So…
Housing prices around here have fallen in the past few months and with whispers of 4.5% interest rates being a reality shortly after the first of the year, Buying a house has become the next step for me.
So, I am holding of on spending more money in mods/buying more toys to save money for closing costs/downpayment.
What is wrong with me? what is this world coming to? …at least said house will have a garage
Any other takers?
I’d like to be, however I’m pretty firmly set on building not buying. Which means with going back to school I won’t be able to afford it for quite a few years.
I am in the same boat, and sadly I recently had to spend my nest egg on an unforeseen issue… but I hope to have another one saved up soon and look to be in a house by June
just bought last year but may consult with my broker to see if refinancing would be beneficial
Buying soon. However it will have no impact on my cars. I am actually waiting to buy a house to have a garage to buy another car.
a house is a sound investment if things are being build around it.
I own a house in pekin, and picked up a ton of value due to some huge houses being built on the same street.
Yeah, I just did the math. If it goes to 4.5% it will knock ~$xxx a month off of my monthly interest, applying that $xxx directly back onto prinicple will take 8 years off of a 30 year loan.
Enter in your current loan here:
Then recalc @ 4.5%
Then take the min payment info @ 4.5% and the min payment @ your current % and input here:
Using the 4.5% rate will show how many years you save if you continue to contribute the same amount as you would at the higher rate.
its been a terrible year for people who have just built new houses that most people are shying away
With the way the market is now, no person should pay any closing costs at all.
I am in the market and have been looking but unfortunately in my area a decent single family home starts around 400k+ otherwise I can get into a 1200sq ft townhouse or condo for 200… we’ll see.
those are way off… they don’t account for fees associated with closing an opening loans and the second link doesn’t factor tax or insurance.
I think the old rule of thumb is that the rates need to drop over 1% from your current loan for it to even be worth considering a refi.
4.5 is 2% lower than my current rate so i think it’d be worth my time. i’m off tomorrow and am going to call him to see what he has to say. plus i have enough cash to pay off the balance to cancel out my pmi anyway so i’ll be saving a ton probably.
I’m at 5.75 with no pmi, buying a house has cut my car budget significantly with all new appliances and stuff like that, I’ll start a non house proj in the spring
And neither does my balance on my principle every month.
Then why do you say you are looking to pick up every cool car that is posted about in gen auto?
i just locked in at 4.875… i close next month.
ready to buy, just need to find something w/rental income in the west side/allentown
I won’t be buying in Detroit, but I am looking at a place in Buffalo around Christmas. Maybe an investment property, maybe a future residence.
:lol:
I’m actually doing the opposite and trying to wrap up some projects around my place so I can put it up for sale…
I just wrapped up a lot of shit so I can get my house re-assessed so I don’t have to pay PMI anymore.