Comments on: Buying a home – nine innings method

By: kosmo

kosmo — Wed, 26 Aug 2009 01:10:30 +0000

Good catch, Lazy. Indeed, check rates with several banks – local as well as national and internet-based. If you like the people at one bank but another bank has a better rate, try to get the first bank to match the rate.

Also, sometimes you can purchase an option that allows you ratchet down to a lower rate if rates drop during the buying process.
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By: Lazy Man and Money

Lazy Man and Money — Tue, 25 Aug 2009 22:23:54 +0000

I’m waiting for the inning on how to find the best lender and getting the lowest rate. Did I miss it or is that in the second half of a double header.
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By: kosmo

kosmo — Tue, 25 Aug 2009 01:52:41 +0000

When a friend of mine purchased a house a few years back, the bank gave him a crazy figure too. He and his wife were in a roughly comparable financial situation my wife and I … the bank would have loaned him about 2.5X what we paid for our house.

My friend smartly bought a house roughly in the same price range as mine. I can’t imagine paying 2.5X my current mortgage and still be able to afford kids, retirement, cereal, etc.
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By: Evan Kline

Evan Kline — Mon, 24 Aug 2009 17:58:21 +0000

Great article. It always surprises me how people just accept what the bank tells them regarding what they can afford. I was stunned when the bank told me what I could afford a few years ago, as I had done my homework and knew exactly what was in my price range. The number they gave me was much higher, which I’m sure can’t be helping the foreclosure situation in this country (not to say it isn’t every homeowner’s job to figure it for himself or herself, but there’s always going to be a percentage of people who don’t).
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