Is there any hope for us? (mortgages, loan, calculator)

[Old Guard]

Originally Posted by spencgr

Yup, you are right, I am the only person who thinks it unwise to let a lender define your budget.

Originally Posted by snowdenscold

I'm with you on this one, spencgr.

I see no problem with asking others for information. Knowledge is power. It was still up to me to make the decisions, I just did so from a more educated view.


I am not sure how both of you intrinsically know everything but good for you.

[spencgr]

Originally Posted by Old Guard

I see no problem with asking others for information. Knowledge is power. It was still up to me to make the decisions, I just did so from a more educated view.


I am not sure how both of you intrinsically know everything but good for you.

I ask others for information all of the time and was fully informed when I bought my house.

A lender can tell me how much I qualify for and what rate I qualify for.

A lender cannot tell me my budget.

Only I can determine my budget.

No where in any of my posts have I ever indicated that I do not become educated before making major decisions or "intrinsically know everything".

Originally Posted by Old Guard

First get a real estate agent and see what your real budget is.

And to your original post, an agent can't tell you either.

[Old Guard]

Originally Posted by spencgr

I ask others for information all of the time and was fully informed when I bought my house.

So did asking people questions obligate you in any way?

Originally Posted by spencgr

A lender can tell me how much I qualify for and what rate I qualify for.

Yes they can, they can also give you your approximate monthly payments including taxes and insurance, which I found useful.

Originally Posted by spencgr

A lender cannot tell me my budget.

They can tell you what you qualify for with them, which will give you the top of your price range and you can use that information to make your budget.

Originally Posted by spencgr

Only I can determine my budget.

Exactly, which is why I am so puzzled this is even an issue. Did you just figure this out?

Originally Posted by spencgr

No where in any of my posts have I ever indicated that I do not become educated before making major decisions or "intrinsically know everything".

Nowhere in my post did I say you had to take what everyone tells you as gospel and obey. You seem to be trying to make an issue out of nothing. I think this should tell me something about you but I really do not care enough to think about you.

Originally Posted by spencgr

And to your original post, an agent can't tell you either.

Yes, I made a mistake. My lender representative worked for the real estate agency. So it was really easy for me.


He has since moved to another agency but would be my first call if I was ever to look again.

[Hal Roach]

Originally Posted by NOVA_guy

The "I would never move to Woodbridge" conversation is always intriguing because there is, at least what feels to me, a undercurrent of bigotry there.

Having said that, Woodbridge is like anywhere else. There are lower income parts but there are also upscale, affluent parts. People don't typically pay $500K-$900K to live somewhere that is flooded with "thugs".

The only bigotry, here, is the soft bigotry of low expectations based on a persons race, and not holding them to the same standards accepted by the societies, which they live in, but apparently aren't a part of. Plenty have paid "500K-900K" to live on Capitol Hill, and might even be scared to walk the streets in broad daylight, especially after a police shooting or a Trump Rally.

[Old Guard]

Originally Posted by Hal Roach

The only bigotry, here, is the soft bigotry of low expectations based on a persons race, and not holding them to the same standards accepted by the societies, which they live in, but apparently aren't a part of. Plenty have paid "500K-900K" to live on Capitol Hill, and might even be scared to walk the streets in broad daylight, especially after a police shooting or a Trump Rally.

I do not agree with the above post.

[The Dissenter]

Originally Posted by NOVA_guy

The "I would never move to Woodbridge" conversation is always intriguing because there is, at least what feels to me, a undercurrent of bigotry there.

Having said that, Woodbridge is like anywhere else. There are lower income parts but there are also upscale, affluent parts. People don't typically pay $500K-$900K to live somewhere that is flooded with "thugs".

Agreed. No one is ever going to confuse Woodbridge with Great Falls but it is a very solid town to live. And I'd live there in a hot second over returning back to Hampton Roads. In fact the only reason I won't consider living there now is the commute to Fairfax would be hell.

[The Dissenter]

Originally Posted by Hal Roach

The only bigotry, here, is the soft bigotry of low expectations based on a persons race, and not holding them to the same standards accepted by the societies, which they live in, but apparently aren't a part of. Plenty have paid "500K-900K" to live on Capitol Hill, and might even be scared to walk the streets in broad daylight, especially after a police shooting or a Trump Rally.

This ain't the place for discussion, but as a Black male who lives in Northern VA, I'd argue that I'm held to HIGHER standards than other people here.

[HB2HSV]

Originally Posted by spencgr

I ask others for information all of the time and was fully informed when I bought my house.

A lender can tell me how much I qualify for and what rate I qualify for.

A lender cannot tell me my budget.

Only I can determine my budget.

No where in any of my posts have I ever indicated that I do not become educated before making major decisions or "intrinsically know everything".



And to your original post, an agent can't tell you either.

I agree with much of what you've said. HOWEVER...

I also agree with Old Guard on getting as much information, e.g., financing options, as I can. I and my wife will be the FINAL decision maker on this.

On my last purchase, being a geek, I coded in the mortgage formula into an excel spreadsheet including all expenses such as property tax, HOA fees, etc, and look at various financing options. Because this decision involves more that "how much I can afford per month" for me, it was also a "what can we live without in order to afford the house we want" decision. It is a highly personal decision and I agree do not let someone else talk you into something you don't want. There are different financing options, % rate with points/ without points, fixed vs variables & in-between, etc.

Much to my surprise & unexpected outcome, at the end, we decided to opt for a 15 year mortgage instead of 30 because 1). We were fortunate to be able to afford the payments with some sacrifices in other area, we don't buy new cars or go on exotic vacations, for example , 2) there was a strong desire in us to have the house paid for by the time I retired, 3) we were fortunate to live in a lower cost area.

But working with a mortgage company prior to making an offer is a good idea. You can submit a letter showing you're "pre-qualified" along with your offer which makes your offer in a stronger position.

[Old Guard]

I could not do a 15 year mortgage but it is a great vehicle. I hope to refinance into a 15 at some point.

[Flamingo13]

What does that even mean???