Applying For A Mortgage in the near future!!

**hjm331** · March 2nd, 2010, 01:50 PM

Originally Posted by hanna

For me, it's renting (as i'm still renting).

Renting is hassle free and I can change residence without a lot of paperwork. That's my opinion for now until I get to buy a house.

Hanna, I'm with you on that one.

+1 for renting a house in the current market conditions.

**Joeyman** · March 2nd, 2010, 04:43 PM

Originally Posted by belle

I'm planning to buy a house, but before doing that, I want to be prepared for what I'm going to get into. How can I know how much I can afford for a mortgage? So if anyone has any advice, please feel free to post on this thread.

Try using this site:
http://portal.hud.gov/portal/page/po.../buying_a_home

And this tool specifically:
http://www.ginniemae.gov/2_prequal/i...p?Section=YPTH

**Wanderer** · March 2nd, 2010, 05:28 PM

Joeyman - great links. Just worked several samples. Very useful!

**Joeyman** · March 2nd, 2010, 06:37 PM

Originally Posted by Wanderer

Joeyman - great links. Just worked several samples. Very useful!

No problem, I'm sorta dreaming about buying a condo myself. I look online at sweet deals but the HOA fees put me over budget every time. Here in Portland there are two brand new towers that were sent back to the bank recently, they have very very low prices in a new neighborhood The South Waterfront. Plus the $8k new home buyers tax credit. I can get a brand new one bedroom for $150k! In a 30 story tower. I just read an article from a local newspaper about a possible 30% price cut again! Z0mg.

http://www.portlandcondos.com/portla...ont-homes.html
http://www.thejohnross.com/

**hjm331** · March 4th, 2010, 11:44 AM

Joeyman, do you currently have your own place or do you still live with your folks?

**Joeyman** · March 5th, 2010, 04:06 AM

Originally Posted by hjm331

Joeyman, do you currently have your own place or do you still live with your folks?

I live with my folks. They'd be willing to co-sign, but the HOA fees are to expensive anyways.

**belle** · March 5th, 2010, 05:39 AM

Originally Posted by Joeyman

Try using this site:
http://portal.hud.gov/portal/page/po.../buying_a_home

And this tool specifically:
http://www.ginniemae.gov/2_prequal/i...p?Section=YPTH

thanks a lot!

knowledge can really save time and money. btw, I didn't know there's a housing counselor profession. didn't occur to me that we need counselors for buying a house.

but i might try my luck on becoming a housing counselor one day...

**hanna** · March 8th, 2010, 05:17 AM

Originally Posted by Joeyman

I live with my folks. They'd be willing to co-sign, but the HOA fees are to expensive anyways.

So you're not buying a condo even with the possible 30% price cut?? Is the HOA really that exorbitant?

**Joeyman** · March 8th, 2010, 05:44 AM

Originally Posted by hanna

So you're not buying a condo even with the possible 30% price cut?? Is the HOA really that exorbitant?

Their $425.00/month. However, I was looking at one bedroom units online it may vary on the size of the unit. Parking was also included (which I don't need).

**Joeyman** · March 8th, 2010, 06:10 AM

Originally Posted by hanna

So you're not buying a condo even with the possible 30% price cut?? Is the HOA really that exorbitant?

So I just emailed a real-estate agent to see. The $425/month was from a google search, and could have been when the building was first constructed (2006), this is brand new unit never lived in, yet built in 2006. Lol. It's been sitting for 4 years... Their desperate.

**julienne** · March 10th, 2010, 04:01 AM

Originally Posted by hanna

For me, it's renting (as i'm still renting).

Renting is hassle free and I can change residence without a lot of paperwork. That's my opinion for now until I get to buy a house.

Thanks for the input hanna. :) But it's nice to have a place to call your own right? Anyway, I'll be thinking about it coz this isn't a decision to make overnight.