Balloon guy 158 Posted February 25, 2009 Share Posted February 25, 2009 this stuff i'm not super concerned about, as virtually all of the newer houses in the area (i was thinking the same thing you mentioned about insulation, etc, and i REALLY would need central air, obv) have garages. also, most of the fencing for backyards in the vegas area is stone/block fencing, which shouldn't fall down in the wind too often. it's also worth mentioning that i've spent plenty of time in vegas summers, and don't find the heat at all unbearable--it's humidity that gets me. my canadian gf, though, might boil from the inside out if she lives somewhere that can't sustain an igloo in the backyard for 6 months out of the year, lol.Good news is she'll wear less clothing.I don't think it's legal to build a house in Vegas without central air...so you should be fine.Some of my friends have a Master Cool system, which is a glorified swamp cooler, and they can do without AC for most of the summer with it, and it cost about 1/3 the cost of AC so a good swamp cooler would be a plus. Link to post Share on other sites
Balloon guy 158 Posted February 25, 2009 Share Posted February 25, 2009 re: solar--that's something to add down the road, i think (and something i would almost certainly do at some point, just not now--my dad actually manages a company that does this sort of thing, albeit over on the east coast). it's at least a 10k investment to get something really useful hooked up, and as i said, it's a big concern of ours to keep payments on stuff down as much as possible for about two years, at which point we're planning on splurging quite a bit.the pool thing isn't a huge deal, but it's obviously a plus if we can find one. i figured it was about 100-200 a month in expenses, which is probably enough of a bump to make the buying thing not worth it so much right now if we weren't able to budge on a pool.I have a pool...and a pond, the pond would be fine for you I think. Link to post Share on other sites
hblask 1 Posted February 25, 2009 Share Posted February 25, 2009 I'm with BG, I don't usually like people in the real estate industry, but take the time to find a GOOD realtor -- not just the first name in the phone book -- and a good mortgage broker -- not a bank -- and they will work hard for you. A good way to find a realtor is to call a few big companies in the area, and ask their HR department if they have anyone they recommend to people who are relocating. As for finding a mortgage broker... well, not sure, I lucked into mine through some connections. Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 ok, let me ask one very specific question:i've fiddled with some online mortgage calculators, and this is the range of what i'm looking at, i think:for an 85k loan, 15 yr, fixed rate, with a 5% down payment, the online doohickey estimates 2k in fees and a little under 500/mo. this would be ridic awesome if it's really correct.for a 100k loan with the same terms, we're looking at something in the 600-650/mo range, which would be less ridic awesome, but still awesome.basically what i want to know is whether this seems correct, and if you guys could estimate the other costs of buying a home beyond utils, etc. like, closing costs, taxes, etc.--stuff that someone who has only previously rented wouldn't be familiar with. Link to post Share on other sites
Janfor99 0 Posted February 25, 2009 Share Posted February 25, 2009 bankrate.com is a good resource for calculators. I put in basic info 85k, 15 yrs, 5% got $672ish /month. Add at least 200-300/month for taxes and homeowners insurance (rough guess...depends on town tax rate). Oh...and don't forget to budget for this guy to come to house and remove these: Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 ok, bankrate seems more realistic to me, too. the other one i used was linked through realtor.com.if i were to go to a 30 year mortgage and just either refinance or make extra payments after we pay off everything else, what sorts of penalties would i incur? Link to post Share on other sites
hblask 1 Posted February 25, 2009 Share Posted February 25, 2009 ok, let me ask one very specific question:i've fiddled with some online mortgage calculators, and this is the range of what i'm looking at, i think:for an 85k loan, 15 yr, fixed rate, with a 5% down payment, the online doohickey estimates 2k in fees and a little under 500/mo. this would be ridic awesome if it's really correct.for a 100k loan with the same terms, we're looking at something in the 600-650/mo range, which would be less ridic awesome, but still awesome.basically what i want to know is whether this seems correct, and if you guys could estimate the other costs of buying a home beyond utils, etc. like, closing costs, taxes, etc.--stuff that someone who has only previously rented wouldn't be familiar with.For an 81K loan (85K - 5% downpayment) at 5% interest rate for 15 years, I get a payment of $640 month. Rates vary by state, so you'll need to check with the banks. Also, in my experience, you can't get the full 95% financing at that rate, you'll have to do a first and second mortgage, and maybe a third. The first can be very cheap, 4-5%, the second might be 6-7%, and if you need a third it'll be 10% or higher. (Third is not deductible on taxes, so avoid it if possible). So figure out the structure of the loan. Taxes vary radically from state to state, for example, Wisconsin pays twice as much in property taxes as Minnesota -- a difference of thousands of dollars per year on a mid-size house.Property taxes in Nevada:http://www.nvenergy.com/economicdevelopmen...opertytaxes.pdfBe aware though, assessed value doesn't always coincide with market value. It's all a big scam. Also, you are paying property taxes for the value for the previous year, so in a falling market you get screwed. The easiest answer is to ask your realtor. He/she will know approximate taxes instantly (if not, move on to another