mercer transportation

I'll do better than that, I'll buy you a spare also.

 

That's true, but hard to do for first time buyers. Rent or buy, your family must live some where.

PMI does not stay on for the life of the loan. When you reach 20% equity it comes off. My advice still stands for pete. as a first time buyer. Get the house you can comfortable afford. Get a 30 year note, be disciplined and make extra payments. When he gets 20% equity, request that the PMI be dropped and pay it off in 15-20 years.

For those that don't know PMI is private mortage insurance. When you don't have 20% down, you are required to buy it. It protects the mortgage holder in case of default.

 

Get a 15 year. On paper its easy to convince yourself to get a 30 year for the lower interest rate and you will make extra payments and end up saving money. In reality that won't happen. Have you banked the entire monthly truck payment once it was paid off? Or are you like the rest of us who did that at first and then started working less and less? At the rate I'm going in another few years mercer will cancel my contract cause ill only be pulling a load a month.

 

A load a month ain't bad.

 

Anyone know what line on the tax returns you read for ur income?

 

I'll give you some Dave Ramsey advise...
Don't buy a house until you are completely out of debt and have several months of your home expenses saved up. Save the 20% down to avoid PMI and do 15 yr mortgage.
And speaking from experience, it truly does feel different, in a good way, when you are "no longer a slave to the lender".

 

The profit/loss line on your Schedule C

 

My coordinator thinks something is wrong cause I don't work allot and I'm young lol.. Having no truck payment and low personal bills helps the process lol

 

Pete, make sure that whatever mortgage you sign does not have an early payoff penalty.

 

Well after we where given the pre approval letter they took it back they said I write too much off. Wtf? Lol we are gonna do a loan from the bank with between 10-15% down.