[Uncle Meat]

Here's one of the big reasons why so many people are in such a world of crap right now. What made a SCHOOL BUS DRIVER think she could afford a 800K house to begin with????

U.M.

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[poneypower89]

Lets see... I'm 23... make around 60k a year..

I live like this:
- I have two roomates to help split bills
- I pay 350/month for rent (House is 2,800 sq ft with 2 car garage)
- I *might* pay another 150 for utilities.. it depends on how cold it was that month
- I drive an 02 Taurus that cost me a whopping $4,200 (had 64k on it when I bought it)


People Make FUN of me.. yes, actually pester and make fun of me because:

- I make more money than them and they drive a Roush 380r or Lightning or a BMW... and I'm driving a Taurus
- I actually buy non-brand food instead of *real* pepsi or *real* mac n cheese
- I usually pay double what my student loan payments are
- I buy all my gas on credit and immediately pay the credit card that night online (It gets 3-6% cash back man... it equals $100 bucks a couple times a year and I never get caught with intrest payments... the account it always zeroed out)
- I'll wait at least a month before I buy any *toy* to see if I'll forget about wanting it




Should I make fun of these people when the bank comes and takes their awesome cars away? Or when I own a home and they move back to their parents house? Or is that actually cruel?

It's just the perception people have anymore... They think because they can "finance" something that they can actually "afford" it. It just doesn't work that way. IMO, you should NEVER buy anything on a credit card you cannot pay in full for that very moment. You shouldn't NEED to finance your car... if you HAVE to finance then consider a cheaper car. In the event you can finance for 0% interest because you have great credit... it may be a good idea... but just remember you will need to pay for full coverage for the length of that loan and that is just more money. A House and student loans is really the only acceptable dept IMO... and even then I don't believe you should be buying without at least 50% down (In Indiana anyways, property isn't expensive... )

[StangGT1995]

F it, I'm buying a house and letting the government pay for it. If someone can be that damned stupid to get into an $800,000 mortgage making what, $50-70K a year as a bus driver (assuming public transportation), then I can, too. Besides, I could use a house with a nice garage and a lift.

[poneypower89]

My stepmother is a school bus driver... its around 25k a year. She could literally make more at McDonalds.

I'm sure the pay is higher in other parts of the country though.. just saying.

[Uncle Meat]

She says she's a school bus driver... I'd be surprised if her salary was anywhere near 50K a year. I want to know how she managed to make the $1995 monthly payments prior to all this?

U.M.

[poneypower89]

Maybe she was collecting food stamps and welfare?

Kinda like the "Income adjusted" Apartments downtown that have an 04 Cobra and a c5 vette in the parking lot.

[Steel Horse]

Originally Posted by poneypower89

Maybe she was collecting food stamps and welfare?

Kinda like the "Income adjusted" Apartments downtown that have an 04 Cobra and a c5 vette in the parking lot.

That irks me when I see sports cars or BMWs in income adjusted apartments. They get a big discount on rent and use the leftover money for toys. My car would be pretty badass right now if I had cheap rent.

[bynummustang]

[grey5.0beast]

****ing retard

[Strype]

Originally Posted by poneypower89

Lets see... I'm 23... make around 60k a year..

You make as much as most 50 year old men. More than me!

That's good.

[1990Coupe]

Originally Posted by poneypower89

Lets see... I'm 23... make around 60k a year..

I live like this:
- I have two roomates to help split bills
- I pay 350/month for rent (House is 2,800 sq ft with 2 car garage)
- I *might* pay another 150 for utilities.. it depends on how cold it was that month
- I drive an 02 Taurus that cost me a whopping $4,200 (had 64k on it when I bought it)


People Make FUN of me.. yes, actually pester and make fun of me because:

- I make more money than them and they drive a Roush 380r or Lightning or a BMW... and I'm driving a Taurus
- I actually buy non-brand food instead of *real* pepsi or *real* mac n cheese
- I usually pay double what my student loan payments are
- I buy all my gas on credit and immediately pay the credit card that night online (It gets 3-6% cash back man... it equals $100 bucks a couple times a year and I never get caught with intrest payments... the account it always zeroed out)
- I'll wait at least a month before I buy any *toy* to see if I'll forget about wanting it




Should I make fun of these people when the bank comes and takes their awesome cars away? Or when I own a home and they move back to their parents house? Or is that actually cruel?

