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Old 07-13-2011, 06:29 AM
 
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thanks Frank - yes, I think you're right about 28% being a bit high for a family of 6. At least it is here. Cost of living differs so widely though.

Is this the right forum to ask about breakdown of cost of living, like I did earlier in the thread? If not, is there a better forum to ask those sorts of questions?

Thanks!
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Old 07-13-2011, 07:57 AM
 
Location: NC
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I agree with Frank about keeping debt to a lower %. I would go for as modest a house as you can find with as many of your requirements as possible. I would try to find something in the $200k price range rather than higher. Although to find a 4 bed room might be difficult(?) in this range in Morrisville.
hopefully you will have health insurance coverage with your job. Otherwise you will need to budget for this. As for your kids, the YMCA is big here. They have some great camps and programs. And, the City of Raleigh also has some good summer camps. No Raleigh residents pay a little more but not much more. You'll find plenty of things for your kids to do. some no or low cost, some pricey
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Old 07-13-2011, 08:05 AM
 
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As a 'foreigner' you may not qualify for a mortgage when you first arrive as you will have no credit history. Currently, to get a good interest rate on a 25 year mortgage you need to have a 825+ credit score. You may find it easier to rent until you understand the area and what you like and don't like as the worst thing would be to buy and then decide you would prefer to be somewhere else after a year or so. Also, you don't say whether its a permanant relocation or a typical ex pat relo for 2 or 3 years - if it is a short term assignment then definately rent rather than buy as you will not recover the 6% selling costs in the short term. If you are likely to move back to your 'home' country it's best to rent your house there rather than sell it as then you are not exposed to any foreign exchange rate risks either.

Quote:
Originally Posted by Cratar View Post
There is a possibility of moving into the Raleigh-Cary area for our family. Since we are coming from overseas we will have a lot of first time costs like a minivan, appliances etc. I'm curious to know what are safe, child friendly, home schooling friendly areas to live in within 10 minute's drive of Morrisville. And then, since we are foreigners, we need some help with a realistic idea of mortgage repayments on an annual income of $75k. We would ideally like a house with four beds and two and a half baths at the very least (pool would be nice and fireplace too!) but we are realistic too and know that ideal is usually not what we'll end up with!

I'd appreciate all the help I can get :-)

Thx!
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Old 07-13-2011, 08:35 AM
 
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Originally Posted by Cratar View Post
thanks Annesg - that is helpful. Community pools are few and far between here, whereas many houses have their own pool. So there are large adjustments to make in thinking and understanding how things work. I understand now about tract housing - something like a development that we have here.
You can surely find a community pool within your budget. HOA fees, that pay for the pools and public space maintenance, etc., will also vary depending on where you live. I have family who pay $100/mo and we pay $50. Cable TV can run you from about $40/mo and go up from there depending on what you want. Internet is about $25/mo (there are always deals to be had).

I have a family of 5 and we eat very little meat but a lot of fresh produce and I'm a budgeter--we pay about $600-700mo for groceries. That would include things like toiletries, paper products, etc. Clothes--gosh, I don't know a monthly average but I hit the sales and just spent about $300/child for 2 kids to get them through the rest of summer and into October probably. The eldest is a teen and more expensive

I would look online at neighborhoods like Breckenridge, Carpenter Village Legacy, Amberly, Brier Creek, Wexford, parts of Preston, for starters. Those are in and around Morrisville. There are tons of choices!
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Old 07-13-2011, 09:16 AM
 
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If you're looking to keep your costs down and get into a community with a pool, you might want to check out some Townhomes. Some of them are actually quite large, VERY affordable, and in great neighborhoods.
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Old 07-13-2011, 09:34 AM
 
Location: under the beautiful Carolina blue
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Just want to add in that home schooling is pretty popular around here, at least compared to where I'm from. I bet there is an association of home schoolers you can join.
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Old 07-13-2011, 09:37 AM
 
Location: NC
4,532 posts, read 8,854,596 times
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Quote:
Originally Posted by Beermat View Post
As a 'foreigner' you may not qualify for a mortgage when you first arrive as you will have no credit history. Currently, to get a good interest rate on a 25 year mortgage you need to have a 825+ credit score. You may find it easier to rent until you understand the area and what you like and don't like as the worst thing would be to buy and then decide you would prefer to be somewhere else after a year or so. Also, you don't say whether its a permanant relocation or a typical ex pat relo for 2 or 3 years - if it is a short term assignment then definately rent rather than buy as you will not recover the 6% selling costs in the short term. If you are likely to move back to your 'home' country it's best to rent your house there rather than sell it as then you are not exposed to any foreign exchange rate risks either.
I also wondered about this. The last I heard, they don't credit from other countries. At least not for the folks I know who are recent immigrants.
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Old 07-13-2011, 09:50 AM
 
1,155 posts, read 2,232,668 times
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Where are you coming from? Will you be here on a work visa? Will your company assist you in obtaining a mortgage? It can sometimes be more difficult to obtain a mortgage in your circumstances (moving here from abroad). I think it might be a good idea for you to talk to a lender to get an idea of how it would work out.
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Old 07-13-2011, 10:24 AM
 
9,680 posts, read 27,126,288 times
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Mortgage standards are very tight now.

If you do not have a US credit bureau file, doubtful if you will secure financing at all without a very substantial down payment.

Might try a few banks before you get here to be sure.
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Old 07-13-2011, 11:06 AM
 
Location: Raleigh, NC
794 posts, read 1,322,997 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.
How much you have to put down depends on your credit and debt/income ratio. I bought two months ago and chose to put 10% down to get a lower interest rate, but I could have gone with an FHA loan and put down a lot less...but have a higher interest rate and PMI (mortgage insurance - required by the lender).

I'm not sure what the rules are on FHA is you're not a US citizen, though.

Once you move, call around to several banks/mortgage companies and ask them to run numbers for you based on your salary, % down and if you have an idea of you monthly budget. You should be able to talk to someone and get lots of good info. No cost.
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