Reply Hey Mom! Learn more about the Gerber Life Insurance Grow-Up Plan!
 
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Old 01-07-2013, 08:59 AM   #51
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Re: Ae you house poor? Do you regret it?

The other thing you might want to think about is can you afford to buy furniture etc. for a larger home. That is another meaning of house poor. You are able to afford the house but not afford to put furniture in it.

If it really is only $100 AND you are able save money each month I would definitely go for it. 3 acres sounds amazing! I live in a 1400 sq. ft. Town home and I would LOVE to have a yard but I live in a REALLY expensive area so 3 acres is a pipe dream for us!

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Old 01-07-2013, 09:00 AM   #52
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if they don't offer it at orginations or loan cloasing before you first payment is due call your loan sercer and see who they recomend. Its usually called an optional product.
I am not going on the loan, so will I still need it? Our broker said I can be added to "title only" after closing, and then the house would just auto Automatically go to me but I wouldn't be financially responsible. I'll have to ask again.
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Old 01-07-2013, 09:00 AM   #53
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Re: Ae you house poor? Do you regret it?

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Here are the real estate pictures. It is at least 10x more breathtaking in person. I was seriously nearly In tears walking the property. Simply incredible.


Yup for an extra $100 a month I would do it. That being said I would cancel cable (if i had it) and have a garden (to help with the food bill) and do some energy efficent widow covers. Basically, I would make it so the extra $100 isn't really even there.
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Old 01-07-2013, 09:03 AM   #54
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Re: Ae you house poor? Do you regret it?

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I am not going on the loan, so will I still need it? Our broker said I can be added to "title only" after closing, and then the house would just auto Automatically go to me but I wouldn't be financially responsible. I'll have to ask again.


Yes you will still need it. If DH passes away someone would still be responsible for the unpaid mortgage. The house yes would be yours but the mortgage company would still have a lein on it. If you don't pay them its not your house. technically the house is the mortgage companys until the lein is satisfied. You AT least want it so if DH passes away the mortgage gets paid so you don't have to worry about the mortgage payment and atl east get to live in your home. Dh may want to have it so (god forbid) something happens to you as well the mortgage gets paid but that would be up to you guys.
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Old 01-07-2013, 09:06 AM   #55
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The other thing you might want to think about is can you afford to buy furniture etc. for a larger home. That is another meaning of house poor. You are able to afford the house but not afford to put furniture in it.

If it really is only $100 AND you are able save money each month I would definitely go for it. 3 acres sounds amazing! I live in a 1400 sq. ft. Town home and I would LOVE to have a yard but I live in a REALLY expensive area so 3 acres is a pipe dream for us!
We have enough furniture in storage, the biggest purchase will be curtains! It's thing is COMPLETELY covered in windows. Lol but the again, I'm not really worried about my neighbors seeing me. ;-) so curtains will come in time. The house is really not much larger than our last home. And it's one of the only ones large enough to fit our stuff. But all of the ones large enough, are at the same price point. We came from a VERY inexpensive housing market. 2500 square foot some. With over 500 unfinished sqft on an acre for under $800 with all taxes and fees included. We're in a 1300 sqft apartment right now, renting 3 garages to store our stuff until we can get a house. The entire family is miserable here. And it's supposed to be in the nicest area, in an "upscale" apartment. I guess I digress.
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Old 01-07-2013, 09:24 AM   #56
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Re: Ae you house poor? Do you regret it?

Just a note on the mortgage life insurance, please talk to a financial advisor about that. That form of life insurance is very expensive (a term life insurance policy is usually much less) and its very hard to actually get it paid out. It's common for them to find a way not to pay out (they'll say the cause of death was pre-existing, etc). It's definitely not something I'd count on. Anyway, pretty much any advisor will tell you that (make sure to talk with someone independent from the bank).
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Old 01-07-2013, 09:30 AM   #57
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Just a note on the mortgage life insurance, please talk to a financial advisor about that. That form of life insurance is very expensive (a term life insurance policy is usually much less) and its very hard to actually get it paid out. It's common for them to find a way not to pay out (they'll say the cause of death was pre-existing, etc). It's definitely not something I'd count on. Anyway, pretty much any advisor will tell you that (make sure to talk with someone independent from the bank).
Good to note. Thank you! We have quite a bit if life insurance on DH already, but I will look into the numbers to be sure it's enough.
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Old 01-07-2013, 09:36 AM   #58
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Re: Ae you house poor? Do you regret it?

So the new payment will be 40% of your husband's take home pay but is only $100 more than what you pay now for an apartment? Is your rent now over 30% of your husbands income?
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Old 01-07-2013, 09:56 AM   #59
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So the new payment will be 40% of your husband's take home pay but is only $100 more than what you pay now for an apartment? Is your rent now over 30% of your husbands income?
It was at 43% (more really because his va check only started last month and that's over 1k) then hubby got a raise, and it went down to only .395%.
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Old 01-07-2013, 10:02 AM   #60
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We are not house poor and I'm very glad for that. We live on one income and we know with taxes and ins, our monthly payment will likely only go up, never down. We don't like debt nor do we ever want to be payment poor. I had a certain overall house price and monthly mortgage payment in mind and was not willing to go one cent over that and in hindsight, im very glad that's what we did.

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