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But the gf doesn't have a source of income. What's gonna happen to her when they break up? Is she gonna move back in with mom and dad while leaving the guy stuck with a mortgage?
Yet.
So he should never buy a home, live with his parents in his 30s, 40s, 50s...ooops it is time to retire now, no sense in moving now. He will never grown up.
I'm 30 years old and make a little over $50k a year and have about $40k in the bank and live at my parents house. I save whenever I can and I pay my parents rent.
My girlfriend thinks I should move out and get a 30 year mortgage. Is she right?
Is your girlfriend going to help you pay the mortgage? If not, don't do it.
She's right at the wrong time. You don't have enough in the bank for a mortgage and an emergency fund. You missed the boat for a truly great mortgage rate. They've also tightened mortgage requirements. Check me on this but I think that the banks want 20% down.
And for the love of God, get a fixed rate mortgage.
My 22yo stepson and his 21yo wife just got a $235k mortgage with around 3% down. Between them I think they make around $70k gross. So no, you don't have to put 20% down.
How old are your parents? If they are only in their 50's maybe it's time to flee the nest. But don't buy if you aren't ready to. My guess is that your non-working student girlfriend wants you to have private space for the boom-boom... Where does SHE live? With HER parents? How old is she? How is she paying her tuition?
If they are pushing 70, they might need you around to do things that they can't do anymore. The ultimate would be buy the house from them at under market, get a mortgage and say to GF....I got a mortgage...I bought my parents house from them....
My 22yo stepson and his 21yo wife just got a $235k mortgage with around 3% down. Between them I think they make around $70k gross. So no, you don't have to put 20% down.
Most mortgages require 20% and that is needed to avoid PMI. Were you a co-signer on their mortgage? What is the APR of their interest rate and for what term?
Most mortgages require 20% and that is needed to avoid PMI. Were you a co-signer on their mortgage? What is the APR of their interest rate and for what term?
No co-signers..... As stepdad, no opinions were sought, none were offered. They are what's the term, "house poor"? They have an oil boiler with a tankless coil and he shuts it off during the day to save $2 of oil....
It sounds like the lady you are dating is looking for a partner who is ready to take on the responsibility of marriage and having a home and children. Likely, if this is not what you are looking for, the relationship will end shortly. Likely the lady is looking for someone who is willing to do what her parents and your parents did: get married.
But, back to the question. Not all men desire a single family home with a yard. Many people prefer the convenience of a condominium. Maybe you work a lot of overtime and do not want the responsibility or have the time. You know you preferences best. Are there other issues with your parents? Are they in poor health and you are helping by being available in home to help care for them?
First off, I would make a decision about your girlfriend. You cannot string-her-along indefinitely. When you make that decision, then decide about a home - a lot will depend on the health of your parents [if this is the issue at all]. Or perhaps you have health issues yourself and do not want a single family home. Perhaps your money is invested and making nice returns the way it is now. Only you can make these decisions. Good luck to you!
No co-signers..... As stepdad, no opinions were sought, none were offered. They are what's the term, "house poor"? They have an oil boiler with a tankless coil and he shuts it off during the day to save $2 of oil....
I applaud their independence. They will certainly struggle for the early years, but will be stronger and more well rounded adults later on.
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