kids electric cars parts image
JEM
He has a good enough job But i dont work as im bringing up our two small kids, we have had some bad credit in the past but not really bad, we dont have any savings but are paying the amount of a mortgage thru our rent, could we get a 100% mortgage?
Answer
It is possible that you might be able to get a 100% mortgage. However, I caution you that these mortgages are very dangerous.
Because you are borrowing 100% of the value of your house, you have no "equity". That means that, if you should have to sell your house, you'll be in trouble, unless the price goes up.
The newspapers I have read say that real estate prices have levelled off. In fact, in some parts of the country, prices are falling. There are a whole lot of people trying to sell their houses, and they can't find any buyers. Why? Because they paid such a high price for their houses that they can't afford to lower their asking price. And those prices are too high for new buyers to pay.
I won't even get into the problems that you could have, if you select an adjustable-rate mortgage or (worse) an interest-only mortgage or "negative-amortization" mortgage. These products are traps for people on a tight budget, and are already resulting in huge numbers of foreclosures, across the country.
If I were you, I'd think seriously about waiting for at least a year, before I bought a house. I'd do whatever I could, in the family budget, to put aside an extra $100 or more, every month, in a savings account that I couldn't touch, so that I would have some money, after a year, that I could use as a (small) down payment on a house. This practice will stand you in good stead, after you buy the house, because you'll be better prepared for unexpected expenses.
I own a house, and let me warn you. Buying a house is an expensive proposition. Not only is the mortgage payment expensive, but there is always something that needs fixing. Maybe the roof will spring a leak. Maybe the plumbing wil spring a leak. Maybe the water heater will need to be replaced. Maybe a tree in your yard will fall, or maybe it'll need to be removed. All of this stuff requires money. So does your homeowner's insurance. So does the gas and electric bill, which is only going to go up (even after the huge increases we experienced, this year). So do taxes.
The key to being able to afford a house is to actually be able to afford the house. That means that your mortgage payment, and the payments on all your other debts (credit cards, car loans, furniture loans, student loans) COMBINED should not be more than 35% of your income, AT THE MOST. If you're paying any more than that, to service your debt, you are vulnerable to changes in interest rates or minimum payments on your credit cards, or emergencies that cause you to have to spend more money (doctor bills for the kids, for example).
Best of luck, whatever you decide.
It is possible that you might be able to get a 100% mortgage. However, I caution you that these mortgages are very dangerous.
Because you are borrowing 100% of the value of your house, you have no "equity". That means that, if you should have to sell your house, you'll be in trouble, unless the price goes up.
The newspapers I have read say that real estate prices have levelled off. In fact, in some parts of the country, prices are falling. There are a whole lot of people trying to sell their houses, and they can't find any buyers. Why? Because they paid such a high price for their houses that they can't afford to lower their asking price. And those prices are too high for new buyers to pay.
I won't even get into the problems that you could have, if you select an adjustable-rate mortgage or (worse) an interest-only mortgage or "negative-amortization" mortgage. These products are traps for people on a tight budget, and are already resulting in huge numbers of foreclosures, across the country.
If I were you, I'd think seriously about waiting for at least a year, before I bought a house. I'd do whatever I could, in the family budget, to put aside an extra $100 or more, every month, in a savings account that I couldn't touch, so that I would have some money, after a year, that I could use as a (small) down payment on a house. This practice will stand you in good stead, after you buy the house, because you'll be better prepared for unexpected expenses.
I own a house, and let me warn you. Buying a house is an expensive proposition. Not only is the mortgage payment expensive, but there is always something that needs fixing. Maybe the roof will spring a leak. Maybe the plumbing wil spring a leak. Maybe the water heater will need to be replaced. Maybe a tree in your yard will fall, or maybe it'll need to be removed. All of this stuff requires money. So does your homeowner's insurance. So does the gas and electric bill, which is only going to go up (even after the huge increases we experienced, this year). So do taxes.
The key to being able to afford a house is to actually be able to afford the house. That means that your mortgage payment, and the payments on all your other debts (credit cards, car loans, furniture loans, student loans) COMBINED should not be more than 35% of your income, AT THE MOST. If you're paying any more than that, to service your debt, you are vulnerable to changes in interest rates or minimum payments on your credit cards, or emergencies that cause you to have to spend more money (doctor bills for the kids, for example).
Best of luck, whatever you decide.
How long is a railroad tie supposed to last?
