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Bank Called. Good News!

Discussion in 'The Lounge' started by gauder, Feb 4, 2006.

  1. gauder

    gauder Banned

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    They approved us for the money to put the addition on. 220K. I'm gonna be a busy boy before this baby gets here.:D
     
  2. ryan22re

    ryan22re 1/2 ton status

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    that US dollars?

    crap thats alot of money.

    can i get a 10 spot till payday?
     
  3. cbbr

    cbbr 1 ton status GMOTM Winner

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    Congrats. That must be one hell of an addtion.
     
  4. gauder

    gauder Banned

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    Na, that's Canuck dollars. It's about $5.76 US hahaha.

    Ya, it's a pretty big addition. When it's all done the house will be around 3500sq ft with a large 2 car attached garage. That way I can move some stuff out of my detached 3 car shop in the back yard. It's filling up pretty bad right now. Big machines like a Bridgeport take up a lot of floor space.
     
  5. cbbr

    cbbr 1 ton status GMOTM Winner

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    So you will have 3500 sq feet and 5 car spaces in two garages? Nice.:waytogo:
     
  6. gauder

    gauder Banned

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    Yup, never moving from this place. It'll be set up just perfect.
     
  7. chevyfumes

    chevyfumes Court jester

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    Oh yea well I have a 3700 sq ft house with a 3 car garage and a 3 bay shop with a loft...:p: But the wifes makin me sell it already...:doah: You are aware that the wife is now gonna fill that house with a ton of useless crap like pots and pans and all thing frilly don't you???:haha:
     
  8. gauder

    gauder Banned

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    Ya, I know she is. She can't touch my bar in the basement though, it's off limits. Hahaha.

    Still won't have enough room for all the vehicles though. The attached garage might wind up being 2 cars deep also (making it a 4 car), but that all depends on the stupid building codes, blah blah blah.
     
  9. Storm Trooper

    Storm Trooper 1/2 ton status GMOTM Winner

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    Hey, Congrads! So how many months do you have to get er done?
    Better start kickin butt as soon as you have the cash.
    Good luck, see ya next year :D
     
  10. gauder

    gauder Banned

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    Gotta be done by August! That 6 weeks of vacation I have this year is gonna come in handy I think.
     
  11. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Wow!!! You're 27 and you're getting into another $220k of debt with a baby coming? I sure hope interest rates don't creep up too much. I guess you either have an ABSOLUTLEY AMAZING AND SECURE JOB or have some very wealthy parents who like helping you out......:confused: :dunno:

    For those who don't know, $220K is like $4100 per month for a five year term. I had to do some heavy juggling to finance my $70K acreage along with my $175K house, and that's with a combined income of over $100K a year.

    Sorry, but something doesn't compute. But congrats anyway, I truly hope everything works out for you. :thumb:
     
  12. chevyfumes

    chevyfumes Court jester

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    Go in debt til yer dead then you don't have to pay it off, focks everybody else but isn't that the North American way...:haha: In case yer wondering I pay what I owe...:D
     
  13. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Maybe I'm wierd, but I absolutely HATE living in debt. If things go as planned, I'll be mortgage free within a month or two, and my outstanding debt will be less than $60K, only due to the fact that I was forced to finance my acreage over 15 years to keep the payments affordable. Other than that I am debt free, and with $350K in equity and almost $95K of locked-in investments, I'm still WAY in the black.

    Kim and I considered upgrading to a bigger house, but at this point in my life I couldn't imagine getting back into another $200+K of debt. If things go as planned, I'll be completely debt-free by the time I'm 42 or 43, just in time to help fund the girls' post-secondary education, which I've already been saving for to boot.

    But to each his own, I guess. Some people are comfortable having scads of debt and paying loads of interest. I personally can't deal with losing $1000 a month of after-tax income to pay towards interest. Besides, I want to retire as soon as possible and live a simple lifestyle involving a LOT of fishing.:woot:
     
  14. chevyfumes

    chevyfumes Court jester

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    Amen to that dood...
     
  15. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    Hey Can Can, loan me $7000 American, seriously
     
  16. GotLabs

    GotLabs 1/2 ton status GMOTM Winner

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    Dude you have like 15k posts!!!!!!! Thats crazy and should account for some type of upgrade on you SS, or retirement benefits.
     
  17. camiswelding

    camiswelding 1/2 ton status

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    Im happy for you...


    however debt is never something to be joyous about....
    paying the man for forever...or thirty years in the case of most loans means making someone else wealthy.... I totally understand that as a society we suck up credit like it means nothing...but it does... it means we arent living sustainably...

    The time to prepare is now.... no debt... grow your own food... live healthfully ( this is a general thought and not personalized to this thread ...it gave me the opportunity to state it)... the end of oil is coming... probably in, at least some of your, lifetimes
     
  18. chevyfumes

    chevyfumes Court jester

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    You can only convert post totals to the euro, I have like $5...
     
  19. gauder

    gauder Banned

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    House now is valued at $240, mortgage is already paid off on that one. I was in a bad accident at 17 that paid me quite well. I invested it and pulled it out 8 years later and with the other savings I had the wife and I only had a very small mortgage on the house. Right now this new mortgage is locked in for 10 years at 5.25% and with the accelerated payments it will be paid off in 17 years at the most. Putting lump sums down on the anniversary and it will be paid off sooner than that.

    We both work in healthcare and have very secure jobs. I actually work 2 jobs. No wealthy generous parents here, lol. I will take pics as it starts and progresses for those who doubt, but I guess you'd say I could be taking pics of someone elses place while I live in a trailer.:dunno:
     
  20. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Thanks for taking the time to explain things, brother. I'm sure you can see why I had a problem trying to understand the figures involved, especially given your age. Sorry you had to go through some hell to get to where you're at.

    Anyhow, best of luck. Just one question- Who locked you in at 5.25 for ten years? That's an awesome deal........
     

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