towards the down payment on the new vehicle
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-22-2008, 05:53 AM
 
3,606 posts, read 11,415,702 times
Reputation: 5380
Quote:
Originally Posted by Karla with a K View Post
Smokipenelope
I am sorry to hear your car was totaled,but at least no one was hurt in the accident.

Another option to consider.
Take the car from your parents,outlining your plan, to drive it for 6 to 9 months,while you are doing this put the amount your will think a car payment will be into a separate savings account.
In 6 to 9 months you will know if the payment fits into your budget. If you have no problem you can go out and get a new car. Sell the one your parents gave you and give the money to them.
The "payments" you put in to savings can go towards the down payment on the new vehicle
Karla - this is an excellent, excellent idea! Rep points to you for this one.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-22-2008, 07:53 AM
 
Location: NE Florida
17,835 posts, read 30,937,786 times
Reputation: 43376
Thanks Va-Cat

I often suggest a similar plan for folks that want to buy a house

Put the difference between what your paying for rent and the "projected" mortgage payment in a special saving account to see how they can handle the extra expense.


Another tip I often suggest, is when you have made the last payment to the bank for your vehicle continue making those payments but make them to your "special savings account" or even to any credit card debt you may have.

You are already use to not having this money and it very easily can disappear if it is considered "found money"


p.s. I left you a little "something" also
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-22-2008, 12:16 PM
 
Location: Dallas, TX
253 posts, read 1,100,540 times
Reputation: 126
Thank you for the advice! I agree, putting aside the potential car payment is a great idea. I'm already saving as much as possible each month to add to my downpayment, apply to moving costs, etc., so I can segment that in a spreadsheet and see how it effects me if I allow for a car payment. I've been pretending I had the house payment and putting the difference aside, I can't believe I didn't think to do the same with the car. Probably b/c I am rediculously upset over the entire situation, my car may not have been new but I loved her and I miss her!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top