realtor). On the RE websites here in MN it is included in the listing.Utilities also vary widely from area to area, so hopefully someone who lives in the area can tell you what it is exactly.You'll generally want to get pre-approved for a loan, and they will give you all this information. You fill out all the paperwork and they will tell you what the maximum house is that you can buy based on your plans, and what the payment is likely to be. Make sure it is PITI, not just PI. Then, based on your plans to pay it off aggressively, multiply that number by .75 or so, and look at homes accordingly. If you buy your maximum home, you will not have money to pay it off aggressively.None of this is set in stone, it's all a trade off of risk vs gain, lifestyle vs home equity, investments vs piece of mind. All I can do is give you the best advice based on my experience of buying, selling, and refinancing. Link to post Share on other sites
Governator 54 Posted February 25, 2009 Share Posted February 25, 2009 ok, bankrate seems more realistic to me, too. the other one i used was linked through realtor.com.if i were to go to a 30 year mortgage and just either refinance or make extra payments after we pay off everything else, what sorts of penalties would i incur?after your fixed mortgage contract is up I don't think there's a penalty to refinance.. you have to.. You're also allowed to pay more than your monthly mortgage up to like $20K/year I think. Link to post Share on other sites
hblask 1 Posted February 25, 2009 Share Posted February 25, 2009 if i were to go to a 30 year mortgage and just either refinance or make extra payments after we pay off everything else, what sorts of penalties would i incur?Back in the 80s this was a big deal, but I no longer see home loans with any kind of penalty for paying things off early, I don't even think they exist. The refinancing penalty is the closing costs of the loan. They tell you it's no cost, because it can be no out-of-pocket costs, but they just add the costs to your mortgage, which means you lose some equity in your home and need an accountant to do your taxes that year (to figure out how much of the refinance costs are deductible which years). I'm telling you, it's a slippery slope to middle age. Link to post Share on other sites
Janfor99 0 Posted February 25, 2009 Share Posted February 25, 2009 ^^^^^ what hblask said. EDIT: 2 posts ago too... he replied way faster than I type :Pedit again: It's a friggin' shear cliff to middle age lol ok, bankrate seems more realistic to me, too. the other one i used was linked through realtor.com.if i were to go to a 30 year mortgage and just either refinance or make extra payments after we pay off everything else, what sorts of penalties would i incur?We pay extra on our mortgage every month and don't pay a penalty to do this. You just have to ask and make sure the loan you get doesn't have 'pre-pay' penalty fees. Link to post Share on other sites
speedz99 145 Posted February 25, 2009 Share Posted February 25, 2009 I have a pool...and a pond, the pond would be fine for you I think.Cannonball coming!Yes, that's all I have to contribute to this thread. Which is more than usual, I suppose. Link to post Share on other sites
Governator 54 Posted February 25, 2009 Share Posted February 25, 2009 Don't worry checky... once you win a WSOP event you'll be able to pay off that lil' mortgage in one lump sum regardless of penalties. Link to post Share on other sites
JubilantLankyLad 1,957 Posted February 25, 2009 Share Posted February 25, 2009 the idea that you can buy a house in NV for only 100k blows me away. i should sell my place, take the money we've made in it, buy a place in NV for cash, and play checky HU all day for spending money. damn it would be sweet to not have a mortgage. Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 Don't worry checky... once you win a WSOP event you'll be able to pay off that lil' mortgage in one lump sum regardless of penalties. lol, i don't even play tournaments anymore, and i'm running ridic terrible in that stupid wsop buyin contest thing in genpop. i think i'm currently in last place, lol.ok, so basically what i'm gathering is that at least in preliminary terms, this seems entirely doable, but that i should really sit down and talk to lenders to riddle out exactly what this whole thing is going to cost me. i guess that's the next stage, then. thanks, dudes. Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 the idea that you can buy a house in NV for only 100k blows me away. i should sell my place, take the money we've made in it, buy a place in NV for cash, and play checky HU all day for spending money. damn it would be sweet to not have a mortgage.you should seriously look at the listings for henderson and LV if this is at all something that you're considering. the prices there these days are mindblowing. i'm basically looking at places 3-4x my parents' place for less than half the money, which is why i started even thinking about this idea in the first place. before seeing that, we weren't even considering the possibility of purchasing a house right now. Link to post Share on other sites
gooch 0 Posted February 25, 2009 Share Posted February 25, 2009 I don't know anyone that uses solar so I can't help you there. they promise the world in the advertising, but my HOSs don't allow solar panels on the roofs, so I never really looked into them.The few that I have seen are really for warming the pool water in the winter.BTW checky, if you find a house with a pool, add about $125 a month for electricity to run the pool pump and chemicals etc.it seems so weird to me in a place which uses so much electricty when it is sunny to cool their houses, that they don't take advantage of the "free" electricty that the sun provides to cool their houses Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 it seems so weird to me in a place which uses so much electricty when it is sunny to cool their houses, that they don't take advantage of the "free" electricty that the sun provides to cool their housesthe problem for a lot of people is the startup costs associated with a solar system. for anything that would really take a sizeable bite out of your electricity needs, you're looking at at least 10k to get going. Link to post Share on other sites