It's just the perception people have anymore... They think because they can "finance" something that they can actually "afford" it. It just doesn't work that way. IMO, you should NEVER buy anything on a credit card you cannot pay in full for that very moment. You shouldn't NEED to finance your car... if you HAVE to finance then consider a cheaper car. In the event you can finance for 0% interest because you have great credit... it may be a good idea... but just remember you will need to pay for full coverage for the length of that loan and that is just more money. A House and student loans is really the only acceptable dept IMO... and even then I don't believe you should be buying without at least 50% down (In Indiana anyways, property isn't expensive... )

I agree with you 100%.. Only thing is here in NJ home prices are soooo high we were only able to put down 8-10% on our house.. We close in 3 weeks

[bynummustang]

I'd like to pay CASH for my house. But then I'll be buying a dog kennel for a house.

[allcarfan]

Originally Posted by poneypower89

Lets see... I'm 23... make around 60k a year..

I live like this:
- I have two roomates to help split bills
- I pay 350/month for rent (House is 2,800 sq ft with 2 car garage)
- I *might* pay another 150 for utilities.. it depends on how cold it was that month
- I drive an 02 Taurus that cost me a whopping $4,200 (had 64k on it when I bought it)


People Make FUN of me.. yes, actually pester and make fun of me because:

- I make more money than them and they drive a Roush 380r or Lightning or a BMW... and I'm driving a Taurus
- I actually buy non-brand food instead of *real* pepsi or *real* mac n cheese
- I usually pay double what my student loan payments are
- I buy all my gas on credit and immediately pay the credit card that night online (It gets 3-6% cash back man... it equals $100 bucks a couple times a year and I never get caught with intrest payments... the account it always zeroed out)
- I'll wait at least a month before I buy any *toy* to see if I'll forget about wanting it




Should I make fun of these people when the bank comes and takes their awesome cars away? Or when I own a home and they move back to their parents house? Or is that actually cruel?

It's just the perception people have anymore... They think because they can "finance" something that they can actually "afford" it. It just doesn't work that way. IMO, you should NEVER buy anything on a credit card you cannot pay in full for that very moment. You shouldn't NEED to finance your car... if you HAVE to finance then consider a cheaper car. In the event you can finance for 0% interest because you have great credit... it may be a good idea... but just remember you will need to pay for full coverage for the length of that loan and that is just more money. A House and student loans is really the only acceptable dept IMO... and even then I don't believe you should be buying without at least 50% down (In Indiana anyways, property isn't expensive... )

Guy here at work drives an 11 year old explorer (he is 27). No cable at his house, no Internet, never goes out with his wife, just had a kid.....but has $85k in the bank. He makes $65k per year...wife makes a little less.

Thats all well and good. BUT, I will tell you what I tell him....YOU ONLY LIVE ONCE AND YOU CANT TAKE IT WITH YOU!

Im not saying to go out and do something stupid.

[1990Coupe]

Originally Posted by allcarfan

Guy here at work drives an 11 year old explorer (he is 27). No cable at his house, no Internet, never goes out with his wife, just had a kid.....but has $85k in the bank. He makes $65k per year...wife makes a little less.

Thats all well and good. BUT, I will tell you what I tell him....YOU ONLY LIVE ONCE AND YOU CANT TAKE IT WITH YOU!

Im not saying to go out and do something stupid.

No interwebz!!!!!

[SQUEEZE&STROKE]

Originally Posted by Uncle Meat

She says she's a school bus driver... I'd be surprised if her salary was anywhere near 50K a year. I want to know how she managed to make the $1995 monthly payments prior to all this?

U.M.

I dcidnt watch the whole video because this type of thing infuriates me..


But Hom in the fing world is an $800k loan only 1995/month.

The wife and I just put an offer in on a house with a 30 yr fixed and 5% down for $270k and the payment (guesstimation @ 6%) is like $2060 or something like that.

WTF?

[Uncle Meat]

Originally Posted by SQUEEZE&STROKE

But Hom in the fing world is an $800k loan only 1995/month.