Ding Bat
omg another train question! sorry but I've always liked trains since I was a little girl .. growin' up us kids used to watch'em all the time .. I still don't mind waitin at a crossing or somewhere and watch one go by. I know .. I'm weird .. lol
Answer
O Dingy One........
This is the rail category, so no apology for asking another railroad question is needed. If you had been asking about a chrome plated swizzle-stick or an electric dog polisher, that would have been odd, but still wouldnât require an apology.
A creosoted wood tie installed today has an estimated life span of 40 years. Environment actually plays a smaller part than one would think. For example, if installed in some sort of âswampyâ territory, the ballast may need to be dressed more frequently, but the preserved ties go on.
These days, system âtie gangsâ roam about, replacing ties where needed. It is both art and science. A good tie gang can replace 15 or 17 miles of ties in ten work days. Then they hop over to somewhere else. The 15 miles replaced have nearly an equal amount on each end done perhaps ten and twenty years ago, respectively, so they continue to serve. This rotation keeps the system tie gangs traveling, but youâll rarely see more than 15 or 20 miles of ties less than a few years old strung together, except for new railroad.
Today, all engineering data is stored and readily accessible. But, back in the day, record keeping, especially where millions of ties were concerned, was a practical impossibility. the way they circumvented the problem was through the use of âdate nails.â As their name implies, the date nails were nails that had the year stamped into the top of the nail. They were driven into the ties every so often so that future maintenance of way or track engineering personnel could easily and quickly determine how long the ties had been in service.
Some years ago, a jewelry cottage industry bloomed as the date nails were en vogue as gifts to fathers in the industry or the rail fans. They nail heads were sawed off, cleaned, plated in either gold or silver, and fashioned as tie tacks and lapel pins, the numbers on the date nail heads being the recipients birthday, anniversary, etc.
Concrete ties will last a bit longer, but longevity comes at a price. In the event of derailed equipment, where a single wheel, or even an entire truck drops off the rail, they will run often times for a long distance on top of wooden ties. The ties get cut up pretty bad, but often the problem is found before the wheels come to a switch, or grade crossing, which is when the cars scatter all over the place.
If a wheel or truck drops on top of a concrete tie, they shatter immediately. Any hope of discovering derailed equipment before a major pile up occurs is nonexistent.
So, apology accepted for seeking another answer...........
O Dingy One........
This is the rail category, so no apology for asking another railroad question is needed. If you had been asking about a chrome plated swizzle-stick or an electric dog polisher, that would have been odd, but still wouldnât require an apology.
A creosoted wood tie installed today has an estimated life span of 40 years. Environment actually plays a smaller part than one would think. For example, if installed in some sort of âswampyâ territory, the ballast may need to be dressed more frequently, but the preserved ties go on.
These days, system âtie gangsâ roam about, replacing ties where needed. It is both art and science. A good tie gang can replace 15 or 17 miles of ties in ten work days. Then they hop over to somewhere else. The 15 miles replaced have nearly an equal amount on each end done perhaps ten and twenty years ago, respectively, so they continue to serve. This rotation keeps the system tie gangs traveling, but youâll rarely see more than 15 or 20 miles of ties less than a few years old strung together, except for new railroad.
Today, all engineering data is stored and readily accessible. But, back in the day, record keeping, especially where millions of ties were concerned, was a practical impossibility. the way they circumvented the problem was through the use of âdate nails.â As their name implies, the date nails were nails that had the year stamped into the top of the nail. They were driven into the ties every so often so that future maintenance of way or track engineering personnel could easily and quickly determine how long the ties had been in service.
Some years ago, a jewelry cottage industry bloomed as the date nails were en vogue as gifts to fathers in the industry or the rail fans. They nail heads were sawed off, cleaned, plated in either gold or silver, and fashioned as tie tacks and lapel pins, the numbers on the date nail heads being the recipients birthday, anniversary, etc.
Concrete ties will last a bit longer, but longevity comes at a price. In the event of derailed equipment, where a single wheel, or even an entire truck drops off the rail, they will run often times for a long distance on top of wooden ties. The ties get cut up pretty bad, but often the problem is found before the wheels come to a switch, or grade crossing, which is when the cars scatter all over the place.
If a wheel or truck drops on top of a concrete tie, they shatter immediately. Any hope of discovering derailed equipment before a major pile up occurs is nonexistent.
So, apology accepted for seeking another answer...........
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Title Post: Anyone just bought a house? I really want to buy one with my partner?
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Thanks For Coming To My Blog
Rating: 92% based on 925 ratings. 4 user reviews.
Author: Unknown
Thanks For Coming To My Blog
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