JubilantLankyLad 1,957 Posted February 25, 2009 Share Posted February 25, 2009 you should seriously look at the listings for henderson and LV if this is at all something that you're considering. the prices there these days are mindblowing. i'm basically looking at places 3-4x my parents' place for less than half the money, which is why i started even thinking about this idea in the first place. before seeing that, we weren't even considering the possibility of purchasing a house right now.well there is the whole canadian thing. i'm a real canadian, unlike you. poseur! Link to post Share on other sites
Balloon guy 158 Posted February 25, 2009 Share Posted February 25, 2009 Why do a 15 year morgage?Get the 30 year and get the cheapest payment you can, and pay off as much as you want each month.Any month you play credit card roulette, you can just make the minimum payment. And the times you get to play me at the golf course, you can make a bigger payment.There is no penalties for extra payments, just be very clear that they are principle only payments, or they may assume you are just making your next 6 months of payments with full interest etc. Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 i actually just got off the phone with bank of america to start pricing stuff, and apparently because the markets are so bad in the whole southwestern US, there's some sort of 20% down payment mandate for non-government home loans in AZ, NV, NM, and CA. the lady on the phone suggested that i look into a FHA loan--anyone know stuff about that?also, the gf will have to get some sort of permanent resident status for her income to be counted on the application. bleh.and no, henry, my first really annoying interaction with bureaucracy isn't making me a republican, lol. Link to post Share on other sites
hblask 1 Posted February 25, 2009 Share Posted February 25, 2009 i actually just got off the phone with bank of america to start pricing stuff, and apparently because the markets are so bad in the whole southwestern US, there's some sort of 20% down payment mandate for non-government home loans in AZ, NV, NM, and CA. the lady on the phone suggested that i look into a FHA loan--anyone know stuff about that?also, the gf will have to get some sort of permanent resident status for her income to be counted on the application. bleh.and no, henry, my first really annoying interaction with bureaucracy isn't making me a republican, lol. FHA loans are a good way to start. There is a limit on the maximum amount you can borrow, but even in 1988 it was around 100K, so it sounds like you won't be close to it. It's no different than any other loan, I think the lender takes care of all the details. It's much easier to get approved, and you probably get all sorts of special programs for being a first-time home owner. I think any lender can handle it, you don't have to go to any special person. Link to post Share on other sites
dapokerbum 0 Posted February 25, 2009 Share Posted February 25, 2009 Why would you put additional money against the principal? I always thought that if you had a 5% mortgage, that if you put any additional money into some sort of investment account that you would be money ahead.Don't most long term investments make an average of 10%. Obviously not in the last year or anything, but wouldn't it make sense to use all the money that you were going to pay down the mortgage with and transfer that to some type of investment account that could possibly make you 10% on your money. This way you have some sort of liquidity and at the end of the 8 years that you wanted to pay off your house you could do that and still have money left over.Is this a viable alternative and should it be used? Link to post Share on other sites
checkymcfold 0 Posted February 25, 2009 Author Share Posted February 25, 2009 FHA loans are a good way to start. There is a limit on the maximum amount you can borrow, but even in 1988 it was around 100K, so it sounds like you won't be close to it. It's no different than any other loan, I think the lender takes care of all the details. It's much easier to get approved, and you probably get all sorts of special programs for being a first-time home owner. I think any lender can handle it, you don't have to go to any special person.yea, i've been looking at some stuff for FHAs and they definitely seem to be the way to go for what we're looking for--in clark county, nv, they go up to 360k and require like a 3.7% down payment, it seems. i'll keep posting updates as to what i find out, just in case anyone has similar questions down the road.if this works out, everyone who helped can share the guest bed at wsop 2010 Link to post Share on other sites
David_Nicoson 1 Posted February 25, 2009 Share Posted February 25, 2009 Why do a 15 year morgage?To get a lower interest rate. A quarter percent or so. Link to post Share on other sites
David_Nicoson 1 Posted February 25, 2009 Share Posted February 25, 2009 -have your property taxes tied into your mortgage payments. Any bank/mortgage holder will do this, they actually like it better, knowing that you're not going to lose your house to unpaid taxes. They simply collect for you and send the payments to the city/county for you. They usually collect a little too much, just to be on the safe side and apply it to your mortgage at the end of the term.What you're really doing here is borrowing money from the bank at 6% or so and loaning it back to them at 0%. I wouldn't (don't) do that voluntarily. Link to post Share on other sites
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