(Closed) Advice Buying Home While in Graduate Med School

posted 8 years ago in Home
Post # 62
1309 posts
Bumble bee
  • Wedding: December 2011

The house I just bought was 113,500 and we got a 3.425% rate. (great credit). We put 10% down and the seller prepaid our PMI so we didn’t have that hanging over our heads. Our house payment is around $380 a month. WAY better than renting.

But wait! We live in a nice town so the taxes almost double that. Add on insurance and we are at $828 a month.

That’s where it gets sticky – there’s all these extra expenses with owning that you can avoid when renting. The house expenses never end until you sell the house, which is expensive with realtor fees and paying closing costs for the buyer. The rental expenses can end when you leave the apartment, which is usually free to leave. Plus you have to factor in opportunity cost and so forth.

You are very fortunate though to have found some possibilities you can check out. I was under the impression the Pacific Northwest was very trendy and $$$! Then again trendy may help you at resale.

Post # 64
1309 posts
Bumble bee
  • Wedding: December 2011

@RawHoneyBee:  the decision between 30 and 15 is tough, I would say always go shorter mortgage if possible. You build equity faster and you will get a lower rate – I think 3.3 something is as low as they go for a 30 year fixed. I saw the 15 year is at 2.69. Obviously you can only get that with super credit.

Post # 65
269 posts
Helper bee
  • Wedding: December 2012

@RawHoneyBee:  Do you have any credit at all? From what I’ve read throughout this post I’d be shocked if you were approved. It’s very difficult right now to get a mortgage. Even if you aren’t paying on your loans right now because you’re still in school they will show up on your credit report. You’ll have to eventually be paying those loans so that might be something they consider. Plus, if your Fiance isn’t applying for the mortgage with you then it doesn’t matter what he is going to contribute to the bills. The bank will look at your capacity to handle all of it on your own. Those low rates are based upon the top tier credit score too so don’t assume that you would necessarily get that low of a rate. While it’s a good time to buy because of the low rates I wouldn’t in your situation.

Post # 68
9129 posts
Buzzing Beekeeper
  • Wedding: August 2013 - Rocky Mountains USA

I just bought my first house and it’s great – IF you can find a place where the mortgage payment, HOA, potential household repairs, and real estate fees are less than a rental cost.

I have a lot of friends and family in Portland, and I would be honestly shocked if you could find something under 100k.

Post # 70
1695 posts
Bumble bee
  • Wedding: March 2012

@RawHoneyBee:  Wow, there was absolutely NO reason to fly off the handle like that.  I was simply giving information.  You’ve already made your decision on buying.  IF you get approved, good luck.  I just highly doubt it.

Post # 71
3109 posts
Sugar bee
  • Wedding: May 2018

Here’s hoping the bank doesn’t put up any resistance– sounds like you can not handle any constructive thoughts from pretty much every single person. Very mature.

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