I guess it's got to do with the type of loan... I can only assume it wasn't a fixed rate mortgage.

U.M.

[1990Coupe]

Originally Posted by SQUEEZE&STROKE

I dcidnt watch the whole video because this type of thing infuriates me..


But Hom in the fing world is an $800k loan only 1995/month.

The wife and I just put an offer in on a house with a 30 yr fixed and 5% down for $270k and the payment (guesstimation @ 6%) is like $2060 or something like that.

WTF?

Same here. 1950 a month.

[RookieOne]

Originally Posted by SQUEEZE&STROKE

I dcidnt watch the whole video because this type of thing infuriates me..


But Hom in the fing world is an $800k loan only 1995/month.

The wife and I just put an offer in on a house with a 30 yr fixed and 5% down for $270k and the payment (guesstimation @ 6%) is like $2060 or something like that.

WTF?

No doubt. That's about the same boat we are in. Financed ~$250k with just over 25% down payment and we have a $1800/mo note.

House has lost value to the point where I doubt I'm upside down, but I probably lost all of the down payment.

Wanna bet that I don't get one iota of help in my situation?!?!

[mogs01gt]

You do realize she said her and her HUSBAND purchased the home. I doubt they are both school bus drivers but they still spent too much on the home. That home isnt what I would want to spend 800k on. Looks like an apartment building.

[svttech76]

This woman is trying to make it the banks fault for making it so easy to get a mortgage..

Well the banks were stupid but that does not let her off the hook..

Several years ago my then girlfriend wanted to buy a house. We had very little to nothing to put down and they wanted me to do one of these adjustable loans..

I did the math and told my ex that we could afford the teaser payment but when it balloons we won't be able to afford it.

She fell for the crap the brokers fed us that prices are going up and we can refinace for just about free and all this crap..

I was smart enough to know better and old enough to remember the late 1980's early 1990's when housing dropped

This woman should have came to the same conclusion as me

[Dusstbuster]

Originally Posted by 1990Coupe

Same here. 1950 a month.

Originally Posted by SQUEEZE&STROKE

I dcidnt watch the whole video because this type of thing infuriates me..


But Hom in the fing world is an $800k loan only 1995/month.

The wife and I just put an offer in on a house with a 30 yr fixed and 5% down for $270k and the payment (guesstimation @ 6%) is like $2060 or something like that.

WTF?

OUCH

Seems to me like rape...$260k should only be costing roughly $1500 a month...

That's assuming 5.5% 30 year fixed, no PMI/taxes/utilities included.

[COramprat]

Originally Posted by poneypower89

- I buy all my gas on credit and immediately pay the credit card that night online (It gets 3-6% cash back man... it equals $100 bucks a couple times a year and I never get caught with intrest payments... the account it always zeroed out)

What credit company allow you to pay daily? I've had Chase, BoA, Citi, Discover and a few others and they allow payments only twice a month.

[RookieOne]

Originally Posted by Dusstbuster

OUCH

Seems to me like rape...$260k should only be costing roughly $1500 a month...

That's assuming 5.5% 30 year fixed, no PMI/taxes/utilities included.

@ 5% down, there is no doubt PMI. I'd also bet that that $2,000/mo number includes projected taxes and closing costs rolled in.

[svttech76]

Originally Posted by RookieOne

@ 5% down, there is no doubt PMI. I'd also bet that that $2,000/mo number includes projected taxes and closing costs rolled in.

yeah most people figure a mortgage with the taxes.. thats how the bank bills you

[RookieOne]

Originally Posted by svttech76

yeah most people figure a mortgage with the taxes.. thats how the bank bills you

Yeah, I've had way too much experience with mortgages.

Last year we (my wife and I) were carrying 3 homes with 5 mortgages between them. Talk about creative financing. There was one HUD VA loan with PMI. One 15 year Fixed Balloon, One 15 year fix standard, and two 30 year fixed standard loans.

Every one of the primary loans were billed with tax money for the Escrow account and one of them had the PMI rolled into it.

Thankfully we've gotten rid of the 2 previous homes finally, and are down to one home, and one mortgage. Though the tax benefit of having an additional home mortgage interest was really nice.