Message from @Freiheit - CA

Discord ID: 418251379078070272


2018-02-27 03:12:05 UTC  

@John O -#7072 Sorry for the doom & gloom, my dude. Acknowledging and understanding the warning signs can be a powerful tool in itself though. I'm right along with you in the house-hunting boat--working with a realtor in Colorado right now...

2018-02-27 05:13:23 UTC  

Economists Urged to Use Fertility to Predict Recessions: https://archive.is/bo5i4

2018-02-27 05:45:52 UTC  

lol, they should have done that a generation ago when they had the ability to warn of demographic decline.

2018-02-27 14:33:11 UTC  

@Argument of Perigee Yeah, I know it's dumb to buy my first house rn, and I'm not going to. I'm just worried about being ruined if there is another depression

2018-02-27 16:03:14 UTC  

@John O -#7072 fwiw, if I could afford a house that I wanted to live in for 20+ years, then I would just buy it now.

2018-02-27 16:24:34 UTC  

^ For long-term, buying now is probably always better.

2018-02-27 17:01:28 UTC  

Here's what I'm worried about. I want to buy a house, and I have enough saved where I can buy something decent and put down 1/3 of the cost and still have savings rn. My biggest apprehension is, if the economy absolutely shits itself, will I be able to keep working? I do construction, so I'm not very insulated from the whims of the market. Plus, I'm only 23. My credit score is something like 650, but I'm not sure if my age is detrimental to my loan prospects

2018-02-27 17:12:18 UTC  

I've got other things to do with my money, though. I just hope I don't become destitute if the bottom drops out from the economy like @Argument of Perigee was saying

2018-02-27 18:35:17 UTC  

@John O - to judge that a measurement that's commonly used is what % of your income would be used to pay the mortgage. There's varying %s I've read that are good: 28% is a number I hear pushed a lot as "good". Sometimes 33% is considered OK. What number is right for you is usually based on what your income is and how stable it is. If you pull a million a year then even 50-60% is fine since you'll have so much left over. If you pull in 50k then you probably don't want to top 30%. Just to give a rough idea.

2018-02-27 19:03:08 UTC  

Hey guys, I'm tired of renting and am trying to buy a house soon.
I still need to go through all the bank stuff first, but does anyone in here have any advice? maybe things to avoid or watch out for? anything that might make this process easier?

2018-02-28 00:52:47 UTC  

There is a first time homebuyer tax credit.

2018-02-28 00:53:10 UTC  

If a veteran, ask USAA questions.

2018-02-28 00:55:22 UTC  

@Goose i am happy to help but could you perhaps be a little bit more specific. Is there anything you are worried about in particular?

2018-02-28 00:57:13 UTC  

obviously look up the demos of your area and see how good the schools are. issues with the property should be disclosed to you prior to you buying it. lenders usually require an appraisal and an inspection so i wouldnt be too worried about getting sold a shitty house

2018-02-28 01:05:24 UTC  

@Zyzz nothing construction-wise (I'm familiar with that end) right now deciding on which company to get a credit card with

2018-02-28 01:06:05 UTC  

@Freiheit - CA thanks. You think i should go with USAA to get a credit card?

2018-02-28 01:49:33 UTC  

I've heard good things but, USAA I'm told for home loans is good for veterans insurance etc. No personal experience.

2018-02-28 02:58:23 UTC  

First time home buyer credit is something like $7k IRS deduction.

2018-02-28 02:58:32 UTC  
2018-02-28 03:39:34 UTC  

Sadly, the tax credit is no longer available.

2018-02-28 03:41:39 UTC  

Wtf

2018-02-28 03:43:07 UTC  

That was really only a 2007 thing.

2018-02-28 03:44:12 UTC  

There should be a state one. I think.

2018-02-28 03:44:34 UTC  

Definitely worth checking into based on locale.

2018-02-28 03:46:43 UTC  

If we're talking military/veteran stuff, I can speak about alot of that. I have accounts with USAA, Navy Federal Credit Union, & Pentagon Federal Credit Union. For credit cards, it all depends on how deep into the credit card game you want to go with perks and how disciplined you intend to be with it. It can get really interesting if you can qualify for an American Express Platinum Card as active military, because they waive the $550 annual fee--it is a charge card though, not a credit card.

2018-02-28 03:54:02 UTC  

Charge vs credit...explain @Argument of Perigee

2018-02-28 03:57:28 UTC  

Credit cards have a revolving balance if not paid and you assume a finance fee (interest) to your balance if not paid in full each month. A charge card MUST be paid in full each month, no exceptions.

2018-02-28 03:57:57 UTC  

Cool

2018-02-28 03:59:06 UTC  

What's the charge limit? Does a charge card affect credit score?

2018-02-28 04:04:44 UTC  

Yup, same general principles apply. The spending limit will be based upon credit worthiness/trust with issuer--could be a few thousand, tens of thousands, hundreds of thousands, no limit. The almost-mythical American Express Centurion (Black) card is said to have no spending limit whatsoever.

2018-02-28 04:06:43 UTC  

I'm just trying to get a credit card for basic expenses so I can establish a good credit score so I can qualify to buy a house

2018-02-28 04:07:04 UTC  

Not using it for large purchases otherwise

2018-02-28 04:19:19 UTC  

@Argument of Perigee I've seen a black Centurion...sold a guy some stage lighting.

2018-02-28 04:19:34 UTC  

Solid titanium, yea?

2018-02-28 04:19:37 UTC  

I stay in contact with him from time to time...

2018-02-28 04:19:54 UTC  

It's heavier than titanium from my experience.

2018-02-28 04:20:06 UTC  

...I work with Ti parts a lot at work.

2018-02-28 04:20:25 UTC  

I could be wrong, but it had weight.

2018-02-28 04:20:45 UTC  

Centurion sightings are pretty neat.

2018-02-28 04:21:21 UTC  

@Goose Are you military/vet? Just want to clarify that upfront.

2018-02-28 04:34:00 UTC  

I saw a black card twice. Both times were at a bowling alley I worked at. I don't think they were Ti at all.